Paid of Settlement Amount & OCWEN allocated funds towards loan!

jenjenstar

LoanSafe Member
Jun 3, 2009
19
0
0
I have a pay off agreement from Ocwen for my 2nd mortgage. I've sent the cashiers check WITH the payoff agreement. Ocwen received the check, cashed it & applied the funds towards the loan balance. They said they did not receive the payoff agreement which is a COMPLETE lie. I purposely wrapped the check IN the payoff agreement so it would be seen, I've noted on the check that it was for a PAYOFF. There HAS to be some recourse.

PLEASE HELP!

In California
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Hopefully you still have a copy of the payoff agreement as it may come in handy later. This is complete BS that they applied these funds towards your account because it should have clearly stated in their systems that the account was being settled for x amount.. Here try contacting Ocwen Consumer Ombudsman's office as they seem to have been able to assist many other members here.


 

jenjenstar

LoanSafe Member
Jun 3, 2009
19
0
0
Hi Evan- Yes believe me this is our worst nightmare (Ocwen applying incorrectly). I have mailed a certified etter to Ocwen & the Ombudsman with the payoff agreement. My stomach is in knots. I'm really hoping with the help of loansafe.org I will have the best guidance on how to fight this & have it corrected. Having Ocwen simply say "we have NO recollection of any payoff settlement" makes me extremely nervous & unsettled that they will re-apply the way it should.
 

johnniel

LoanSafe Member
Jul 6, 2012
1
0
0
Naca saved our home - so far

This is my first time posting on the forum,but I had checked in several times as I was going through the Home Save program with NACA. I didn't want to post anything until I was completed with the process,so I could give an unbiased opinion and assessment of the whole process.

Here is my story:

I have a loan with HFC at 7.5%, I lost my job two years ago and had a very difficult time making payments.I would pick up odd jobs here and there but nothing permanent. My wife was still working but we couldn't afford the payments. We cashed in our 401K and used that money as a reserve to kick in every month to help make the mortgage payment. When that money was nearly gone I began looking into ways of reducing our mortgage. Noone would refinance,HFC put us on a hardship but it still wasn't enough. Then the house was reappraised for tax purposes at 160,000 and the loan was 266,000. We had thought about walking away but wanted to stay for the kids sake,and the fact that at least one of us had a good stable job. I went to a NACA Save The DREAM event and we decided to do it and do EXACTLY what they said. After 6 months in the program nothing had changed, HFC wouldn't even answer the NACA proposal or log into their portal. That is when we decided to stop making any payments on the loan and advocate heavily on our behalf. We sent a QWR letter to the address we were supposed to and also a copy to the president of HFC and the CEO of HSBC. We also sent the QWR to our Senators,Congressmen,the head of the banking committee...everyone we could think of related to money;even Ben Bernanke.We also sent a letter to Bruce Marks CEO of NACA which was a desparate plea for help,and to also inform him that both his organization and we were being ignored by HFC. Five days later we received a call from Kevin Winn the national director for NACA. We had a discussion about the particulars of our case,and he said he would personally contact the president of HFC. Three weeks went by and he called us back and said that HFC would be willing to help us but it wouldn't be until our hardship expired. I didn't trust HFC so I fired off another angry letter to everyone we sent the first one to,including the CEO of HFC informing them that the deadline had passed to respond to the QWR. I waited a week or so and called Kevin Winn and asked if he would call them again. He did and this time they said they would consider our NACA submission.They finally agreed to permanently reduce our rate to 3% for the life of the loan with a 3 month trial period;after three payments it would be a done deal. We have just made our second payment at the new rate. It saved us $800.00 a month. I have no reason to believe that it is not legit at this point. The whole ordeal took 11 months and a ton of patience and hard work.

I hope this helps someone else...Good Luck!
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hi johnniel,


Welcome to the forum and thank you for joining............


I am so glad that the information on the forum was able to help you throughout the process. Congratulations on your NACA loan restructure, that is a great one and thank you for sharing your story on the forum.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Hi Evan- Yes believe me this is our worst nightmare (Ocwen applying incorrectly). I have mailed a certified etter to Ocwen & the Ombudsman with the payoff agreement. My stomach is in knots. I'm really hoping with the help of loansafe.org I will have the best guidance on how to fight this & have it corrected. Having Ocwen simply say "we have NO recollection of any payoff settlement" makes me extremely nervous & unsettled that they will re-apply the way it should.
Yes it is quite ridiculous they handled the settlement in such a manner. If you type in various keywords such as (Ocwen executive contact" or "Ocwen contacts" in the google search bar at the top of the page you may be able to find additional contacts that may help, it is always good to try and bring as much attention to your case as you possible can. You may even want to file a complaint with your state AG, Senator, OCC, etc if they are unable to assist you in a timely matter..