After we refinanced with a local company our account was sold to Ocwen Federal, we started falling behind immediately. The late fees that they charged us were out of this world. To make a very long and painful story short, my husband after taking out smaller loans against our boat, car, truck. Finally decided to take out a loan from his 401K plan. He sent those vampires 10,000.00 dollars and our house was foreclosed 2 months later. They knew that they intended to foreclose on our mortgage and still took our money. We could have used the money to buy a new start. We owed 92,000.00 on the house before the 10k. We have seen the house on a realestate commercial for 216,000.00. Where will the equity money go?
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