• Report: #1154682
Complaint Review:

Ocwen loan servicing

  • Submitted: Fri, June 13, 2014
  • Updated: Fri, June 13, 2014

  • Reported By: justme — Baltimore Maryland
Ocwen loan servicing
Nationwide USA

Ocwen loan servicing misconduct, elusive behavior, wrong statements, fraud west palm beach Nationwide

*Author of original report: Thank you Dana

*Consumer Suggestion: know YOUR RIGHTS AND FIGHT!!!

REBUTTAL BOX™ | Respond to this Report! | Consumer Comment

What's this?
Corporate Advocacy Program

Show customers why they should trust your business over your competitors...

What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

Set the record straight:
Arbitration Program

SEO Reputation Management at its best!

Same story as everyone else. HUD gave my loan to ocwen, no choice of my own.  I have been paying on my loan for over 20 years. I bought my home for 57k in 1992 and after 22  years, I still owe $50k. How is that possible. I have called ocwen repeatedly for the past ten years asking for answers as to how they calculate my interest and principal. After all these years, they still put most of my payment towards interest and very minimal towards principal.

Recently they finally qualified me for a modification, after five years of denials. The approval letter did not give me any  specifics about the mod and was very vague. When I called, the rep  first gave me the run around for almost an hour, saying they could not give me the details of the modification unless I accepted the mod. Really?  Very deceptive. He finally admitted to me that the mod would add another 14 years to my loan term, meaning another 14 years for them to collect interest and fees! I sent them a letter saying that I decline the mod, which was not suppose to start until july, but in june, they took the new mod amount from my bank account without my authorization, overdrawing my bank account. The proposed modification amount was 50% more than my current payment because they wanted to start collecting money for taxes and ins. I am lucky enough to have had an agreement for the last 20 years that I pay my own taxes and insurance. The new mod would take that away and  there was no way I am giving that up. I simply do not trust them with money in escrow for taxes and insurance. Of course, they said they never got my letter saying that I declined to accept the modification. Still, at this rate, I expect to owe at least $20k at the end of my loan term after paying for 30 years. Not to mention the fees I am sure they have tacked on for a modification that I did not even accept. 

They have sent the wrong statements for the past 2 years

They refuse to tell me how much I need to pay each month to have my loan paid off at the maturity date.

They cannot explain how they calculate the interest to principal ratio.

They give a different explanation every time I call.

Misappropriation of funds. I have tried to pay extra, but they just deduct it from my next payment due. It seems as though they do not want me to pay off my loan. They make it very difficult.

I have to schedule an appointment to speak to a "specialist' and then when the specialist cant answer my questins, they make another appointment a month later. The months turn into years of unanswered questions.

Their statements are unclear and very deceptive.

They refuse to disclose the terms they accepted from hud when they took over my loan.

They have reported late payments to the credit agencies, when I was never late.

No one in this situation can afford a lawyer, so they continue to get away with these deceptive acts.



This report was posted on Ripoff Report on 06/13/2014 04:24 PM and is a permanent record located here: http://www.ripoffreport.com/reports/ocwen-loan-servicing/nationwide/ocwen-loan-servicing-misconduct-elusive-behavior-wrong-statements-fraud-west-palm-beac-1154682. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Click Here to read other Ripoff Reports on Ocwen loan servicing

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Thank you Dana

AUTHOR: justme - ()

Dana, thank you for the 2 hour phone consultation. I listened to your suggestions and am happy to inform everyone that Ocwen has just credited my account $20,637.70 .  All for using your tips to stay on their back.  Thank you!!!!

Respond to this report!
What's this?

#2 Consumer Suggestion


AUTHOR: Dana Shafman at END Consulting - ()

Hello justme and other Ocwen violated consumers,

While I am sorry for the abuse that you have suffered at the hands of Ocwen, it is not surprising at all as we are dealing with Ocwen in our office on a daily basis for clients that have experienced the exact same issues that you have stated in your valid complaint to include the runarounds associated with loan modification as well as their abusive escrow practices as they are presently being scrutinized for escrow activities to include insurance, check this out online.wsj.com/articles/new-york-regulators-examine-ocwens-insurance-practices-1407172392.  Can I say that there are multiple consumer rights violations under Federal law that I found in your complaints and I am on a mission to educate consumers on their consumer rights! 

I routinely look for posts to answer in hopes that it will not only bring optimism to those homeowners and borrowers in distress but also some basic information to assist in fighting the banks like Citi, Bank of America, Chase and Wells Fargo that are "too big to fail" but yet don't appreciate the bailout that we provided in their time of need.  The debt collectors like ASC, SPS, SLS, GreenTree, Bayview, Caliber, Ocwen and Nationstar are simply just scumbags but they can be beat at their own game too just like the big banks can be defeated. 

It pains me that you have fallen victim to the illegal, unfair, deceptive and abusive practices of Ocwen but I commend you for seeking help; too often homeowners do not fight for their consumer and constitutional rights!  With that said, you have overlooked a key aspect to your fight, which is taking it outside of Ocwen to government agencies that will actually fight for your rights on your behalf by simply submitting a complaint after a proper QWR; you do have rights and I would be more than happy to educate you as to how to fight for your rights.  My firm routinely seeks out complaints online so that we can educate as to how to fight back on our weekday show called "The Daily Complaint" where we review a complaint and how to tackle it successfully.  

We reviewed your complaint on the show if you would like to listen, click here.

Let me first point out that Ocwen has violated your right to a "Fair Review Process" as afforded you under the CFPB and RESPA (Dodd-Frank).  Also, Ocwen has violated a plethora of Federal consumer protection laws afforded you under the CFPB and Dodd-Frank to include the “no runarounds” mandate implemented this year on January 10, 2014.  Lastly but probably not the end of the violation list with deeper digging, Ocwen has violated your rights by withdrawing unauthorized funds from your account under a modification that was not agreed to per your complaint and under the FDCPA.  You can learn more by visiting the CFPB's website and learning more about the rights afforded you under the FDCPA, Dodd-Frank and RESPA via the CFPB consumerfinance.gov/newsroom/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

Please feel free to contact me via email or website as I would be more than happy to contact Ocwen on your behalf to ensure your rights are not further violated and uncover options moving forward...free of charge to you!

My firm, END Consulting, is a full service strategic debt and credit consulting firm started in 2006 with expertise is debt negotiations coupled with an exceptional track record of strategic consulting to include the real estate industry with a formidable business foundation.  We have successfully assisted well over 100 clients in the past year alone in achieving desired results with regards to their mortgage loan(s) by stripping down the validity of the debt and forcing the lender or servicer to work with our clients to provide ethical, legal and affordable mortgage workout solutions.  The results that we negotiated for our clients were not on the table for most when we took on the client as it took regulatory muscle and aggressive communication to achieve the desired debt restructuring resolutions.

I would be happy to elaborate for anyone reading this as we always offer FREE consultation until we can determine if we can assist you to include contacting the lender and/or servicer for you for FREE to uncover the options that exist for you in this situation. You can reach me via email or website. I have had the pleasure of educating thousands of homeowners on their rights and how to assert them to get what they want...my firm is exceptional at what we do!

Every new beginning comes from some other beginning's END






Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?