12 Feb. 2004
We didn't choose to have a loan with Ocwen. Our loan was sold to them by a small Idaho lender. Who now protects us from their preditory practices? Where is the state or federal regulation that will protect citizens and tax payers from companies like Ocwen. I read about pain and suffering damages being awarded by the courts, I don't think that ocwen has enough money to pay for all of the pain and grief that they cause for so many.
I question the legality of the following points and practices by Ocwen;
1.) We have been paying a few dollars extra each month to help pay down the principal on our loan. But when we went to refinance we found that all of the extra we had paid was used to pay various Fees, that none of it went to the principal.
2.) We have an ajustable rate mortgage that is supposed to float about 2.5 points above the prime yet we are still being charged over 10% interest.
3.) We have had, and still do have insurance, we can provide statements from our insurance agent that they have made repeated attempts to inform Ocwen that we have insurance. All to no avail. Ocwen continues to charge us for their inhouse insurance at inflated rates.
4.) No matter when we mail the payment, Ocwen adds late fees, we have late fees for more than half of all payments, yet Ocwen can provide no viable system for verification of when payments are actually received. About three years ago we were sent a copy of a letter by an Ocwen lawyer to the courts demanding immediate possission of our home for none payment. We had to show our proof of payment to our lawyer who then responded and the matter was dropped for awhile. It seems that our payments were "found" at Ocwen after all. Now three years latter they are again pushing for forecloser, even though we have not missed a single payment. It does seem to be their company policy.
5.) When we obtained a refinance from our bank in Idaho, Ocwen delayed sending a payout statement with the payoff amount. When we did get their statement, there were thousands of dollars in fees charged to the account. We contested the fees and Ocwen resinded them and after another delay they issued another payoff statement with new and different fees and fines not on the first. This continued for more than 6 months until our new loan appraisal and paperwork had expired. We still have our loan with Ocwen, Our Idaho bank loan officier stated that he found Ocwen's behavior as obstructive, immoral, and unprofessional for a lending institution.
I ask the following questions of politicians, government agencies, and the general public.
*Why do you allow this company to continue to pray upon American citizens? Government is there to serve and protect it's citizens, where is the protection? We NEVER chose to do business with Ocwen.
*What if investors in the market informed their brokers that they didn't want any Ocwen stock in their portfolios or money market accounts? I know individuals that will not purchase stock that they feel is tainted by a moral issue, such as Tobacco stock. Ocwen stock and any profits from it are tainted on the backs and broken dreams of how many countless Americans.
We have to find time from our work and business to try and deal with Ocwen, It is their business to find ways to legally or it seems illgally shaft their victims and We feel much more like victims then customers.
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