- Report: #754401
Complaint Review: OCWEN Loan Servicing LLC - West Palm Beach, FL Florida
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Author Confirmed
Why?
OCWEN Loan Servicing LLC
P.O. Box 6440, Carol Stream, IL 60197 West Palm Beach, FL, 33416 Florida, United States of America
Phone:
1800 746 2936
Web:
www.ocwen.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
OCWEN Loan Servicing, LLC Ocwen Modifies Loans to bill MORE than the original monthly payments! West Palm Beach, FL , Florida
In 2006 I had refinaced my Mortgage at the high side of the accepted interest rate of the time. Being interest conscious, I signed up for Bi-Weekly Payments, which was to ultimately reduce my 30 year term to roughly 19 years, thus, saving me thousands in interest. As a further advantage, I had decided to pay an extra $312 per month ($156 X2) in order to further reduce my principle.
This loan was purchased by OCWEN shortly thereafter. I was told that OCWEN used a third party to collect and manage my Loan Payments, and that this Third Party (Equity Plus), will be managing my Bi-Weekly & surplus Payments.
Several months into the arrangement, I had realized from the OCWEN Statements, that Equity Plus had been delivering my payments to OCWEN only once a month instead of two, and that there was no discernable record of my surplus amounts paid.
Of course I had complained to OCWEN & Equity Plus in writing on numerous occassions, and by phone whenever I had a couple of hour to spend on hold. I had made so many complaints to the Banking Department, that Equity Plus had finally refused to manage my Mortgage Payments for Ocwen. Long story short: To this date, I was never given an explanation why my Bi-Weekly arrangement had been wasted, nor was I given a reporting of the surpus funds I'd been paying since the inception of my loan.
I'm self employed in a Service oriented Business which depends largely on the strength of the Housing Market. When the U.S. Economy took a nosedive in '07/'08, I began to fall behind in my Mortgage payments.
By mid 2009, I had fallen a few months behind, and had been getting threat of foreclosure by OCWEN. Besides searching for someone other than OCWEN to refinance my Mortgage, I had been pleading for a Loan Modification in veiw of the failing economy.
Despite much hesitation, in 2010, OCWEN finally agreed to Modify my loan to a lower Interest rate, and for about six months, I had the pleasure of paying approximately $500 less each month.
OCWEN then decided they would escrow my Tax and insurance into the Mortgage. As a result, my Payments are nearly $1000 per month more than they were upon inception in 2006. Moreover, by OCWEN's creative math, they had added roughly $40K in unexplained principle to my Account Balance.
My experience with OCWEN has been a real horror since they bought it from my original lender in 2006. Making my situation worse is OCWEN's lack of response, unless they are playing Offense.
I would like nothing more than to be able to participate in a Class Action suit by a bulldog Law Firm!
This loan was purchased by OCWEN shortly thereafter. I was told that OCWEN used a third party to collect and manage my Loan Payments, and that this Third Party (Equity Plus), will be managing my Bi-Weekly & surplus Payments.
Several months into the arrangement, I had realized from the OCWEN Statements, that Equity Plus had been delivering my payments to OCWEN only once a month instead of two, and that there was no discernable record of my surplus amounts paid.
Of course I had complained to OCWEN & Equity Plus in writing on numerous occassions, and by phone whenever I had a couple of hour to spend on hold. I had made so many complaints to the Banking Department, that Equity Plus had finally refused to manage my Mortgage Payments for Ocwen. Long story short: To this date, I was never given an explanation why my Bi-Weekly arrangement had been wasted, nor was I given a reporting of the surpus funds I'd been paying since the inception of my loan.
I'm self employed in a Service oriented Business which depends largely on the strength of the Housing Market. When the U.S. Economy took a nosedive in '07/'08, I began to fall behind in my Mortgage payments.
By mid 2009, I had fallen a few months behind, and had been getting threat of foreclosure by OCWEN. Besides searching for someone other than OCWEN to refinance my Mortgage, I had been pleading for a Loan Modification in veiw of the failing economy.
Despite much hesitation, in 2010, OCWEN finally agreed to Modify my loan to a lower Interest rate, and for about six months, I had the pleasure of paying approximately $500 less each month.
OCWEN then decided they would escrow my Tax and insurance into the Mortgage. As a result, my Payments are nearly $1000 per month more than they were upon inception in 2006. Moreover, by OCWEN's creative math, they had added roughly $40K in unexplained principle to my Account Balance.
My experience with OCWEN has been a real horror since they bought it from my original lender in 2006. Making my situation worse is OCWEN's lack of response, unless they are playing Offense.
I would like nothing more than to be able to participate in a Class Action suit by a bulldog Law Firm!
