- Report: #26894
Complaint Review: Ocwen Federal Bank New Century Mortg - Orlando Florida
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Ocwen Federal Bank New Century Mortg
12650 Ingenuity Drive Orlando Fl. 32826-2703 Orlando, 32826-2703 Florida, U.S.A.
Phone:
800-746-2936
Web:
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Ocwen Federal Bank, New Century Mortg Taken for thousands of dollars ripoff liars victimized us Orlando Florida
We were contacted by a mortage company stating they could help lower our intrest rate and payment. After getting qualifed for for a new loan, we found out there was a pay off penalty with our current mortg.co. New Century.
We paid the penalty of around nine thousand dollars to get into our new loan with Ocwen Federal Bank. Come to find out, Ocwen and New Century are tied together.
Now we not only paid the penalty, we also paid closing cost, appraisial, and all the other fees they charge to refinance. All of that for nothing because they are the same company and just wanted to tie us into another loan with a two year penalty.
During the processing of the new loan, we had made our last payment to New Century. A short time later, Ocwen called us and said they had not received our first payment.
I told them that we made our payment to New Century and they were going to send it to them. Several weeks later Ocwen recieved the payment, but past the due date.
Our first payment after the New Century and Ocwen mix-up was sent in plenty enouf time to get there before the due date, and they claimed they could'nt find it. Now we were charged two late fees in our first two months with Ocwen.
We have recently tried to refinance again and found out that Ocwen shows up on our credit report showing two thirty day lates. That causes a problem to get into a lower rate.There is also a huge pay-off penalty to get away from them.
They have found a way to trap us into their scam once again and it seems that we will never ger out from under them. They will find a way to prevent you from ever getting into a better loan.
Lynne
Aurora, Colorado
We paid the penalty of around nine thousand dollars to get into our new loan with Ocwen Federal Bank. Come to find out, Ocwen and New Century are tied together.
Now we not only paid the penalty, we also paid closing cost, appraisial, and all the other fees they charge to refinance. All of that for nothing because they are the same company and just wanted to tie us into another loan with a two year penalty.
During the processing of the new loan, we had made our last payment to New Century. A short time later, Ocwen called us and said they had not received our first payment.
I told them that we made our payment to New Century and they were going to send it to them. Several weeks later Ocwen recieved the payment, but past the due date.
Our first payment after the New Century and Ocwen mix-up was sent in plenty enouf time to get there before the due date, and they claimed they could'nt find it. Now we were charged two late fees in our first two months with Ocwen.
We have recently tried to refinance again and found out that Ocwen shows up on our credit report showing two thirty day lates. That causes a problem to get into a lower rate.There is also a huge pay-off penalty to get away from them.
They have found a way to trap us into their scam once again and it seems that we will never ger out from under them. They will find a way to prevent you from ever getting into a better loan.
Lynne
Aurora, Colorado
2 Updates & Rebuttals
Elizabeth
McHenry,Illinois,
There Is A 60 Day "Grace Period"
#2Consumer Comment
Wed, August 21, 2002
One thing that Liz did not tell you is that according to federal banking laws, whenever a mortgage is sold or transfered, there is a 60 day "grace period" to allow all the glitches like the one you ran into to be worked out. In that grace period, they cannot declare any payment that was lost, misapplied, or received after your due date LATE during that time frame. They are also NOT allowed to add any late fees to your account or report it to any credit agency. So Ocwen reporting that your payments were late is in violation of federal banking laws.
Liz
Tempe,Arizona,
Sale of mortgage loans
#3Consumer Comment
Wed, August 21, 2002
I wanted to give you a better understanding about New century Mortgage and Ocwen. My husband works for the largest financial instituion in the United States in the collections field. He is an asset manager in mortgage collections. We too had a loan through New Century up until the year 2000. What happens in the world of mortgages is that banks sell what they call paper back and forth amongst each other. New Century sold some of their loans (paper) to Ocwen. They are not the same company. When you get a loan through and institution there is no saying who it will be sold to. Unfortunately there is no law that can stop them. We too are having our share of problems recently with them so I know what you are going through.
