Ocwen My Story

[tshannong]

I have been trying to get Ocwen to work with me on a modification since July 2. I always got a different person, who told me different information, most were rude...I have been through the ombudsman 3 times and sent in my financial information 4 times....The September 25 I was served with foreclosure papers from Ocwen...My interest rate with them is 13.9% and they will not lower it!!!!!!! Funny thing is Ocwen says I owe them $9,000.00 more than I originally borrowed 4 years ago !!! I have finally realized that I am going to have to let my house go...It's heartbreaking because I am a single parent of 4 children, now I have to tell them we've lost our home. It isn't fair.

[bradR]

I'm sorry to hear this and makes me even more concerned if Ocwen will work with me on a loan mod. Have you thought about a short sale? Only down side though is from my understanding the lender also has to agree to this. It will help your credit more than a foreclosure and is better for the lender, so they should work with you. The lenders costs, court fees, and time spent are reduced and it leaves you in a little better financial position. Try to talk to a non-profit counselor about what your options might be. This is a list of approved counselors: HUD Approved Housing Counseling Agencies

What do you think was the reason for them not working with you on a loan mod? Other than their despicable business practices, rude people, and run around.

[tshannong]

Well, I think they are unorganized and unprofessional...their customer service are so rude, I've even been hung up on. They give you false information. i work for an attorney, so i had him call Ocwen on my behalf, as my attorney, and they quotes him a payment amount and told him to have me send in my information and it would be modified. The CSR kept relaying that Ocwen does not want foreclosure and will work in any way possible....they also told my atty that in the mean time, I should not make any payments, they would be returned...To make a long story short, i did not get that modification, or any of the three other times I sent in financial information to modify my loan, and then I was served with foreclosure papers in September. they don't want to work anything out...they just don't care...they should be ashamed.... I hope you have better luck than i did...I am going to be left with no choice but to file bankruptcy

[Moe Bedard]

Have you tried sending a Qualified Written Request (QWR)?

Section 6 of RESPA provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer’s required payment

The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. RESPA covers loans secured with a mortgage placed on a one-to-four family residential property. These include most purchase loans, assumptions, refinances, property improvement loans, and equity lines of credit. HUD’s Office of RESPA and Interstate Land Sales is responsible for enforcing RESPA.

Loan servicing complaints

A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6’s provisions. Borrowers may obtain actual damages, as well as additional damages if there is a pattern of noncompliance.

The following is a sample qualified written request from you, the borrower, to a lender. Use this format to address complaints under the Real Estate Settlement Procedures Act (RESPA). Be sure to read more about RESPA, and your rights under this Act, elsewhere on the RESPA site.

Here is a link that explains this in detail for you. Qualified Written Request | Free Foreclosure Help, Stop Foreclosure, Short Sales - Loan Safe


But I think you should do this and you should get more aggressive in your approach by writing, calling and being a pain to them. Do this in a nice way, but a way that show them you will not go lying down.