• Report: #855574

Complaint Review: ocwen loan servicing

  • Submitted: Sun, March 18, 2012
  • Updated: Sun, March 18, 2012

  • Reported By: terry — tacoma Washington United States of America
ocwen loan servicing
PO Box 24738 West Palm Beach, Florida United States of America

ocwen loan servicing ripoff in changinging terms of agreement after purchasing from another lender West Palm Beach, Florida

*Consumer Comment: To Southern Chem

*Consumer Comment: Terry, It simply doesn't work that way.

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 Since Ocwen's receipt of mortgage from Litton Loan upon Litton selling out, my interest rate has changed from the agreed to amount causing my pricipal payment to be more than originally agreed to.  My loasn is scheduled for payoff in June and the amount of principle continues to rise so that when leaon matures, I will owe more than agreed to with Litton Loan and others who have serviced this mortgage.  It's a shell game and the Washington State Attorney General has been made aware odf the deceptive practice.  I have spoken with Ocwen representatives and requested documentation as far back 4/1/2011 and have not receved the requested documentation.  If this company continues to be allowed to service in this manner and customers are required to pay unwarranted charges, what good is the government overseers and why are taxpayers on the sdhook for bailouts of banks! 

This report was posted on Ripoff Report on 03/18/2012 08:45 AM and is a permanent record located here: http://www.ripoffreport.com/r/ocwen-loan-servicing/West-Palm-Beach-Florida-33416-4738/ocwen-loan-servicing-ripoff-in-changinging-terms-of-agreement-after-purchasing-from-anoth-855574. 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

To Southern Chem

AUTHOR: voiceofreason - (United States of America)

Ocwen's record, rep and mode of operation are pretty clear from what's available on them online. They are probably the most notorious for finding reasons to pad their loans, and denying borrowers any way shape or form of getting such situations fixed.

Not having dealt with them, I'll stop short of calling them a criminal organization. Just short. For now.

If they "want" you to be late, believe the reports here and elsewhere on them, you WILL be late and the fees will keep adding and adding and adding.

How they keep getting away with it with no arrests yet is totally beyond me.

If you ever need a good lawyer, I guess, and have the money to pay them, hire one of theirs.
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#2 Consumer Comment

Terry, It simply doesn't work that way.

AUTHOR: Southern Chemical and Equipment LLC - (USA)

No lender can change the rate of your mortgage contract unless there is a specific provision in that contract that allows them to do it, such as with an adjustable rate mortgage, or as a result of an escrowed item cost increase such as insurance, and/or taxes, or even a "default" rate and/or late fees, etc. if you have been missing payments.

Do you have an adjustable rate mortgage?
Did your taxes go up?
Did your insurance go up?
Have you made all payments on time?

It appears that there is much more to the story here.

Please answer the above questions so we can figure out what the problem is.

Either way, NO LENDER can just arbitrarily raise your mortgage payment just because they purchased your account.

 Simply doesn't happen.
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