Ocwen Federal Bank ripoff! Orlando Florida

I recently refinanced my loan, through a company called First Financial NLC, which assigned to Ocwen.

I was to get a 95% LTV loan, which at the closing table became 85%. I was in a situation where I had to take the loan, due to unforeseen circumstances. Since, I have been informed that the loan was actually through Ocwen from the beginning, that First Financial NLC was never involved, and that they never intended to give me the 95%.

Additionally, the payment I was quoted was supposed to include escrows for taxes & insurance, but I found out later that the payment was just principal & interest, with no taxes & insurance included, as "they don't take escrows".

So now I have a monthly payment for quite a bit more than I bargained for, and still have to pay my own real estate tax & insurance.

On top of that, my 1st payment was due on 1/1/04. I sent in a money order for the amount due. I received a call from an "Ocwen representative" that confirmed my address, phone, etc., and proceeded to confirm receipt of my payment which was allegedly missing a number of my account number.

Now, 1/26/04, I receive a phone call from Ocwen, asking why I have not yet sent in my January payment. I informed them that it was sent & received a couple weeks ago, that I received a confirmation call to that effect. They tell me it was never received, that I am mistaken, and that I now have to pay a $48.13 late fee. I plan to overnight a check to them today, so that it is still received prior to the end of the month, and so that I get a receipt for it.

After reading all these reports, I am concerned that it won't really matter if I do or not!

Tara
Southwest, Florida
U.S.A.