We were contacted by a mortage company stating they could help lower our intrest rate and payment. After getting qualifed for for a new loan, we found out there was a pay off penalty with our current mortg.Co. New Century.
We paid the penalty of around nine thousand dollars to get into our new loan with Ocwen Federal Bank. Come to find out, Ocwen and New Century are tied together.
Now we not only paid the penalty, we also paid closing cost, appraisial, and all the other fees they charge to refinance. All of that for nothing because they are the same company and just wanted to tie us into another loan with a two year penalty.
During the processing of the new loan, we had made our last payment to New Century. A short time later, Ocwen called us and said they had not received our first payment.
I told them that we made our payment to New Century and they were going to send it to them. Several weeks later Ocwen recieved the payment, but past the due date.
Our first payment after the New Century and Ocwen mix-up was sent in plenty enouf time to get there before the due date, and they claimed they could'nt find it. Now we were charged two late fees in our first two months with Ocwen.
We have recently tried to refinance again and found out that Ocwen shows up on our credit report showing two thirty day lates. That causes a problem to get into a lower rate. There is also a huge pay-off penalty to get away from them.
They have found a way to trap us into their scam once again and it seems that we will never ger out from under them. They will find a way to prevent you from ever getting into a better loan.
Lynne
Aurora, Colorado
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