ED Magedson – Founder
Ocwen loan servicing misconduct, elusive behavior, wrong statements, fraud west palm beach Nationwide
Same story as everyone else. HUD gave my loan to ocwen, no choice of my own. I have been paying on my loan for over 20 years. I bought my home for 57k in 1992 and after 22 years, I still owe $50k. How is that possible. I have called ocwen repeatedly for the past ten years asking for answers as to how they calculate my interest and principal. After all these years, they still put most of my payment towards interest and very minimal towards principal.
Recently they finally qualified me for a modification, after five years of denials. The approval letter did not give me any specifics about the mod and was very vague. When I called, the rep first gave me the run around for almost an hour, saying they could not give me the details of the modification unless I accepted the mod. Really? Very deceptive. He finally admitted to me that the mod would add another 14 years to my loan term, meaning another 14 years for them to collect interest and fees! I sent them a letter saying that I decline the mod, which was not suppose to start until july, but in june, they took the new mod amount from my bank account without my authorization, overdrawing my bank account. The proposed modification amount was 50% more than my current payment because they wanted to start collecting money for taxes and ins. I am lucky enough to have had an agreement for the last 20 years that I pay my own taxes and insurance. The new mod would take that away and there was no way I am giving that up. I simply do not trust them with money in escrow for taxes and insurance. Of course, they said they never got my letter saying that I declined to accept the modification. Still, at this rate, I expect to owe at least $20k at the end of my loan term after paying for 30 years. Not to mention the fees I am sure they have tacked on for a modification that I did not even accept.
They have sent the wrong statements for the past 2 years
They refuse to tell me how much I need to pay each month to have my loan paid off at the maturity date.
They cannot explain how they calculate the interest to principal ratio.
They give a different explanation every time I call.
Misappropriation of funds. I have tried to pay extra, but they just deduct it from my next payment due. It seems as though they do not want me to pay off my loan. They make it very difficult.
I have to schedule an appointment to speak to a "specialist' and then when the specialist cant answer my questins, they make another appointment a month later. The months turn into years of unanswered questions.
Their statements are unclear and very deceptive.
They refuse to disclose the terms they accepted from hud when they took over my loan.
They have reported late payments to the credit agencies, when I was never late.
No one in this situation can afford a lawyer, so they continue to get away with these deceptive acts.
This report was posted on Ripoff Report on 06/13/2014 04:24 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-loan-servicing/nationwide/Ocwen-loan-servicing-misconduct-elusive-behavior-wrong-statements-fraud-west-palm-beac-1154682. 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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