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  • Report: #1024332

Complaint Review: Ocwen Loan Servicing

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  • Submitted: Wed, March 06, 2013
  • Updated: Wed, March 06, 2013

  • Reported By: Colomusicman — Westminster Colorado United States of America
Ocwen Loan Servicing
6716 Grade Lane #9, Suite 910 Louisville, Kentucky United States of America

Ocwen Loan Servicing OCWEN Scam, Fraud, Predatory Lending, Lawsuit Louisville, Kentucky

*General Comment: 10.5 pct Mortgages are not criminal if you signed the Papers agreeing to this rate

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Beware Ocwen Customers!

I am a recently "transferred" mortgage from GMAC; I figured no one could be worse than GMAC. I was wrong. Since GMAC flat-out wouldn't talk to us about a loan-mod, I figured Ocwen might; Afterall, 10.5% in this market is criminal right?

Should have known better; Same deal here, at least GMAC would return a call. If anyone out there has a Class Action going, please Count Me In! Meanwhile, filing complaints with FHA, SEC, BBB, Attorney General, and just about every other regulatory agency I can think of.

This report was posted on Ripoff Report on 03/06/2013 09:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-Loan-Servicing/Louisville-Kentucky-40213-3439/Ocwen-Loan-Servicing-OCWEN-Scam-Fraud-Predatory-Lending-Lawsuit-Louisville-Kentucky-1024332. 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 General Comment

10.5 pct Mortgages are not criminal if you signed the Papers agreeing to this rate

AUTHOR: IamGood - (USA)

It sounds like you got an ARM mortgage either after you refinanced your house, or bought a new one, and had gambled that your home would increase in value, and you could have refinanced your rate again, AFTER you improved your credit score.

Now I have a question for you.  If the prevaling rate for mortgages were now 18.5 pct, and your home was actually worth about 200,000.00 more than when you first financed it, how would you react if GMAC/OWCEN mailed you a letter, or phoned you wanting a loan modification to increase the amount due on the loan by 200,000.00 AND to increase the interest rate UP TO 18.5 percent.

How would you react?  If you did not respond, using your logic, shouldnt OWCEN be angry that you refused to modify the loan?  If you answer NO, they would not have the right to ask , or to expect a loan modification, then you answered the question Correctly.

YOU SIGNED A CONTRACT, YOU AGREED TO THESE TERMS, AND YOU CANNOT GET OUT OF THEM.  THE ONLY WAY TO DO SO IS TO REFINANCE YOUR HOUSE AND TRY TO GET A LOWER INTEREST RATE THAT WAY.  BUT I BET YOU DONT HAVE 20PCT EQUITY IN YOUR HOME, SO YOU CANNOT GET ANY ONE TO REFINANCE YOU.

Complain all  you want but you signed the contract, and you are stuck with the terms untill you can find some other company willing to pay off your loan, and start over again at a lower rate.
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