In 2001 my husband and I bought two income properties, witin 30 days these mortgages were sold to Ocwen Federal.in addition, within the same time period I lost my job and we fell behind in the payments. However, we put both properties on the market for sale.
During this time we found out that we had been victims of predatory lending. These properties we had purchased were a lot less in value than what we had paid for. We pull out our paper work and realized that the appraisal reports were totally bogus.
The signature on the appraisal reports were supposed to be by a license appraiser (his name was written and signed on both appraisal reports) however, the handwriting signatures were totally different on each report.in addition, we got offers for the properties for their true market value and Ocwen rejected the offers and foreclosed on the properties.
I file a complaint with the Illinois Office of Banks and Real Estate and Illinois States Attorney office. They could not do much because Owcen was out of Illinois jurisdiction.
However, January Ocwen sent us a 1099-C Cancellation of debt form for the year of the debt cancellation was for 45,251.48 (one of the properties we had an offer for that they rejected) as you can see this property was deliberately over appraised for $45,251.48.
In addition, March of this year 2005 I got another 1099-C Cancellation of Debt for 2004 it was $41,000 for the other property. As you can see, Ocwen has admitted to their predatory Lending practices. I have it in writing. I too plan to join the class action law suit against them and I am willing to do what it takes to shut them down forever.
Please anyone looking for a Loan Mortgage stay away from Ocwen! They are Master Mortgage Bamboozlers!
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