In 2006 I had refinaced my Mortgage at the high side of the accepted interest rate of the time. Being interest conscious, I signed up for Bi-Weekly Payments, which was to ultimately reduce my 30 year term to roughly 19 years, thus, saving me thousands in interest. As a further advantage, I had decided to pay an extra $312 per month ($156 X2) in order to further reduce my principle.
This loan was purchased by OCWEN shortly thereafter. I was told that OCWEN used a third party to collect and manage my Loan Payments, and that this Third Party (Equity Plus), will be managing my Bi-Weekly & surplus Payments.
Several months into the arrangement, I had realized from the OCWEN Statements, that Equity Plus had been delivering my payments to OCWEN only once a month instead of two, and that there was no discernable record of my surplus amounts paid.
Of course I had complained to OCWEN & Equity Plus in writing on numerous occassions, and by phone whenever I had a couple of hour to spend on hold. I had made so many complaints to the Banking Department, that Equity Plus had finally refused to manage my Mortgage Payments for Ocwen. Long story short: To this date, I was never given an explanation why my Bi-Weekly arrangement had been wasted, nor was I given a reporting of the surpus funds I'd been paying since the inception of my loan.
I'm self employed in a Service oriented Business which depends largely on the strength of the Housing Market. When the U.S. Economy took a nosedive in '07/'08, I began to fall behind in my Mortgage payments.
By mid I had fallen a few months behind, and had been getting threat of foreclosure by OCWEN. Besides searching for someone other than OCWEN to refinance my Mortgage, I had been pleading for a Loan Modification in veiw of the failing economy.
Despite much hesitation, in OCWEN finally agreed to Modify my loan to a lower Interest rate, and for about six months, I had the pleasure of paying approximately $500 less each month.
OCWEN then decided they would escrow my Tax and insurance into the Mortgage. As a result, my Payments are nearly $1000 per month more than they were upon inception in 2006. Moreover, by OCWEN's creative math, they had added roughly $40K in unexplained principle to my Account Balance.
My experience with OCWEN has been a real horror since they bought it from my original lender in 2006. Making my situation worse is OCWEN's lack of response, unless they are playing Offense.
I would like nothing more than to be able to participate in a Class Action suit by a bulldog Law Firm!
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