Our problems with Ocwen began as soon as they took over our mortgage from Met West, Inc. We had no problems before then. Met West sent us a letter stating that nothing would change, just the payments would be made to Ocwen, now.
Not so. We noticed that with the first payment they received, no escrow amount was taken out. When it happened again the second month, I called and was told that our loan did not have an escrow account...which I was able to disprove with our original loan documents. They ended up changing things..and implemented the escrow again..but right away we were told of the escrow shortages, and how our payments would go up to reflect those shortages. Ok...so now a piece of land that was originally $262 per month (escrow included) was now going up over $100 per month.
We dealt with that. For the two years...all seemed fine. Until my husband was reading the newspaper and saw our piece of property up for Sherriff Sale for non payment of taxes. We were floored, because our school and real estate tax bills were sent directly to Ocwen for payment, our mortgage payments were paid, and paid on time...so what reason did they have for not paying? We of course paid the tax bill & further researched to find they hadn't paid the school taxes, either.
So now they are supposed to reimburse us for the real estate taxes we paid out of pocket and also have to pay the two years school taxes...and after they did, my mortage went up to almost $500 per month! They said there were again, escrow shortages..and up the payments went again! We can't understand...we are paying, they are putting aside & not paying...so why do we have to again pay MORE?!!
Fast forward a few years...and obviously we were having trouble paying a mortage that had doubled from the original loan (not adjustable, fixed 10%)
Even when we pay a payment on time, they hold it until they can charge a late fee....We've been threatened with foreclosure when barely two months late, have been forced into a forebearance agreement that is unfair. (They give 10 days from date of letter to contact a lawer, yet you receive said letter 7 days after said date...is 3 days enough to have attorney review?!)
As of now, they claim negative escrow balances at the beginning of each year, but take much more than what is needed to pay a $1200 real estate tax bill and a $155 property tax bill. They take $199.44 monthly = $2393.28.
What happens to the remaining $1038.28 per year???!!!! I just demanded an escrow history...which of course will cost us more money..and we are having a financial expert look over every piece of paper I have from Met West to Ocwen.
The long & short of it...Ocwen is a total Rip-Off..thanks Ripoff Report!
Pocono
Saylorsburg, Pennsylvania