Usacomplaints.com » Business & Finance » Complaint / Review: Ocwen Loan Servicing - Loan Modification Contact, Hidden CHARGES!. #403794

Complaint / Review
Ocwen Loan Servicing
Loan Modification Contact, Hidden CHARGES!

Well Where can I begin. I lost my job and got behind on my house payment. Let me tell you that my missing payment where not moth after month, I use to get behind one month a year. I use to get pay little so eventually my cash could not afford the payment ones a year. I call my house bank which is Ocwen. They said I was behind $11,269.00 sound about right.

Well they told me that they where going to do a Loan Modification to help me out not to loose my house. OK remember they said the modification was to help me out! Keyword "Help me out". Well They told my wife and I that the loan annual percent rate was going to
from 7.9 to 4.89, we said Sweet! Well they told us they needed a down payment for $1779.29 which is one of the monthly payment.

Well they work out the Modification and they said that my new payment was going from
$1779.21 to 1289.21 with impound (Home Insurance and property taxes). Ok Fine so far. We waited to have the modification approved, We received the loan modification by email. We where so exited so we printed out and we stared to read the papers we got. Everything read good so far until we got to the part where it mention a Balloon payment. We called Ocwen that night to check how much the balloon payment. OOHH! Man are you ready?

Well I asked them if the balloon payment was the $11,269.00 that I owed them from being behind on payment. The dude told me that the balloon payment was a little more than that. He said that my balloon payment was $134,000.00. I said WHAT!!! Are you crazy.

I asked him how did you cane out with that amount? I told him that my modification was only for 5 years and them it was going back to 7.9 and payments back to 1,779.21. He said that they subtracted my new payment $1,289.21 from $1,779.21 and it gave them a difference of $490.00, I said ok? And them he said that they multiply it by 266 month the whole term of my loan which is 30 years. I told him why when the loan modification was for 5 years! I told him that he needed to multiply the $490.00 by 60 month the length of the modification. He said that it was not done that way. So if I except the Modification I will need to make one payment at the end of the 30 year term for $134,000.00. Yeah right like I got that much under my mattress. Well they gave me till the 20th of January to accept or the house will go for foreclosure.

Please be careful and read the modification carefully!!! Please!!!


Offender: Ocwen Loan Servicing

Country: USA   State: Florida   City: Orlando
Address: Po Box 785063
Phone: 8007462936

Category: Business & Finance

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