Ocwen Federal Bank
Ripoff, Forbearance plans, and fraudulant fees etc

I just found all of the reports regarding Ocwen on usacomplaints.com and I was completely amazed. We thought we were alone in our troubles with Ocwen Federal Bank.
The reason I found this site was because the exact same thing is happening to my family so I began researching online to try and a solution.

We bought our house in putting $20,000.00 down for owner financing, which lasted for the first 2 years. We were then approved on our own for refinancing with WMC Mortgage. Within three months they sold our mortgage to "OCWEN". That's when our troubles began. We had some financial problems and fell behind in a couple of payments. Ocwen offered a forbearance plan and we accepted. After approximately the third payment, Ocwen spoke with my wife and said we had money in a "suspense account" that they could apply toward the current months forbearance payment.

Needless to say, we were thrilled by this news and accepted, only having to pay approx. 280.00 ourselves to make the total forbearance payment for that month. However, at the end of our forbearance agreement we were told that they were taking back the suspense account payment, causing us to go into another even higher payment forbearance plan. This became too much to handle financially and our home went into foreclosure Sept. Of 2003.

Ocwen offered and we entered a third forbearance agreement in OCT. After paying $2,500.00 down, we agreed to pay 1165.00 per month for 1 year. (Our normal payment had originally been 999.00 per month.) We paid as agreed, but in Feb. 2004 Ocwen told us that they changed the payment amount from 1165.00 per month to 1372.00 per month. We felt we had no choice but pay, but it has put a financial strain on our lives. I'm searching to find help with this problem because I feel I shouldn't have to pay this high of a payment and I'm hoping to become a part of a class action suit. I only hope I'm not too late.

Thanks for your help,
Billy

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

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