I have witnessed all of the scams and am dreading what is next. Our mortgage loan was sold to Ocwen exactly one month after we closed on our home. We were late on one payment and Ocwen began their ritual of rejecting monthly payments stating they were in the incorrect amount and/or submitted in the wrong form which quickly put our account into foreclosure status. Of course, the amounts were always confirmed and reconfirmed with an Ocwen representative and the forms were always correct but they somehow always managed to return them anyway. The actual foreclosure date was scheduled and people were driving my our home "checking out the merchandise" beforehand. I visited a bankruptcy attorney feeling I had no other choice and she hated to see me throw away all of my efforts by going bankrupt and got on the phone with Ocwen's attorneys. I was somehow talked into entering a good 'ol Forbearance Agreement with a downpayment of $3,000 and increasing my monthly notes by approximately $450 per month for one full year. What normal American could come up with an extra $450 per month to keep their home? Luckily, I have a father who is loving enough to share some of his hard earned retirement with me to make these huge monthly notes and helping me keep my home. The monthly note was recently increased again due to some escrow garbage that I'm still attempting to understand. According to my local trustee's office, the taxes haven't been paid and I pay my own homeowners insurance which I have to supply them with proof of periodically when they send me letters threatening to provide it themselves.
At the beginning of this week, I submitted the very last forbearance payment and felt I could breath easy again without having to make the huge note any longer since I have now completely drained my father's retirement funds to keep my home and have a newborn baby to support. On the due date of my last forbearance payment I received a letter in the mail from Ocwen announcing my interest rate had been changed based on an index value of 3% increasing our monthly note by another $300 per month. My interest rate is now in the double digits! Sobbing with tears knowing I can no longer afford my home and knowing my father's retirement funds have completely been thrown away in an attempt to allow me to keep my beautiful home, I called Ocwen as one last resort to see if there is anything I can do to keep my home. The representative literally chuckled and said "yeah, you can refinance if you have the 6% prepayment penalty to give us first". He even figured it for me and it's approximately $9,000. Things quickly got personal and I inquired as to why he could work for such a disgusting company. He replied with "ma'am, you choose to allow us to service your loan and we are servicing by the terms of your adjustable rate mortgage" and then he placed me on a speaker phone and started rattling paper enabling me to continue my conversation with him. He's the one that couldn't believe the increase himself and put me on hold to have another representative come to his desk to verify it.
Even if I sought secondary employment to payoff Ocwen this penalty so that I could refinance, my damaged credit (as a result of this scam) will not allow any creditor assist me. I can't even get financed for a lawnmower now. I haven't looked reviewed my credit report since purchasing my house but I plan to do so once I discover my direction. I truly dread to review it as I've seen the other postings outlining what they have done to others'.
If anyone can advise or help me, please do so. With a fulltime job and newborn baby, I'm afraid I don't have the strength to go much further without any direction.
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