• Report: #1076879
Complaint Review:

Ocwen Loan Servicing LLC

  • Submitted: Sun, August 18, 2013
  • Updated: Sun, August 18, 2013

  • Reported By: Kathy — Redding California
Ocwen Loan Servicing LLC
P.O. Box 780 Waterloo, Iowa USA

Ocwen Loan Servicing LLC Took Money from Keep Your Home California and did NOT reduce my principal Waterloo Iowa

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I am a permanently disabled senior citizen who was working with GMAC for the last year for a modification, and then they were bought out by Ocwen.

I went through the hardest hit funds called Keep Your Home California and they sent Ocwen $83,000 dollars which Ocwen has cashed. I then get the modification documents a couple of days ago with a 25 year mortgage payment AND a balloon payment of $87,000. 

In other words, after 25 years of payments, I will still NOT own my home. The KYHCA program that I went through was the PRP (Principal Reduction Program). Ocwen was supposed to reduce part of the principal so I could afford my home.

I called KYHCA and they can't help me, but the guy I talked to, Brad, said this did not sound right and he had never had a problem before. He told me NOT to sign the modification documents.

If there is anyone out there that can help me, I would sooooo appreciate it. I have no way of making extra money, I have been living in my home for 38 years and the market here went belly up. I had taken out a LOC to fix my roof and do some repairs, and now I am going to lose my home.

The way they set up the modification documents, I would basically be renting my home and will not even be able to leave it to my grandsons. My home is a historic stage stop, built in 1854, just a few years after California became a state.

To summarize: Ocwen took money from KYHCA and then put a balloon payment on the end of the modification agreement. Doesn't this sound like stealing? or fraud? Can anyone say 'Class Action Suit'. I am so willing to join anyone else to hold these mortgage companies accountable.

This report was posted on Ripoff Report on 08/18/2013 03:10 PM and is a permanent record located here: http://www.ripoffreport.com/reports/ocwen-loan-servicing-llc/waterloo-iowa-50704-0780/ocwen-loan-servicing-llc-took-money-from-keep-your-home-california-and-did-not-reduce-my-1076879. 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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