Well my story is like everyone else, here complaining about Ocwen. My wife and I got behind on two payments because of a family issue. The loan was originally through WMC mortgage and when we fell behind Ocwen went ahead and purchased the loan from them. Once Ocwen had the loan, they contacted us and said hey we understand hard times we will put you in our forbearance program and this will get you out of trouble. Sounded great and I did not worry about it anymore. Until our ARM adjusted and we decided, we should refinance and try to get everything on the right track.
Well I call Ocwen and get a payoff quote and this is where I am completely blown away. The payoff quote is now $190,000. When our original loan was $165,000.in addition, I am informed that we are thirteen payments passed due. I called and argued but I could never get anyone who did not have such a strong Arabic accent that I have no clue what they are saying and they are determined that they will not transfer me to anyone else. So I also asked for a reinstatement quote because my parent were going to loan us the amount I had figured we owed.
This was another shocking moment when I get the reinstatement quote and it is at $18,000. When originally we were only $2400 past due. So now I am having a dilemma because I have been paying my forbearance but I am further in debt then when I started. What do I do next? Is there any place I can contact or do I just allow them to foreclose, or do I file bankruptcy?
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