ED Magedson – Founder
Ocwen Loan Servicing1661 Worthington Rd #100 West Palm Beach, Florida USA
Ocwen Loan Servicing Ocwen Ocwen - A true preditor West Palm Beach Florida
The defendant of the foreclosure case vs Ocwen Loan Servicing LLC is a self employed music teacher who has lived in the house for the last 18 years. During the dissolution of TB&W (his mortgage holder) by the United States Government in August, 2009 the homeowners loan was transferred on August 12th, 2009 to Cenlar Central Loan Administration & Reporting. Up until this point the homeowner was in good standing with the last payment being made on August 4th, 2009 to TB&W.
As the loan was transferred from TB&W to Cenlar, the payment made on August 4th, 2009 for the month of August in the sum of $2,357.53 to TB&W was never recorded by TB&W or Cenlar, the homeowners say that raging confusion among Cenlar representatives during the transfer began to raise questions regarding the veracity of Assignments and Debts claimed by Cenlar and as a result the homeowner did not make additional payments as his prior payment for August was never recorded.
On October 29th, 2009 the loan was transferred again to OCWEN Loan Servicing LLC which proceeded to file for mortgage foreclosure on March 3, 2010 stating default for August 1, 2009. Naturally the foreclosure resulted in financial hardship as the foreclosure produced a squeeze in the homeowner's credit availability which further impaired his ability to preserve sufficient income in order to stay current on the loan. With the plethora of foreclosure and processing fees added to the principal, the loan grew to surreal proportions. Nonetheless the homeowner continued to work in good faith with OCWEN Servicing LLC to preserve his home and modify the loan. OCWEN Loan Services LLC reached out to the homeowner with a Proposed Modification Agreement on May 10, 2010 which had to be signed in order to keep his home. The revised loan proposal had a principal balance of $403,185.30 with an annual rate of interest of 4.25% until the maturity date of 4/1/2050, it went into effect May 1st, 2010 which valued the loan at $1,040,773.24, nearly 450% of the homes value. The modification which was approved to enable the homeowner to pay $1,748.29 per month, supplemented by various fees, was raised to a monthly payment of $2,424.61 starting May 1, 2010. The homeowner made payments in good faith in order to remain with his home. Gradually OCWEN Loan Services LLC started requesting even higher monthly payments of $2,536.19 on June 25th, 2010 and $2,686.18 on September 1st, 2010. As his financial hardship continued and his financial standing regressed, the only option was for the homeowner to continue making payments he could afford. Unable to fulfill fluctuating demands from OCWEN Loan Services LLC, the loan accumulated additional fees and late charges. The last payment submitted to OCWEN Loan Services LLC was April 4, 2011 in the amount of three hundred dollars.
The homeowners latest effort to modify his loan was submitted on November 25th, 2012 to OCWEN however, after receiving numerous notices of incomplete documents from OCWEN Loan Services LLC and after complying with all the requests, on February 22, 2013 the homeowner was surprised to learn from an OCWEN Loan Services LLC representative that his application for a loan modification was voluntarily withdrawn by the homeowner himself. In the meantime OCWEN Loan Services LLC filed for yet another mortgage foreclosure and decided to sell the servicing rights to their larger competitor, Nationstar Mortgage.
The homeowner is currently disputing the validity of the debt claimed by Nationstar Mortgage. After requesting payment history, Nationstar was unable to provide a payment history, however, assured the homeowner that all records are correct.
This report was posted on Ripoff Report on 08/16/2013 09:57 AM and is a permanent record located here: http://www.ripoffreport.com/reports/ocwen-loan-servicing/west-palm-beach-florida-33409/ocwen-loan-servicing-ocwen-ocwen-a-true-preditor-west-palm-beach-florida-1076392. 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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