ED Magedson – Founder
Ocwen Loan Servicing LLCPO Box 6440 Carol Stream, Illinois USA
Ocwen Loan Servicing LLC OCWEN Brand new loan and Ocwen keeps refusing my Mortgage payments! Carol Stream Illinois
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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