Folks! Listen closely! If you ever do a mortgage loan, before you sign on the dotted line, be sure to write in a clause to the contract that reads: THIS LOAN MAY NOT BE SOLD TO OCWEN FEDERAL BANK OR ANY OF IT'S AFFLILLIATES! And if the company doesn't accept the clause, don't do the loan. If you do, and if the loan is sold to Ocwen, you are F*Ked! Plain and simple!
Ocwen will start reporting your payments late from Day One. They will try to get you into foreclosure as fast as they possibly can! (They are in the business of selling foreclosures, by the way.) They will charge you HORRENDOUS fees for "being late" and then they will call you and harrass you repeatedly; but when you call THEM back, they will hang up on you. Repeatedly!
Here are just a couple of examples of my experience with Ocwen. They bought my loan in June. On June 7th, I received a Welcome letter from their company. On June 11th, I sent in my first payment. They IMMEDIATELY told me the payment was 60 days late. HUH?!!! I tried for weeks and weeks to resolve it. Weeks turned into months. It's been 16 months and the issue is STILL unresolved! Meanwhile, they've been reporting to the Credit Bureau that my payments are 60-90 days late, month after month, for 16 months. (Can you imagine my credit score? I tried to refinance out of the company and was denied by my own credit union... Which, two years ago... Gave me 2 loans on 2 different houses I have, the total of which is over $400,000. The credit union's reason?"You've been 60-90 days late for almost a year and a half." And actually, because I made double payments in several months to Ocwen, just to get ahead, I should be 120 days ahead.instead, they STILL have me 90 days late and on the verge of foreclosure!
Here's another example: When you call the company to resolve anything, you first have to type in your account number. Once you do that, the answering computer shows the answering-service-person that you are a "marked account." So what happens is the person on the other end won't even talk with you. What they do instead is pick up the phone and then just hang right back up on you. Last week, I spent 45 straight minutes getting hung up on like this. I was calling to see if a payment I had made earlier in the day had been posted. Guess what? It wasn't posted! It took several days for them to post the payment, even though it was made over the phone directly to them.
Folks, listen. This company is CRIMINAL! Do not be blindsided into doing business with them!!! Write in the clause! I have contacted every known authority on this issue—the FBI, the FTC, the Supreme Court in many states, the Attorney General, the SEC, etc. Etc. Etc. There are so many class action suits against this criminal enterprise.
Anybody starting a federal class action suit out there? I want to be involved!
Ohio
U.S.A.
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