Ocwen Loan Servicing, LLC OCWEN Federal Bank Finaincial Services Narrowly Escaped Ocwen's Vise-Grip!!! Overcharged me $5k !! Ripoff Orlando Florida

Just days ago, I narrowly escaped from Ocwen's clutches and successfully refinanced my Washington DC home with a prime lender. For nearly a month, Ocwen effectively refused to send me or my broker an accurate payoff quote, insisting on padding it with 30 days of extra interest (for them). They sent the incorrect quote EIGHT times over a three week period.

Seeing their obvious deception, my Title Company called Ocwen, confronted them aggressively and REFUSED to pay Ocwen a dime UNTIL a correct payoff amount was received. Ocwen sent it to them within 24 hours, and I will be getting back $5,000 of the more than $10,000 that I had to bring to the table for closing.

While I am of course elated to be free of this treacherous lender, my freedom came at a cost. I was compelled to sell a prized antique in order to come up with the more than $10,000 I had to bring to closing based on Ocwen's bogus numbers. Had they given me a payoff quote within 48 hours, I wouldn't have needed to sell this cherished item at all! I had the monies necessary to comply with the correct quote which was ultimately provided (at long last).

The above is the 'short-version'. The whole story is similar to many of yours. Having to go with a sub-prime lender upon purchasing my own home following the breakup of a 10 year relationship, I was already paying 'too much', but I was 'maintaining' and doing okay. I'm a professional with a near 20 year work history (10 years in the same stable job). I paid my bills on-time and re-built my credit score from the high 400's in early 2004 to the high 600's/low-700's by early 2006. Then my loan was sold to Ocwen in early 2006, and my rapid descent into OCWEN HELL began!

It struck me how several posters mentioned that Ocwen lost payments, or refused to accept payment once it was late. My version is a bit different. I paid my bills online with no problem for several months. Then, one month I went through the entire process of paying online, but when I pushed the "Submit" or "Pay Bill" button, the system 'refused' to accept my payment saying there was a 'system error'. Mind you, it didn't say that the system was down, or under repair - only 'system error'. I think they rigged the computer system to 'block' the processing of my payment. Here's why...

The first time this happened, I had enough time to drive to my office and make the payment from my computer there. I had no problem on the work computer. But I noticed that for the next couple of months I was unable to make payments on my home computer, while my work computer accepted it with no problem.

My first "Late" payment occurred when I tried to make a payment just before the deadline via the internet at work (I stopped by late on my way from an event...). Suddenly, I was unable to send it from my work computer, but it was too late for me to go to a cyber cafe or something and my payment was "Late". I believe they 'block' payments to try and make them late!

So began the late-fees and ultimately a late payment report that knocked my credit down significantly for the first time in years. It almost prevented me from re-financing just recently, were it not for my 'super-aggressive' and diligent mortgage broker.

OH... Those Call Center's in India are a FARCE!! After weeks of Ocwen's stalling the processing my Payoff Request, my broker and I conference called them and were placed on-hold for 35 minutes listening to that awful Muzak song repeating. Then suddenly, the line went dead. After another 10 minutes I called on my cell phone and the message said that Ocwen was CLOSED FOR THE WEEKEND(!) So the representative just hung up on us.

The next week, we did another conference call and had no recourse but to get belligerent and indignant. We were repeatedly placed on hold and were on the phone for a total of one hour and 50 minutes (split between two different sessions)! When they finally sent me the payoff quote, it was wrong. They sent the same incorrect quote EIGHT separate times. By this time, they had delayed the process long enough to bring me to the payment due date, so that I was compelled to give Ocwen another payment! I believe this was by design.

Again, were it not for the title company recognizing that the payoff amount provided by Ocwen was bogus (and refusing to pay Ocwen off until it was corrected), I would have lost another $5,000 on top of the valued antique that I sold (unnecessarily, it now appears). Ocwen raked me over the coals, and it's only by the grace of heaven (and an aggressive broker on my side) that I escaped.

I hope someone hears all of our pleas and stops this company from essentially prying homes from the possession of honest working people. It's truly an American tragedy that acceptable business standards have sunk to such a level! Ocwen's fiendish headquarters must be built on the south shore of the River Styx (which I had no idea ran through both Orlando and Bangalore).

Jim
Washington, District of Columbia
U.S.A.

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