What do you think of this?
IN the mid 1990's my mortgage was sold to Salomon Brothers, of Michigan. They had Ocwen Fed Bank handle the account. I only knew about the Ocwen Fed Bank part until they FORCLOSED and ILLEGALLY PURCHASED my home at a sheriff's sale (but that's jumping ahead here...).
Shortly after their purchase of the mortgage, my insurance company didn't want to insure homes in the downtown, blighted area. My home was an old Victorian mansion, so no other insurance company would insure the home due to the replacement value was over twice the market value!
Ocwen provided a solution. An insurance policy that would cover my debt on the house only. But the insurance company stated UP TO THE DEBT, and sited, "replacement" for any damages that might occur.
I gladly paid the extra payment on the mortgage for the premiums.
Ocwen "forgot" to put my name on the policy.
The insurance company, after the fire, forgot that they were XYZ company and answered the phone as "Ocwen Insurance" instead.
The insurance company refused to speak to me after I pointed out I couldn't repair the home for HALF the CHEAPEST COST! I pointed out that the estimate of damages was different than the "amount settled for' by Ocwen. ANd the estimate was low to begin with. Ocwen talked about "depreciating the improvements, etc." as an excuse.
Yet the insurance document stated "replacement" not cheaper and DEPRECIATED repairs. Oak to be replaced with cheap hollow doors, etc. And then DEPRECIATED on top of that. I knew this was wrong, but then...
... Ocwen announced that they didn't have to talk to me about my home! You see, it was THEIR insurance money, always was... I was just the patsy that paid for it. No discussion. Take less than half to get it to PASS CODE, never mind actually REPLACING ANYTHING TO ORIGINAL OF ANY KIND. Meanwhile, as I paid on the mortgage, they were "forgetting" to pay the property taxes, letting penalty accrue on it, and earning interest on my tax payments as well. "A dime scammed, is a dime earned without guilt" must be the motto.
Here come the federal investigators... Now the story changes! I now am told that I was mistaken, that the letters about the minimal amount didn't exist anymore, and I should have known they were willing to pay a contractor just enough for it to meet code... Which was more than double the amount I was informed of...
... Of course Ocwen maintained they were not responsible for any repairs, ever. They just get to keep the money! And lie about it. And then tell me that the information given to me never really... Was said... Etc.
They're TOO GOOD to talk to me, or my attorney, or anyone who won't just give them the damn house!
We have been living in less than half, sometimes a third of the size of the home we used to have, barely making ends meet since we lost our rental income (2 other apartments were involved). Living in rentals that we can afford after the "insurance situation"...
Me bitter? Why my girls and I LOVE HOMELESSNESS AND SUBSTANDARD LIVING! That's all the girls remember now. The bastards. Too late for them to ever appreciate the home I owned before they were born. They think where were living is great! Makes me sick to think of the time they USED to have their own rooms, etc. And I can't do anything about it... Just let the attorney handle it, let the company stall, appeal, stall, appeal, etc.
Too bad corporations can't be arrested for fraud. Wonder if Ocwen has given the shaft to others on the insurance business!
Mary
Lansing, Michigan
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