Hello. I purchased my home November 4th 1996. My payments started at $856.00 monthly. For a first time buyer we thought that was great. Within the first 3 yrs my payment increased to the amount of $1,150.00 at an interest rate of 11.5%.
We, like others, were facing financial problems at that time. Called Ocwen to inform the company about our situation. They at the time seem to be very efficient and willing to help. Little did I know this was the begining of a nightmare.
We have been through it all. Forbearance Agreements, hazard & flood insurance, foreclosure proceedings. Ocwen calling us stating they haven't recieved payment. They claimed we had not sent payment for 6 months. We faxed them information, faxing them payment stubs.in the mean time late fees accruing.
We file chapter 13 bankruptcy within the first 3 years. We were told we had to come up with $8000.00 in order to save our home. Of course that was impossible so we filed bankruptcy. We couldn't afford home insurance so Ocwen placed their own insurance policy. We pay $800.00 for that.
My husband and I are now divorced. This year I again had to file chapter 13 due to a late payments. Ocwen would not return my calls. Late fees accured, and threatening letters came in. It's so difficult to reach someone within that company. I was told by my bankruptcy attorney that after 6 months of making on time payments I would be able to refinance my home. I only hope theirs a company out there that will.
The experience I've had with Ocwen has been so bad, that I too have considered throwing it all away. Please let me know of any lawsuit action.
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