Ocwen Federal Bank
Excessive prepayment penalty fees unable to speak with payoff dept. Potentially forcing us to default on our loan HUGE RIP-OFF!

We refinanced our home with Worth Funding. The loan was sold to Ocwen even before our first payment. We were aware of a 1 possibly 2% prepayment penalty (approx. $1-2,000). We are now told the prepayment penalty is 6 times the monthy interest paid on our loan or $4600.

Or home has been listed for four months and the only offers are lower than the amount we owe plus the penalty.

Ocwen refuses to work with us, despite the reason for the sale of the home is a job transfer. I would never again do business with this company. They wouldn't allow me to speak with their payoff department and basically let the "customer service" department to the heat. Hardly customer service where I come from.

Their suggestion for our situation... After our mortgage is more than 30 days late, we can provide tons of documentation and maybe they would consider a "short payoff". Either way... Default on the loan or short payoff our credit is ruined.

Great suggestion and outstanding customer service... Not!

Company: Ocwen Federal Bank
Country: USA
State: Florida
City: Orlando
Address: 12650 Ingenuity Drive
Phone: 8007462936

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