Beware of ocwen...
In Septmeber of 1995 my husband had two heart attacks and a stroke, we had only owned our home for 9 months and had a 6 month old son. Our original loan was FHA so when my husband was out of work for almost a year we did not loose our house. HUD took over and reduced our mortgage payments and what ever we hadn't paid got tacked onto the end as an "interest arrearage".
In 1997, OCWEN took over our mortgage from HUD, they were to honor the original agreement with HUD {FHA loan, etc.} Well 3 years into the deal I realized my real estate tax bills were coming directly to my home, they had been since OCWEN took over, but I never really thought about it. Then I would get late notices about our taxes not being paid etc. I would call OCWEN and nothing was ever said about it except for they would take care of it.
Come to find out, they were never escrowing our taxes all these years.instead they would put an advance on our account everytime they paid our taxes. Now, the original agreement with HUD was to escrow our taxes, we didn't have 20% equity in the property and it was an FHA loan, it was required by law. It didn't matter. We had an almost $10,000 bill added to our mortgage because they never escrowed our taxes. We still paid the same amount we were paying HUD, but the portion that went to the taxes they put toward the P&I.
So now they increased our mortgage to start paying that off. Our mortgage went from $700 to $1440 and that's what we are paying at this time for a loan of $74,550. It's insane. Not to mention, their harassing phone calls.
Our mortgage is paid every month, not on the 1st of the month, but it is always paid in the month it's due. They don't care, two days into the month they are calling and harassing you about your payment. Half the time you can't understand what they are saying because they have hired people in other countries to staff their call centers. Even when you have made your payment with Speed pay or by the internet, it some how doesn't register in their computer and they are still calling even though the payment is made. We are trying too sell our house and I have read some of the horror stories people have gone through with selling & refinancing. Something needs to been done about OCWEN.
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