"My credit was bad to some degree, around 530"...
that's not "bad to some degree" that's just plain bad. You're lucky you even got a loan at 9.5%. What you have to realize is that "the market" is giving doesn't mean jack for you. You have bad credit. Let's face it, the best deal you could get is with a sub-prime mortgage company. They gave you what is most likely the best deal you could get, period.
"They would not agree to a interest rate in writing but instead promised verbally a good one, then jacked it up, as in 9.5% in a market that was giving 5.5% loans."
Are you in the habit of signing legally binding contracts without having the important things filled in? Is your statement saying that you signed this legally binding contract without there being an interest rate being smack dab on the first page of your note?
"And I found all kinds of hidden fees plus the ones they disclose are almost obscene to begin with"
What, late charges? Did you not give them a call for a few months? Was it a "property inspection"? A "field chase"? What kind of fees did you have? Was it anything in relation to you not paying them on your due date? Check your note, it says that if you don't pay them by the due date, they can charge you late fees and any other fees that are needed to get ahold of you.
"...basically lie, cheat, steal and beg to get you to sign your house away"
You still signed the contract, if you knew it was a raw deal, why sign?
"Then they wouldnt return my calls and sold my mortgage to these dirtballs called Ocwen Federal"
Of course they wouldn't return your calls, they sold your loan to another company. Once your loan is with another company, you have no business with the original company. The entire loan is sold, all debt included.
"New Century says they have nothing to do with it, but they signed a contract selling all their "sub standard" portfolios to Ocwen"
That's called the "mortgage industry". You know, the buying and selling of loans? How do you think they make money? It's not their responsibility to make sure that the new company will bend over backwards to your wishes.
"And a friend who was forclosed on by Ocwen stated that New Century is really the one doing all the forclosing, their name is on all the paperwork"
Do you realize how long it takes for all of that paperwork to get updated? Your loan might have been transfered a dozen times and the paperwork might still have been in the original loan company's name.
"New Century has so much money that they have blotted out bad press on the web about themselves by throwing cash at the problem"
It's the american way.
"they will take away your home at first moments notice"
Yes, first moments notice...right after the 20 different letters they send you...and the numerous telephone calls you'll recieve....and the 3-12 month period where they try to work with you (depending on what state you are in, of course) to make sure they don't have to forclose on you.
"Their ex-employees, customers, and the federal government are appalled at their practices"
Gee, you'd think if the federal government was "appalled at their practices" they would do something about it.
This is your life, credit, and home. It's time to take some of the responsibility.
As someone who was in the mortgage business...I have to say that Joe's responses were dead on. There is nothing unusual about an originating mortgage company selling the loan to a servicing company...almost every originating company in the U.S. does that.
As far as the rates..the original quote might have been the rate at Par. But then you have to consider...were there closing costs to pay that you couldn't pay off? Were you putting an up front origination fee? Were you trying to get 100% financing..or stated income financing? There's so many factors that go into a loan..for it to jump 1% in the rate can be a matter of covering a few loan expenses that you might not have been able to cover during the closing.
When I did loans..I dealt with New Century quite often...and I'll tell you...in the years of doing loans..not once have I seen them try to pull off anything shady in the least bit.
The only thing I can think of is that the particular representative didn't know how to read a rate sheet..didn't know how to make rate adjustments based on the loan requirements. However, you should have gotten final documents, with full disclosures..and there it should give you a complete breakdown of what was paid from where, and what your rate is accordingly.
in a way i dont feel sorry for anyone who signs "legal" paperwork w/out verifying all that is represented by the lending company but
......... this in no way takes away from OCWENS underhanded dealing with a vast majority of people that have taken the time to get their ducks in a row..formulate a cogent sentence and voice it here in this forum..
i to have been the victim of these people from "forced insurance ( even after they verified that i had home owners ins) to the deliberate late posting of timely submitted payments as far as the payments go.. here is a good tip...send each payment via the post office "express mail" this costs about 14 bucks but...
the proof that the payments were received before the late charges apply is a comforting feeling.... true we shouldnt have to do this but....this is ocwen we are dealing with...secondly keep eachscrap of paper they send you and you send them..if you talk to them on the phone TAPE IT..
be sure to check local laws concerning this in my state it is legal..if push comes to shove it may help... and last but not least write your senator,congressman/woman.. nad voice your concerns with them but again....make sure you have good solid evidence of whats being done to you.....(if you want help it's best not to look like a loon!!......lastly hang tough...nad stick together
I have placed my own complaint from Orange County Ca. but I have since went back to read a few more complaints and noticed there Is something scary about these Mortgage Company's tied into OCWen. Horrible statements being filed by your everyday citizens (layman) .... I for one am mad as hell and I have no intention of laying down and letting OCWen screw me out of my Home that I have worked soooo hard to hang on 2! I have brought my troubles to the attention of others related to the Real Estate Business and
Fight to Finish Is the language I speak!