On March 12, 2012 I received via mail notification from Chase Home Finance my loan was being transferred to Ocwen Loan Servicing. This was to happen April 2, 2012. I was told in this letter I would hear from Ocwen Loan Servicing "by law" about this transfer 15 days before the effective date of transfer. As of today, I've received nothing....no welcome packet, no coupon book, no welcom phone call as promised....nothing.
I started calling Ocwen on 4-2-2012 to make arrangements to pay my April mortgage payment. I was told there was no account number assigned. I was told to call back in a few days. I called on 4-4-2012 to be given an account number but told by Ocwen representative there could be no promise made that a late fee would not be accrued if payment was not applied before 4-16-2012. I was told by the same representative there is a 5 days window of opportunity to make an online payment free of charge...after the 5th of any given month there is a $19.00 fee. There's also a fee is you make your payment via the automated system.
When I called on April 9 to see if my payment was applied, I was surprised that when the number 1-800-746-2936 was dialed a recording comes on..."if you need a loan modification please call Freedom" and then disconnected. I tried this number 3 times, ultimately calling Chase to make sure the phone number on their 3-12-12 letter had not changed. After confirmation it was indeed the same number I was transferred internally to Ocwen rep Sanjay Tripathi who assured me my April payment was recorded from information received from Chase. I DID NOT make my payment to Chase, I made payment to Ocwen Loan Servicing with the loan number supplied on 4-4-2012. Mr. Tripathi and I spent quite some time on the phone, he denied that "Freedom" was any part of Ocwen and we went in complete circles about Late fees, phone payments, etc.
I called Ocwen on 4-11-2012 to see if payment had been applied, no was the answer. I was also advised I owed an extra $344.00 in April, but Ocwen Rep could NOT tell me what this charge was, only that the charge was transferred from Chase. Upon calling Chase and speaking to Ron Booth for quite a length of time Mr. Booth was unable to see any such charge. Mr. Booth also supplied me with Chase Research Department's fax number so I could fax this mysterious charge for investigation. I also was given the fax number for Ocwen Research Department.
I've filed a complaint with the Fair Trade Commission regarding the shoddy handling of this transfer to Ocwen. I've yet to receive any packet with information about how to make payments, late fee schedule, escrow info, nothing. However when you do call Ocwen now the representatives start rattling off all the information from a script. By the way, the call center is in India.
I've a very bad feeling about Ocwen...I feel the company has no plans of honoring my loan modification granted 10-2011. I suspect I will be pressured to do a loan modification with Ocwen at a higher interest rate and therefore a higher payment. I did a loan mod with Chase because my circumstances changed. I can now STAY in my home with that new modified payment, which I've paid on time since inception.
I've also been horrified to read the online reports about Ocwen and the nightmarish tales from homeowners.
I'm hoping the Fair Trade Commission will do something about this shady company. I do not want to lose my home, I retire in December and the monthly payment I now have is perfect for my retirement.
Please let me know about Ocwen Loan Servicing.
Terry G. Lopez
I called USAA to see if check had cleared and yes, it did clear on 4-13-2012.