Several years ago I sold a mortgage that I owned to a servicing company for a 76 months term. I received a check up front, then at the end on 76 months, the mortgage and its payments would revert back to me for the remainder of its original 30 yr term. This was supposed to occur in March. At some time the mortgage note was sold to Ocwen Federal for servicing. When march arrived, I tried to get my mortgage back. I as told by Ocwen that the payees were behind in payments and that the return would be delayed until they caught up.
That started a vicious nightmare!
It is now June and I still have not received my mortgage back. It is very rare that a person answers the phone at Ocwen. Almost always - the caller is sent to a voice messaging system. Based on my experience with them, I think I can guarantee no one will ever call back in response to your messages. The few times I actually got through to someone, they were able to confirm that the mortgage was in fact originally mine and that it had not been returned yet because the payees were $4000 to $5000 behind in payments. I even offered to pay the back payments, fees, etc to get the mortgage back (I would just add it on to what the people owed me). I was given a FAX number to send all the info proving it was my mortgage (which they already had) and of course no one has ever contacted me back.
Judging by all the 'posts' on the internet about this company, my experience is the norm of how they do business. The only difference is that in my case I am not the person who owes them - in fact, I am the one who owns the mortgage and wants to pay of the debt owed by the people who have not been making the payments.
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