• Report: #996282

Complaint Review: Ocwen Loan Servicing LLC

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  • Submitted: Sun, January 13, 2013
  • Updated: Sun, January 13, 2013

  • Reported By: kelly — horn lake Mississippi United States of America
Ocwen Loan Servicing LLC
1661 worthington road,suite 100,west palm beach,fl Orlando, Florida United States of America

Ocwen Loan Servicing LLC Forcing to sign balloon payment letter Orlando, Florida

*Consumer Comment: Ocwen did this with me too...

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I want to start this off by saying i have been in this home for 23 years..It all started back in Sept of 2012 but didn't notice it till Nov..They sent my payment of 405.00 back to me and said that my new house note went up to 720.00 a month back in Sept..So now that made me 2 months behind already..Was not gonna sign a  loan modification so i called the customer rep and they investigated it and said that Ocwen added my Home owners insurance and taxes without even checking to see if I payed them..And I have,Its not in my note..I have a letter stating that Ocwen has worked it out and my note was back to $405.00..

Now during this time i am e-mailing and talking with the loan company weekly because Estela Gonzalez is still going through with the loan modification with or without me..So now i owe for Dec and Jan and they wont take the money..They want me to sign these papers and have a balloon payment on the end of this modification,in 5 years...I added everything up on what they said what money will go for what and it looks like the least amount of money that i will have to come up with is almost $5,000.00..So i am not gonna sign,stand my ground and continue to send in what i know that i owe...They will hold the money and it will look like i am not paying..Or they will do like they did back in Sept 2012...Western union my money 2 months later and not contact me to let me know that my money was there waiting...I am at the end of my rope with this company

This report was posted on Ripoff Report on 01/13/2013 06:29 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-Loan-Servicing-LLC/Orlando-Florida-32878-5061/Ocwen-Loan-Servicing-LLC-Forcing-to-sign-balloon-payment-letter-Orlando-Florida-996282. 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

Ocwen did this with me too...

AUTHOR: P.P. - (United States of America)

I purchased my home several years ago and Ocwen was the servicer. I used a mortgage broker who did a bait and switch at the last minute and I found out on a snowy day after driving miles to sign the documents that the loan I was promised was not the loan I got. The mortgage broker had lied (I later found out) and told me the lender she had pulled out and that the only other lender she could find was one who gave me an awful deal. I really wanted the home and yes it was my fault that I signed the loan documents anyway.

My interest rate which was promised was at first 6% and then at closing jumped to 9.25%. I had a $1,000.00 monthly payment on a house which was appraised at $112,000.00 and a 30 year mortgage; and this payment did not include Escrow! On top of that I had a three year prepayment penalty that stated even if I paid .01 cent over the monthly payment I would be penalized and I also had a large balloon payment.


Two years later after struggling every month to pay my mortgage I was laid off my job and I fell behind on the mortgage. By that time my lights had been turned off on me and I was really struggling. I decided to throw in the towel and my friend told me about a CNN show she had seen that said to always call the lender to see if they would work with you so I called Ocwen, crying on the phone, and begged for some relief. I don't know who the man was I spoke with. He was very calm. He had an accent. I believe he had to be someone VERY HIGH up at Ocwen because he immediately asked me what did I want him to do.

I was shocked. I told him I wanted a lower interest rate. He then said he would forgive $50K in principal including lowering my rate. I was SHOCKED. I went through with the loan mod and indeed I kept my home. However, Ocwen placed a clause in my modification contract that stated I was never to sue them. It said something to the effect of "By agreeing to this contract you waive your right to sue Ocwen". I had never seen a clause like that. No one could believe me when I stated Ocwen did that for me but they did. I pulled my credit report several months later and indeed my principal had dropped by $50K. Unbelievable. My payment went down to almost half what i was previously paying.

However, I have heard of many others in your situation and this is what I will say - learn to file complaints with the BBB ( and Ocwen has an F rating with the BBB) and with the Consumer Financial Protection Bureau out of Washington, DC. It's called the CFPB and was created by President Obama. They have a LOT of power. They will get in touch with Ocwen and see what's going on. You can file both online and it will take only a few minutes.

Good Luck. Ocwen is getting more arrogant now. I've noticed. More cocky and hardnosed with their customers. The housing market is improving and honestly they don't really have that much more of an incentive now to keep people in their homes. It is more lucrative to them for people to foreclose because the people lose all the equity and Ocwen resells the home at a higher price than what they previously could have sold it for. You need to be on your P's and Q's with Ocwen. They are playing DIRTY now. Good Luck.

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