Ocwen Loan Servicing, Ocwen Federal Bank
Ocwen Ripoff: Late Fees, Morrgage Insurance Violations

In short, Ocwen is one of the worst Loan Servicing Companies. I am not sure how they are still in business. Everything they do is wrong, even if their intentions are good.

I will give you an example. I had a loan with PMI{Private Mortgage Insurance}. For those of you who know, that insurance is useless, because it does not do anything for the borrower, and at the same time it is very expensive. I was paying almost $200 per month. Again, that is per month. When I got my loan, my LTV was more than 80%, thus I was forced to pay for it. However, I was told that if I prepay my loan to 80% I could cancel it at any time. Not only is this true, but it is also the law. Guess what happened when I tried to cancel it. First, they said they did not get a request from me, I sent another one. That game lasted for about 4 months, which equated to about $800. Finally, when they acknowledged the receipt, they flat out refused to cancel because they had to follow their own rules and policies, when the law clearly states that the borrower has the right to cancel it. Anyway, they did cancel it, but IT only cost me about $1000 to do so.

Moral of the story is that if anyone of you, or anyone you know has PMI you have the right to cancel it, even if your loan is with Ocwen. The only problem is - YOU HAVE TO DEAL WITH OCWEN. Good luck!!!

Company: Ocwen Loan Servicing, Ocwen Federal Bank
Country: USA
State: Florida
City: West Palm Beach
Address: West Palm Beach

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