Ocwen Federal Bank Financial Services cheats its customers and does not apply full payments to loans. Ripoff! Orlando Florida

I too have been bitten by the Ocwen Satanic bite. In
1992 my wife and I purchased a new house from RTC with
a mortgage of $114,000.00. HUD guaranteed the mortgage. In 1993, I lost my job and salary of $55,000.00 dollars a year, as a result, we were unable to make our contracted payments, In lieu of foreclosure, HUD took a three-year assignment on the property. An assignment to HUD meant HUD would reduce my payments and all payments would be made directly to HUD and any interest arrears would be added to the end of the loan.

In the first year of the assignment our payments were
reduced from $1,157.00/PITI down to $200.00/PITI this
payment did not include insurance, as HUD would not
escrow insurance premiums. Starting in year number 2,
our payments were increased from $200.00/PITI to
$600.00/PITI. In the beginning on year number 3, our
payments were increased from 600.00/PITI to my contracted payment amount, which again was 1,157.00/PITI.

In around 1996 I received a letter from Berkley Federal stating they were servicing my loan and that I had a $33,000.00 dollars interest in-arrears. I explained those figured were not correct and forwarded to them copies on the last six months, which clearly showed we were making our contracted payments. They wrote me a nice letter and said they had investigated what HUD had provided them. I did not have the resources to pay the $33,000 nor could I pay a lawyer to fight this case. We fell in their trap
when they said the arrears would not become payable
until the end of the loan.

In phone conversations with representives of Ocwen, they always re-iterated the 33,000.00 arrears but all said it was placed at the end of the contract but every time we got in trouble with my mortgage, Ocwen would send me letters stating, I owe $57,000.00.

Over the course of time I've paid Ocwen thousands
of dollars. I have tried to get payoffs from Ocwen,
some times they say its 157,000, sometimes they say
its 165,000 then other times they say its 150,000.

I too went through the process whereby we would engage
in forbarence agreements they would tell me bank said
we could not pay our contracted payment amount, we
must pay 1,600.00 if we want to keep our property. Of
which we have done.

I decided to allow them to foreclose on me last year
in an effort to get out of this loan. I have a second
mortgage on the property and the second mortgage
holder decided they would buy the property but once
they spoke to Ocwen and was told the balance to be
157,000 and the property is only worth about 160,000
they were ready to walk away from their $22,000.00
interest. I decided to keep the property because the
second mortgage holder said they were going to hit me
with a deficiency law suite.

In early 2003, I spoke to a represensive of Ocwen. He
told me that they were willing to take a short pay on
the note. I offered Ocwen $120,000, I owed $22,000.00
to the second mortgage holder so I had an approval of
$145,000.00. We faxed over the information but the
representative took several days to just acknowledge her
call. Several days went by so I had the attorney who
would have closed to loan call Ocwen and they told him
they would not be willing to take a short pay from me.
They would however take a short pay if someone else
offered to by my house. The Ocwen representive said they would not take a "short pay" from a homeowner.

In the fall of 2003, we decided to file chapter 13. We
received from Ocwen a statement whereby they have added the $57,000.00 plus $10,120.63 for previous legal fees. Since the filing they have added $150.00 biweekly to the loan. What are these fees for? I have no idea. Not to mention, our balance is currently $109,000.00. The original loan was $114,000.00 so we have only paid $5,000.00 to the principle in 13 years of payment ranging from $1,157.00 to $1,600.00 a month according to Ocwen.

It should also be noted insurance was calculated initially into the loan but after HUD took assignment the insurance was not escrowed but the original contracted payment remained $1,157.00. I received copy of my credit report yesterday and notice Ocwen show me as being over $57,000.00 passed due. These people need to be stopped!!!

John
marietta, Georgia
U.S.A.

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