Ocwen Federal Bank FSB
Ripoff bogus insurance lost payments underestimated escrow

Ocwen took over our loan from New Century Mortgage back in 2000. Everything was fine until we were sent a letter stating that our homeowners insurance policy was cancelled and that Ocwen has purchased a policy for us for $599.00, taking the money from our escrow account.

After faxing the proof that we had Homeowner's insurance already and that the policy was intact, they never put the $599.00 back into our escrow account. We found that out when we received our Annual Escrow Disclosure Statement in July.

Number one, the Forced hazard insurance charge was on there and Number two, they estimated our taxes completely wrong. They were underestimated by $1,000. Who do they have doing their accounting?!!!

After repeated phone calls to ten different people trying to straighten out the forced hazard insurance debacle we were told that we were going to be refunde our money. Our mortgage payment would also be less because we had an overage in the escrow account.

Then comes nightmare number two. I was online checking our account out and all of a sudden we were in the negative (when we were told that we had an overage) on our escrow account because they had paid our taxes. Since they had underestimated our taxes by $1000.00 we now would have to make up the negative amount plus cover the $1000.00 for next years taxes. So the mortgage payment now went up by $110.00 a month.

Today was the start of nightmare Number three. We made payment using their new speedpay system. The payment was made on time so I don't have any late charges. Why give them any more of my money!!! We receive a phone call from the collection department asking for our monthly payment. I gave them the Check number and the confirmation number. They show no sign of our payment and that we should call our bank. Ocwen agent said they will have to research it. Then I went online with their bank to check my account. There you go, a late charge was assessed to our account.

I think Ocwen needs to less research and take more courses on how to handle a mortgage account properly. I cannot believe the amount of time that has been wasted because these people don't know how to manage an account. I wonder how many more problems will arise.

LM
Phoenix, Arizona

Company: Ocwen Federal Bank FSB
Country: USA
State: Florida
City: West Palm Beach
Address: 1615 Palm Beach Lakes Blvd
Phone: 8007462936

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