Complaint Review: Ocwen Federal Bank - Orlando Florida

Julie thinks everything any bank or mortgage company does to rip off consumers/borrowers is A-OK. Who knows why; maybe Julie is a major stockholder in these Institutions of Fraud or something. Julie, you keep leaving out a major component of mortgage servicing, especially in the subprime sector (Ocwen's forte). How about addressing PMI...you know, that often overlooked, almost secret "subprime mortgage insurance". In cases of default, Ocwen (and others) can collect those insurance funds. Then it can buy these homes for itself at Sheriff's auction for pennies on the dollar and turn right around and resell those properties at a tidy profit. When there is only one bidder at auction, it makes it pretty easy to gain a property pretty darn cheap! Ocwen is quite often the only bidder at the sale. NO WAY is Ocwen (or any other mortgage servicer) losing money on these properties with this setup. They have everything and then some to gain by foreclosures. Back to school for you, Julie-O, until you learn the whole story. We are not a bunch of kooks making this up...PMI does exist. Duplicate HUD-1 documents with different figures do exist. Multiple liens from one property do happen and show up on people's credit reports to their dismay. Phony "lates" are the norm. Illegal "legal fees" are the norm. The banking industry is a scandal; an illegal cartel formed in 1910 on Jekyll Island off Georgia where the Federal Reserve was born. Mortgage servicing is the New Mafia with their crimes right out in the open. Unlike Al Capone, they pay some taxes which grants them immunity from prosecution, it seems. I figure a good IRS audit would have this country back in the black pretty quickly, but there are too many sizable political contributions being made from the industry. Just a bunch of gangsters buying immunity from the Feds, who sell justice out at every opportunity for a few dollars. It is a free country and if it gives you pleasure to stand up for common criminals, that is your right. But at least do it from a position of knowledge. Study the entire system and you will quickly see how little YOU or anyone else matters to these thugs.

she will do anything to find out who you are, and try to mess my life or others by pumping info out of them and send it to the numbs around the world. Well, not to worry. She has to come out of her high class home sometime.. Rent a government house... What a numb person. Rent a vibrator lady, and leave us hard working people alone. People like you is what makes this country fall apart cause you have to own all the lower to middle class properties to sell to the rest of us and make more money by selling and buying these places. Foreclosure bandits... Whatever you rebutt will never take away what i have and you lack... RESPECT FOR LIFE, LIBERTY, & FREEDOM. Go back to Bangledesh and enjoy you sad roots... Thanks Jon, you have some kind words for the Guthrie h*o... Later my friends, and thanks for the support...

How very strange that your name keeps popping up in all these posts regarding predatory loan servicing. Are you the self appointed defender of the poor picked on mortgage servicing companys... boy you are everywhere. You just want the true to be know by all. Maybe, but only the true as you believe it to be in your rude little mind! Next you'll be defending some other business that is over run by scaming money grubbers. But of course you will tell us all It's not their fault that they are greedy scum bags.... their just misunderstood. Well, I have bad news for you "no one will beleive you anymore". The wicked mortgage n**i has been busted. But don't worry my dear you'll be back on your knees in no time. And all the victums here won't forget you for at least a whole 30 seconds, maybe a little more.

Julie you just don't get it! I never stated that Ocwen ripped off Sal. What I did say was: Based on Ocwen's MO they most likely will if they haven't already. What untruths are you refering to? I've done my homework.... have you? and where did I state that you worked for Ocwen? Never said that at all. I did say that with your attitude (close minded) maybe you should work for the OTS (Office of Thrift Supervision) If you did your homework you would know that. At least the OTS has finally determined who's the liars are but based on their own statements they are not able (I would say willing) to file criminal charges at this time. The best of luck to you Sal. Try to rid yourself of Ocwen if at all possible and don't mind Julie as I'm sure she has her own motive for posting here.

Julie you just don't get it! I never stated that Ocwen ripped off Sal. What I did say was: Based on Ocwen's MO they most likely will if they haven't already. What untruths are you refering to? I've done my homework.... have you? and where did I state that you worked for Ocwen? Never said that at all. I did say that with your attitude (close minded) maybe you should work for the OTS (Office of Thrift Supervision) If you did your homework you would know that. At least the OTS has finally determined who's the liars are but based on their own statements they are not able (I would say willing) to file criminal charges at this time. The best of luck to you Sal. Try to rid yourself of Ocwen if at all possible and don't mind Julie as I'm sure she has her own motive for posting here.

Julie you just don't get it! I never stated that Ocwen ripped off Sal. What I did say was: Based on Ocwen's MO they most likely will if they haven't already. What untruths are you refering to? I've done my homework.... have you? and where did I state that you worked for Ocwen? Never said that at all. I did say that with your attitude (close minded) maybe you should work for the OTS (Office of Thrift Supervision) If you did your homework you would know that. At least the OTS has finally determined who's the liars are but based on their own statements they are not able (I would say willing) to file criminal charges at this time. The best of luck to you Sal. Try to rid yourself of Ocwen if at all possible and don't mind Julie as I'm sure she has her own motive for posting here.

Julie you just don't get it! I never stated that Ocwen ripped off Sal. What I did say was: Based on Ocwen's MO they most likely will if they haven't already. What untruths are you refering to? I've done my homework.... have you? and where did I state that you worked for Ocwen? Never said that at all. I did say that with your attitude (close minded) maybe you should work for the OTS (Office of Thrift Supervision) If you did your homework you would know that. At least the OTS has finally determined who's the liars are but based on their own statements they are not able (I would say willing) to file criminal charges at this time. The best of luck to you Sal. Try to rid yourself of Ocwen if at all possible and don't mind Julie as I'm sure she has her own motive for posting here.

Ladies and Gents, I should have gotten into more detail on my situation with Ocwen, but I see alot of issues have been addressed and with good points from all. Maybe I can clear up some of this with more input. My loan was with Midwest mort before they sold it to Ocwen 1 year after I was to refi by the agreement. The loan was sold to Ocwen 2 months after i was eligible to refi for lower rate. I was never notified till I got a bill and notice in one,for payment for the next month. I was pretty overwhelmed when I called Midwest and asked them. The reply was, they sold all residentials to Ocwen, and kept the commercial properties. I was nevr late with midwest, never had a problem with them. About 1 month after the loan was sold I was disabled on the job injury. My income went from 3500 a month to 1200. payment..$625.00 a month. I called the Indian Nation of Ocwen to get my payment deferred to the middle of the month so i can make the pays on time. They told me NO, we can't do that. I told them I was injured on the job and just wanted to move the pay to the 15th of the month. NO we can't do that. Then i asked them to refi, no we don't refi, i asked why? Ocwen says they don't refi and don't care what the Midwest contract says... Now I get charged 68 dollars a month extra cause I have to pool my two checks together to make the payment on the 15th.. My fault, but who cares? Ocwen also states no refi on work-comp income even though it has been 7 years. No refi on mobile home property even with 12 acres of mountain property that appraises well. Why did you buy it? Just to ripoff another down on his luck individual to make money? This land appraises at over $175,000 and payoff is less than 60,000$ RIPOFF me again.. If i could just knock down the payment to 400.00 a month i could see some light on it. @ 7% would be a good deal to me. Of course 4%to 6% even better. Now,I am a government worker on disability had a fine credit record till the sale to Ocwen.. A ripoff? Yes a very big one. I can't keep up with the demands of taxes, insurance, living expenses, other bills, all because of Ocwen not working with me. I put my heart, soul, life and liberty on the line for the american public, and I get railroaded by some Bangledesh foreigners that never can tell me anything in my language? RIPOFF! Karen, thanks for your thoughts and response, Julie, you are hard and crude, but right on SOME points, Jon, thanks for seeing what is between the lines. Please, feel free to rebutt or contact. I have plenty of time when I can sit down long enough to write.. Thanks.... Sal

Jon~ Why do I post here? Because I think people need to know the truth. Sal isn't being ripped off by OCWEN (not saying other people aren't, because they might be). Sal is behind on his mortgage, and is being foreclosed because of it. They aren't attacking him because he is disabled, they have accelerated his loan, because he hasn't paid it. I don't work for OCWEN and most assuredly don't appreciate your insinuation of the same. If I did, I would have posted that. There is no OCWEN here in OK. You ramble and spout off random untruths, you insult and cause panic, but in the end, you are the one that isn't helping here. Many people are frustrated by their circumstances. Who wouldn't be? I would be for certain. But what everyone is forgetting is this, OCWEN didn't cause Sal to get behind, Sal caused Sal to get behind. I am not saying Sal did it on purpose, but Sal's circumstances mean that Sal can no longer afford his home (he said he wanted them to lower his payments to meet his disability income). He needs to sell and buy a house he can afford on the income he has. Otherwise, he will end up in this same situation again. The only way what you say is valid is if OCWEN cause Sal to become disabled. Did they go to his job and trip him, trip him at home, cause a car accident???? THEN, you could say OCWEN was in this being devious and awful. But since I doubt OCWEN caused his disability, then Sal's anger and yours is misdirected, Sal should be angry at his disability, which has in turn caused him to lose his house. OCWEN didn't cause this. They are just acting within the confines of his mortgage, wherein they accelerate the debt when you don't pay your payment each month. Simple.

I AM VERY SORRY FOR YOUR EXPERIENCE WITH OCWEN. I AM IN MORTGAGE BANKING AND CAN TELL YOU, YOUR NOT ALONE, OCWEN IS A KNOWN PREDATOR AND TO THE PERSON THAT SAYS INCOME IS NOT FACTORED IN WHEN APPLYING FOR A MORTGAGE LOAN IS SIMPLY UNINFORMED. DO YOURSELF A FAVOR CALL A MORTGAGE BROKER, THEY WORK WITH TONS OF OTHER LENDERS, AND CAN FIND YOU A BETTER RATE, I AM QUITE SURE. IF YOU HAVE ANY QUESTIONS, PLEASE LET ME KNOW, I WILL HELP AS MUCH AS I CAN. WARMEST REGARDS,

I like many others at this site and other site have been ripped off by Ocwens mortgage servicing scam Dispite the fact that we were never late we were charged late fees, etc. They even sent false late notices on law firm letterhead and even charged $95.00 for each even though none were reviewed by real attorneys. (And the money pours in). In just one month Ocwen wrote more than $71,000 of these so called late notices even thought most of their customers were never late even once. That's $6.7 million in on month in notice fees alone. And thats just the tip of the iceberg. Back to your first question.... No we were very lucky and sold our house just six nonths after refinancing it. We were lucy and saved most of our equity by moving very very fast because we knew just what they were up to. We like so many others tried to get the attention of our government. regulator, etc. After all it was there job to protect us from the scamers of this world. But surprizing after seeing years of blatant rip offs and recieveing endless complaints they were not willing or allowed to do anything. This is just a tip of the ice berg and there are hundreds of thousands of people that will be called to verify what I say. Sal just needs to know what the reality is no matter how grim it may be. I wish I had better news but I don't. There were times when I really could used some Valium but I didn't .. To the second post by-the-way it's not the same a ritalin valium is a CNS depresent and Ritalin is a CNS stimulant. One last comment for Julie... Why do you post here. For yourself, friends, strangers or ocwen.

Jon, I'm not to informed about drugs, but doesn't Valium and Ritalin do the same "basic" thing? Like calming people down? Please respond.

Since you are so smart Jon, I am sure you just paid cash for your house, in order to avoid having your house stolen from you by some vicious mortgage company that wants their payment every month as per the mortgage document you signed. Hmmmm.... Again, you aren't helping Sal here. You are causing panic. I don't take any medications. Thanks for inquiring though!

Julie, If you don't read anymore that this one post alone you will never understand what is going on in the mortgage loan servicing business! But you most likely know better. You stated that I have been giving Sal false hope. I thought I was painting a fairly bleak picture. Maybe you need to stop taking your Valium and take some Ritalin instead.

Julie, If you don't read anymore that this one post alone you will never understand what is going on in the mortgage loan servicing business! But you most likely know better. You stated that I have been giving Sal false hope. I thought I was painting a fairly bleak picture. Maybe you need to stop taking your Valium and take some Ritalin instead.

Julie, If you don't read anymore that this one post alone you will never understand what is going on in the mortgage loan servicing business! But you most likely know better. You stated that I have been giving Sal false hope. I thought I was painting a fairly bleak picture. Maybe you need to stop taking your Valium and take some Ritalin instead.

Jon, you are off your rocker. This isn't about stealing, and the government bashing the middle class and the poor. Sal signed a note for 11.9%. Period. Sal mentioned that in the very beginning. In no way at the time he signed that was he being robbed by the mortgage co, or bashed by the govt. He was paying market value most likely at that time, and/or he was sub prime. Your ranting like this isn't helping Sal save his home, which I gather Sal wanted to do. To act like you are is suggesting to Sal there is hope, when most likely, there is not (Sorry Sal). Again, the mortgage companies aren't allowed to keep any profits from the sheriff's sale, so if the property has increased in value, then Sal will get the benefit of any remaining proceeds after Sheriff's sale. Jon, take a valium.

Can you pepole read at all? Go ahead and Read all your documents with a find tooth comb. etc. before you sign. In most cases this is excellent advise. The problem here is that Ocwen and their subprime cronies couldn't care less want the documents say. They make up the rules as they go. They only want equity and what ever else they can steal. what next... maybe you will say we should call the government agentcies that have sworn to protect us from these scammers. Not! it's time to wake up and relize that this admistration couldn't care less about the middle class and poor.

I have been in the mortgage business a long time. My advice to soon-to-be homeowners and people who are refinancing is read, read, read every word of your mortgage documents. If you do not understand the process, get someone who does, a mortgage attorney will usually charge a nominal fee to go to the closing with you and guide you through the process. If you have a mortgage broker (someone who shops around for a mortgage for you) do not hesitate to ask questions. There are no dumb questions, however, there are many people who get stuck because they didn't ask any questions. And unfortunatley, I have seen many people so eager to get into that new home or even to just own a home they sign anything to do it. Then, when the dust settles, it's too late. They are stuck with high interest rates, prepayment penalties, adjustable rate mortgages that go higher every 6 months, and all kinds of other things that they think they never agreed to at closing. What Julie said is true of any mortgage company, not just Ocwen. If your note states an interest rate, then that is what is charged on the loan. Period. Mortgage companies are not allowed to raise or lower interest rates on a whim or because the "market" says this or that. They can modify the mortgage if the borrower proves some kind of hardship. But that is rare. Mortgage servicing companies, whether a bank has your mortgage or a mortgage servicer like Countrywide, Netbank or Ocwen, have to service loans based on what the Note and Mortgage say. If you sign a Note with an 11% interest rate, then that is what will be charged, don't be surprised when they do not agree to lower it. If you sign a Note with a prepayment penalty, don't be surprised when they won't waive it. If your Note states that you will have a late charge if you make your payment after a certain date, don't be surprised if they won't waive them. If you are so late on your payments that the mortgage servicer has to "accelerate" your loan, demand payment, or place your loan into foreclose, then you will be responsible for those charges, too. Don't be upset when they won't waive those fees, either. Read your mortgage documents, they are allowed to seek reimbursement from you for their expenses in trying to get you to pay up. That is the nature of the beast that is a mortgage. Mortgage servicers make money on "selling" portfolios of mortgages. They do not need borrower permission to do this. I do not know of any mortgage document that does not allow a loan to be sold. The company that sells the mortgage is supposed to notify the borrower 15 days prior to transferring the loan. And the company that acquires the loan has 30 days (if I remember RESPA) to notify the borrower of the new company's info. There are also a lot of mortgage servicers that specialize in servicing sub-prime mortgages, and service no other kind. I think Ocwen is one of these, but I could be wrong. Sub-prime mortgages are given to borrowers with semi-bad or bad credit, people who do not have a good debt to income ratio, people who do not have a steady history of residence or work, etc.(there are many other criteria). Sub prime mortgages can be good, they can help a borrower who had a bad credit history rebuild his or her credit in just a couple of years. They can also help in getting people who've had just bad luck in the financial department, to own their own home. However, most sub-prime mortgages come with the nasty things like high interest rates, prepayment penalties and adjustable interest rates. Finally, while you are on-line find the RESPA guildlines and read them. RESPA stands for Real Estate Settlement Procedures Act. It is the law for how mortgages are to be serviced. Hopefully I have helped some people out there who are just trying to make it, or are confused by what they are going through. Good luck. A Friend

Your right... in that many of the issues addressed in the first post may not qualify as being ripped-off, etc as stated. But as I noted before neither one of us know the details in that case. What I do know is that Ocwen has a long and well documented history of ripping off consumers any way possible. Therefore, I must be suspect of anyone who appears to come to Ocwen's defense. By-the-way. I didn't say you worked for the OTS. But with your attitude maybe you should.

Jon~ I didn't say mortgage companies don't have to notify you when they well their loan, they do. Read what I said. I said they DON'T need the borrower's permission and don't have to tell them they want to sell it. They only have to tell them once it is sold. (Transfer of a package of loans typically takes 30 days, so the notice must be sent out 30 days before the new servicer takes the loan). Sal I wasn't trying to trash you, only to give you the true reality. It isn't right how some people on this site get your hopes up when the reality is probably very dire. Your circumstances stink and I am sorry you have to endure this. Unfortunately, OCWEN isn't in business to pick up the slack in situations such as yours. Jon I agree 11.9% is high, but when he got his loan, that is what he agreed to. If it goes down in the years that follow, you won't find a mortgage one that automatically reduces. That requires a refi (and of course more costs/fees). And I ALWAYS think before I post and I am not employeed by OTS. You can't lie to people losing their homes. Sal isn't being scammed or ripped off, he is behind and is being foreclosed on. That's what happens when you get behind. You have to pay your mortgage payments. If you can't, you need to look into rental assistance from a local housing authority (which unfortunately will require you give up your home), food stamps and other things like that. If you are disabled, why no income? No disability and no ssi?

Geez, Guess you told me there, lady. I knew if i posted something, i would get trashed . Just enjoy doing what you do.... I rest my case

It's interesting that you only address those issues that can be turned around and be made to make the victim appear foolish. It's very clear you haven't read any of the other complaints posted everywhere about this vile organization. By-the-way: All mortgage servicing companies ARE required by law to notifiy their customer whenever their mortgage is to be transfered or sold (in advance). When mortgage rates are at a record forty year low and the consumer is being charged a11% + interest rate that IS being over charged. Yes, they should not have signed such a contract , and yes it may be legal. But I don't know any of the details in this case and neither do you. The important fact to remember here is that Ocwen has a very long and well documented history of stealing from consumers and it appears that our current administration couldn't care less because the targets of these scams are the middle class and poor. So it's time to wake up and think before you post.

Mortgage Companies buy and sell loans ALL THE TIME. They do not need your permission. The fact that they sold your loan without your knowledge is of NO consequence. You should take a gander at your mortgage document that says they can do that at will whenever they please. They are also NOT required to lower your interest rate to meet your income. That would be nice, but that is something you have to QUALIFY for, not something that is mandatory. This isn't discrimination whatsoever. They are not overcharging you, you signed the mortgage documents agreeing to pay 11.9%. If you thought that was too high, you NEVER SHOULD HAVE DONE IT. But it isn't considered overcharging. In order to qualify for a loan, you have to show you have sufficient income and meet the debt/credit ratios required. From your statements, you don't. Who do you expect to pick up the slack due to your lower income? OCWEN? That is silly. Perhaps you should sell your house and get into a subsidized rental, then your housing payment would be based on income. But mortgages are NEVER based on your income.