Our situation is so much like the multiple other reports that we have read about Ocwen Financial that we have come to the conclusion that we are being trampled by Ocwen like so many others.
We started dealing with Ocwen when we refinanced our home with New Century Mortgage & they sold our paper to Ocwen. We live in Idaho, my husband is on disability & I work full time & I'm self -employed. My mother past away in Florida and my husband had heart difficulties requiring me to take a leave of absence from work, without pay, for a period of about a month.
Consequently we fell behind about 2 months on our mortgage. Ocwen started for closure proceedings. After numerous attempts trying to call, being transfered & hold times up to 1.5 hrs, the day before our house went up for Auction we contacted New Century Mortgage as a last resort to see if they could help they said something doesn't sound right let us get in contact with Ocwen. Later that day talking to Ocwen they agreed to put us on a forbarance plan with a down payment of $2,300.00 dollar payment. What were we to do? Live on the street or pay the money to save our house. We saved the house.
Then came all these fees, attorney fees, Evaluation Fees, Inspection Fees, ect... Our credit report went way down and for about 2 years they have been reporting us as still in forclosure, acorrding to
all the hundreds of lenders we tried to refianance with, who are unable to help. We were told by an Ocwen representative that our forbarance agreement would be done in April. We called Ocwen so we could get a jump on refinancing and they told me it wouldn't be up until 2009. Now wait a minute. Oh, don't get upset with them on the phone, they will hang-up on you and you have to go threw the whole mess of hold times and transfering you to anyone that doesn't speak very good english, no offence but it is very hard to try to understand what is going on with our loan never mind trying to understand what someone is saying. You can not imagine how stressful this has been and it shouldn't be. We missed 2 months payments and we were willing to do what we can to save our house because we new we had defaulted due to unfortunate circumstances but this feels like we're being wronged.
We were also told just recently that we would have a code put on our account so that our phone calls would not go to India. We were told that we would only talk to an English speaking person in the U.S. That was a crock.
We have also been told, on many occasions, by Ocwen, that we needed and didn't have House Insurance and that it will be added to our mortgage. I don't know how many verifications I've faxed and mailed telling them that we have always had House Insurance and that it has never lapsed. We've even had our Insurance Agent mail and send faxes.
Our loan has gone to a variable interest rate of 11.75%. Lenders wouldn't touch us. Majority have heard of Ocwen and say they are hard to deal with. We recently received a letter from Ocwen stating that interest rates have gone down that it could affect our forbarance payment which our payment amount is reported different on mail sent by Ocwen, different on my payment stub and different if you call.interest rates went down, our payment went up about $75.interest rates went down and we're paying more? Maybe we just don't understand mortgages. Is there something we're missing?
We've been paying roughly a payment and a half for 2 years now and it seems like the more we pay the more Ocwen is reporting we are behind and the further in debt we are to Ocwen. Let me give you some advise don't bother to try to refinance, we've gone threw hundreds of lenders and have been turned down and that also brought down our credit score even more. We are very thankful for your web site, we were starting to think we were going nuts and we're going to be homeless anyway after struggling so hard for the past 2-3 years. We're still hanging in there and we hope this will help anyone else that is struggling with this mess.
Thank You!
Mo
Oldtown, Idaho
U.S.A.
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