• Report: #1123748

Complaint Review: Ocwen Loan Servicing LLC

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  • Submitted: Sat, February 15, 2014
  • Updated: Sat, February 15, 2014

  • Reported By: Scott G in AZ — Phoenix Arizona
Ocwen Loan Servicing LLC
PO Box 6440 Carol Stream, Illinois USA

Ocwen Loan Servicing LLC OCWEN Brand new loan and Ocwen keeps refusing my Mortgage payments! Carol Stream Illinois

*Consumer Comment: Feel your pain

*Consumer Comment: Refinance

*Consumer Comment: Scott G in AZ,

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 I refinanced my home in November 2013 - had a loan with Wells Fargo. Upon closing, my loan was immediately sold, and much to my dismay, Ocwen was the buyer. I received a letter in Dec 2013 which instructed me to send my first payment to a PO Box in Louisville KY. I send my first electronic payment in January 2014 - which was rejected. I called, and they said the payment address was incorrect, and has been changed to a different address. I make the payment to the new address (first payment made). Then I get a letter in the mail that says my loan has been sold to Homeward Residential Inc, but to keep making payments to Ocwen. So Feb payment comes due and I send it to Waterloo - so my second payment was rejected. I pull my February statement out, and surprise, they changed the payment address again!

Meantime I receive another letter that my homowners insurance has lapsed and that I must provide them proof of insurance. Well, guess what - they have my insurance payments in escrow and failed to make the payment per the terms of the loan agreement! Now I'm at the mercy of Ocwen which will charge 3 times my current rate - WTF?! What recourse do I have when they collect my insurance payments in escrow account, and then never make the payment?

Moving forward, I sent my Feb mortgage payment to the new address - and its rejected a second time! WTF! I called Ocwen and explained my frustration, and they said the account has been "modified", and now there is a NEW payment address.  Guess what - now I'm right up against the grace period due date and will likely incurr a late fee.

Be careful - this company is extremely deceptive. Even when you try to make payments, I get the feeling they want to reject my payments to force me into default - they have rejected 3 of my last 4 payment attempts. I have equity in my home - and I think they know it. I think they want me to fail making payments so they can initiate a foreclosure. Why on earth would a company keep playing leapfrog with the payment address? They have changed the address several times in the very short time I've had my new loan. I dont know where to turn for help... 


This report was posted on Ripoff Report on 02/15/2014 08:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-Loan-Servicing-LLC/Carol-Stream-Illinois-85373/Ocwen-Loan-Servicing-LLC-OCWEN-Brand-new-loan-and-Ocwen-keeps-refusing-my-Mortgage-paymen-1123748. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Feel your pain

AUTHOR: "B" - ()

my home equity loan was transferred to ocwen from gmac, all payments were current, no issues ever with payment to gmac. i was informed that account #s remained the same and was informed to just keep sending payments via the same way. this was july 2013. in dec 2013 i wanted to get pre approved to finance another home as i was looking to sell my current home. the loan officer said that my credit was so bad that i couldn't even get a loan for anything. my credit has always been good, in asked how this could be, he informed me that ocwen was reporting that i had missed 2 payments. after several got nowhere calls to ocwen it was learned through my bank that ocwen had "rejected" 2 payments without notification to me or a reason. They then reported the credit bureau's that we were delinquent thus slamming my credit score. I have provided proof that all payments were made, on time, with the same form letter being sent to me from ocwen stating they never received payment. 

I have contacted state attorney generals in MI and FL, the BBB, CPA, 60 minutes, and anyone else that will listen. So far ocwen just doesn't respond to anyone about anything and thats ok with whoever inquires anything from them. I've hired my own attorney now to try and put heat on ocwen which I can tell is going to be a waste of time and money now. Someone has to stop this nonsense!

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#2 Consumer Comment

Refinance

AUTHOR: FloridaNative - ()

Yes, your suspicion is correct about OCWEN. They are predatory 'servicers'. They make a practice of doing exactly what you describe - not applying payments, refusing payments, not paying escrows etc. The more equity you have in your home, the more likely you will be treated this way by OCWEN. The fact that they did not send out the escrowed insurance payment to your insurance company is classic OCWEN. This method is very, very common with OCWEN.

The forced place insurance is a requirement in your mortgage docs AND is a huge profit center for OCWEN. Your experience is typical for this servicer. If I were you, I would get away from OCWEN asap to save your home. Don't wait on someone to come rescue you - OCWEN has been this way for many years. Who knows when regulators will get around to checking into them, if ever.

Just so you know, OCWEN has an exclusive relationship with an online auction company called HUBZU to sell homes on which they have foreclosed. So the process from foreclosure to selling at auction is very smooth and efficient for OCWEN.

You are better off refinancing your home now. Yes, you just refi'ed, but you went to Wells Fargo and they do sell off their servicing. Go to a small bank or regional bank in your area that has portfolio loans. Portfolio loans aren't sold off so you know who you are dealing with and the servicing is local. Good luck. Don't wait. Bring your documentation to the local lender so you can show why you need to refi now.

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#3 Consumer Comment

Scott G in AZ,

AUTHOR: Karl - ()

It appears that Ocwen may be a bank that was selected to acquire many of the toxic loans that some of the other banks had on their balance sheets, according to information that is available on the web. You can 'Google' this- OCWEN WIKIPEDIA, and go to that site and read more about it and make up your own mind.

Pay close attention to the fact that Barclays and Goldman Sachs are named at that site. Litton Loan, IndyMac, OneWest Bank, & others are also named. Perhaps Ocwen is the place where tens/hundreds of billions of dollars in toxic loans are being sent in order to clean the balance sheets of the others. Many of us know that Goldman Sachs and Barclays are going to be protected by the governments of America and Great Britain, correct?

If the big banks that are named above fail so fails the governments and the economies of America and Great Britain, right? And if the governments and economies of Great Britain and the USA fail so fails the governments and economies of Japan, China, and many others. The failure of the big banks in America and in Great Britain would cause a Global Depession much worse than the Depression in the 1930's, in my opinion.

Possible Conclusion: Ocwen is a "Zombie Bank" where the banking cartel is sending all of their toxic assets that were mainly responsible for the collapse of the system back in September of 2008. You can 'Google' the following video and documentary and watch them on the web for more information-

INDYMAC BOYS GET SWEETHEART DEAL

FRONTLINE: INSIDE THE MELTDOWN

Good luck to you!

P.S. Feel free to upload a photo in order to provide more impact to your Ripoff Report. (Maybe a photo of Ocwen's logo?) You can 'Google' this- VETERANS TODAY GOLDMAN SACHS EMAILS: FIRM HAD THE BIG SHORT AS ECONOMY FELL, and go to that site in order to see how a photo provides more impact.

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