I purchased my home in May and the financing was through Ocwen. I made sure that I was current and never got any threatening phone calls until the end. There was a rider on the contract that said that if I refinanced before 2 years there was a 10% penalty based on the total amount of the original loan. So I waited my two years and paid every month. Once I had confirmation that the 2 years were indeed finished, I began the refinancing process.
Since the closing was at almost the same time as the June payment was due, I didn't send it in because my statement said that my principal balance was 101 something and the refinancing was paying off 102 something... Almost exactly 1000.00 more than was showing for my account. Maybe it wasn't the wisest thing to do, but I had extraordinary medical expenses from may through June and was trying to play catch up with all of my bills. The day we closed, they called. You're late they told me and I explained that we had just closed on refinancing and the payment would be coming from the title company.
One week later, I received another call and I couldn't understand the person who was talking very well, but I explained that I was sure that the title company had paid off the loan. The person insisted that I owed more and I asked how that was possible when as of 5/31 I owed less than what the title company sent. They insisted and then gave me the number for customer service. I asked if I would be speaking to an American when I called (collections must be in India) and they said yes.
I immediately called the 800 number and got someone I could semi-understand and first she told me it was not paid, then changed it to one full payment, then when I kept asking how was that possible, she transferred me to their refinancing department! I wondered why because I did not refi through them and the person there agreed that I had been sent to the wrong department and transferred me back to customer service.
This time I got a man who said the original customer service rep was brand new and confused. He then reported that indeed I owed $400 more and I asked how if I only owed 101 something on 5/31 and they were sent 102 something?
How do they do this? In the two full years of my loan, I had $1861 applied to my principal (sad isn't it) plus, if you go by the amount last year, about $420 so far this year. The math comes out right when I do it... How did they get a figure that was almost what I originally financed?
I will be praying that my new mortgage does not get sold to them, if it does, I guess I'll have to refi again because it's as if I paid nothing at all towards my principal in the first two years.
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