I found this tonight and I don't know anything about this Lawfirm, or if they are taking anyone outside of California? If you find out let us know by leaving information in the comments.
From: http://www.lieffcabraser.com/ocwen.htm
In a consumer protection lawsuit, Lieff Cabraser Heimann & Bernstein, LLP, with co-counsel, represents homeowners in California with loans serviced by Ocwen Federal Bank, FSB and Ocwen Financial Services, Inc. ("Ocwen"). The lawsuit, originally filed in Alameda County Superior Court in October 2003, alleges that Ocwen has engaged in a scheme of unfair, unlawful, and deceptive business practices in its "servicing" of residential mortgage loans in California.
The specific misconduct charged against Ocwen includes:
failing to credit payments received in a timely fashion;
failing to provide customers with timely or clear information about timing and amount of payments owed;
prematurely referring accounts to collections, regardless of legal and/or contractual grace periods;
misapplying payments received;
increasing customers’ monthly payment amount without proper notice and in violation of the terms of the customers’ original mortgage note; and
procuring hazard insurance for properties already insured, resulting in exorbitant annual premiums charged to customer’s accounts without cause.
The Class Defined
The representative Plaintiffs brought the lawsuit on behalf of themselves and all residents in the State of California who, during the period October 30, 1999 through the present had residential mortgages that were serviced by Ocwen, whether Ocwen obtained the right to collect payments on these loans by assignment, transfer, sale, or any other means.
Lieff Cabraser serves as co-lead counsel for plaintiff in the nationwide federal court action against Ocwen and other entities. The litigation is pending in the Northern District of Illinois.
At the appropriate time, Plaintiffs will request that the Court find that their claims are typical of the claims of the members of the Class, and that the Court certify that the lawsuit should proceed as a class action and notice be given to the Class. Customers of Ocwen who believe that they have been subjected to any of these practices may click here to contact Lieff Cabraser.
Please Note: We appreciate receiving information on your experience with Ocwen. This will aid our ongoing nationwide investigation of the company. We will review the information, but cannot provide any legal assistance. Lieff Cabraser cannot serve as your counsel in any matter unless you and our firm expressly agree in writing that we serve as your attorney. You should also be aware that the Statute of Limitations (the deadline imposed by law within which you may bring a lawsuit) may severely limit the time remaining for you to file any potential claims you may have.
Trademark Information
This website is sponsored by the national plaintiffs' law firm of Lieff Cabraser Heimann & Bernstein, LLP, and is not affiliated in any way with Ocwen, Ocwen Financial Corporation and Ocwen Federal Bank FSB. Ocwen, Ocwen Financial Corporation and Ocwen Federal Bank FSB are trademarks of Ocwen Financial Corporation.
Thursday, January 31, 2008
Wednesday, January 30, 2008
Ocwen Loan Servicing How do I Join the Law suite? Orlando Florida
From: http://www.ripoffreport.com/reports/0/304/RipOff0304793.htm
It started off just fine untile I got behind one month so I called to make payment arangements and they said I was behind two months! I said NO I'm not here is my payment records the lady on the other line my records were wrong, So being a good boy I fax them to her no change I was still wrong. So I made up the payment and went on several months later we had problems with money and I got behind again so this time they said I was three month behind !!
Are you kinding I was all caught up unitl yesterday when I missed this payment how could this be???? well ser you need to make this up or go into forecloser. Can put this at the end of my loan ? welll I'll look in to it.
so a day or so went by so I call and the guy on the line said no we can't but you can make large payments to make it up.( My payments are $1492.00 a month , over the phone he said $1622.09 now I got just the bill and it says $1777.57 what the hell are they pulling???)So tell me how I can join the law suite? My email is (((REDACTED FOR SECURITY PURPOSES)))
GeneCoupeville, WashingtonU.S.A.
It started off just fine untile I got behind one month so I called to make payment arangements and they said I was behind two months! I said NO I'm not here is my payment records the lady on the other line my records were wrong, So being a good boy I fax them to her no change I was still wrong. So I made up the payment and went on several months later we had problems with money and I got behind again so this time they said I was three month behind !!
Are you kinding I was all caught up unitl yesterday when I missed this payment how could this be???? well ser you need to make this up or go into forecloser. Can put this at the end of my loan ? welll I'll look in to it.
so a day or so went by so I call and the guy on the line said no we can't but you can make large payments to make it up.( My payments are $1492.00 a month , over the phone he said $1622.09 now I got just the bill and it says $1777.57 what the hell are they pulling???)So tell me how I can join the law suite? My email is (((REDACTED FOR SECURITY PURPOSES)))
GeneCoupeville, WashingtonU.S.A.
OCWEN They screwed us big time, and no one at there company cares. Carol Stream Illinois
From: http://www.ripoffreport.com/reports/0/304/RipOff0304687.htm
We had bought our home 2 years ago and guess who the lender was OCWEN, well we were exicted to be home owners. The first year was fine, no problemes at all, other then the constant calling when it cam past the due date, but yet you had your grace period.Well Christmas of the next year we mad that payment late, that is where it all went down hill. We had gotten multiple foreclosure letters in the mail and phone calls. My husband and being new at this called them up to see what the problem was. Oh my god they said that we need to pay 1,200.00 to get caugt up and they can arrange a forebearance plan for us to get caught up. We first had to send them 436.oo to start the plan. Well we did.We then got these papers in that said we would be on it for 6 months and have to pay 600.00 wchich is 200 more then normal. So we did that for the 6 months and I then called them up to see if the payment would be back to normal?????Guess what, I think not they said we are not caught up yet, we would have to extend it for 4 months yet..The whole time I am looking at our monthly statements and there are all of these charges that are Misc, ask them what they are and they don't have a clue.Where did all that extra money we were paying go to..They don't know!!!They reported us as being 90 days late even though we were not..They SUCK SO bad, when you go to the web site to leave comments and stuff, you get a crappy computer generated respones sent back to you..We have tried to refinance but can't because of them, they finally sent us a letter stating that we are no longer in forbearance, but on my statments it said that payments have changed and could reflect on your forebearnace plan.WHAT THE HELL DOES THAT MEAN????idiots complete and udder axxholes is the proper word.If anyone has any info on refi please let me know, Iwould be so grateful....BoopFreeland, PennsylvaniaU.S.A.
We had bought our home 2 years ago and guess who the lender was OCWEN, well we were exicted to be home owners. The first year was fine, no problemes at all, other then the constant calling when it cam past the due date, but yet you had your grace period.Well Christmas of the next year we mad that payment late, that is where it all went down hill. We had gotten multiple foreclosure letters in the mail and phone calls. My husband and being new at this called them up to see what the problem was. Oh my god they said that we need to pay 1,200.00 to get caugt up and they can arrange a forebearance plan for us to get caught up. We first had to send them 436.oo to start the plan. Well we did.We then got these papers in that said we would be on it for 6 months and have to pay 600.00 wchich is 200 more then normal. So we did that for the 6 months and I then called them up to see if the payment would be back to normal?????Guess what, I think not they said we are not caught up yet, we would have to extend it for 4 months yet..The whole time I am looking at our monthly statements and there are all of these charges that are Misc, ask them what they are and they don't have a clue.Where did all that extra money we were paying go to..They don't know!!!They reported us as being 90 days late even though we were not..They SUCK SO bad, when you go to the web site to leave comments and stuff, you get a crappy computer generated respones sent back to you..We have tried to refinance but can't because of them, they finally sent us a letter stating that we are no longer in forbearance, but on my statments it said that payments have changed and could reflect on your forebearnace plan.WHAT THE HELL DOES THAT MEAN????idiots complete and udder axxholes is the proper word.If anyone has any info on refi please let me know, Iwould be so grateful....BoopFreeland, PennsylvaniaU.S.A.
Tuesday, January 29, 2008
Ocwen Loan Servicing Lowest of Lows Orlando Florida
From: http://www.ripoffreport.com/reports/0/304/RipOff0304381.htm
Ocwen Loan Servicing Lowest of Lows Orlando Florida
This company has to be the worst lender ever. We originally got our loan in October of 2003 and refinanced a year later thinking we were getting a lower rate since then the loan was sold off several times and the last time ended up with Ocwen. This company has taken everything from my family our hopes our dreams and our home. We have had problems from the day they took the loan it started with them not escrowing enough for our taxes and insurance and before we knew it they said we were behind in payments which we were not then they kept tacking out late fees before we knew it they were sending us statements that were astranomical it went from a $1,200.00 mortgage payment to $2,300.00 payments we could could never get a clear answer hold times of 3-4hours they had a line you could request someone call you back but that never happened in July of 07 we received a statement saying we were behind $6,000 then in September it was almost $10,000 where do these people get theses numbers from when we purchased our home we put down $35,000 down we owed $162,000. We tried to refinance to get this $10,000 that they were claiming we owed taken care of when we tried that they became unwilling to cooperate with us on October 2nd we were told until this amount was caught up we could not refi on October 3rd we had a knock at our door it was an agent that was hired by Ocwen to list our property for sale they had tried to sell it on the courthouse steps no one bought it so they took it back. How can they do this they ripped our home right out from under us and we had equity built up that was just gone we were caught off guard with two small children and had to move with no notice. This is just criminal. The law requires that you are given a 30day notice prior to foreclosure and we were given nothing how can this happen? Where are our rights? To this day our home sits vacant and not listed this company tried to get this agent to offer us cash for keys when she came to the door if we supposedly owed them $10,000 why would they be offering to give us money to leave that makes no sense at all. I'm a mess over this whole thing I want MY HOUSE BACk that's right MY HOUSE I took care of it paid my bills and had it taken from me. Now we are in such a financial nightmare over this we can't see straight. Please if anyone can help contact me.
AmyBlue Springs, MissouriU.S.A.
Ocwen Loan Servicing Lowest of Lows Orlando Florida
This company has to be the worst lender ever. We originally got our loan in October of 2003 and refinanced a year later thinking we were getting a lower rate since then the loan was sold off several times and the last time ended up with Ocwen. This company has taken everything from my family our hopes our dreams and our home. We have had problems from the day they took the loan it started with them not escrowing enough for our taxes and insurance and before we knew it they said we were behind in payments which we were not then they kept tacking out late fees before we knew it they were sending us statements that were astranomical it went from a $1,200.00 mortgage payment to $2,300.00 payments we could could never get a clear answer hold times of 3-4hours they had a line you could request someone call you back but that never happened in July of 07 we received a statement saying we were behind $6,000 then in September it was almost $10,000 where do these people get theses numbers from when we purchased our home we put down $35,000 down we owed $162,000. We tried to refinance to get this $10,000 that they were claiming we owed taken care of when we tried that they became unwilling to cooperate with us on October 2nd we were told until this amount was caught up we could not refi on October 3rd we had a knock at our door it was an agent that was hired by Ocwen to list our property for sale they had tried to sell it on the courthouse steps no one bought it so they took it back. How can they do this they ripped our home right out from under us and we had equity built up that was just gone we were caught off guard with two small children and had to move with no notice. This is just criminal. The law requires that you are given a 30day notice prior to foreclosure and we were given nothing how can this happen? Where are our rights? To this day our home sits vacant and not listed this company tried to get this agent to offer us cash for keys when she came to the door if we supposedly owed them $10,000 why would they be offering to give us money to leave that makes no sense at all. I'm a mess over this whole thing I want MY HOUSE BACk that's right MY HOUSE I took care of it paid my bills and had it taken from me. Now we are in such a financial nightmare over this we can't see straight. Please if anyone can help contact me.
AmyBlue Springs, MissouriU.S.A.
Ocwen IS A MONSTER WE NEED TO FILE SUITS NOW TO PUT THEM OUT OF BUSINESS! Orlando Florida
From: http://www.ripoffreport.com/reports/0/303/RipOff0303985.htm
Folks, look at what this company is doing. Horror story after horror story! It is time we banded together somehow and filed a class action suit against these clowns. Especially now, during this political year where 'subprime, predatory lending' is part of the political hot-topics. Especially now, since the subprime crisis in this country has finally opened the ears of legislatures.
For YEARS, Ocwen has been destroying people's lives. It is part of their business plan. Look, right here, on this website alone, we have over 1300 horror stories. What percentage of Ocwen's total customer base do you think that comprises? And what about the thousands of individuals who have been ruined but who haven't come to this site.
I am willing to join ANY legal action against Ocwen. ANYthing!!
They attacked me about 5 years ago. I had refinanced my home in April. Two months later, the lending institution sold the loan to Ocwen. And immediately, the nightmare began. False reporting, service reps living in India taking my calls...and hanging up on me as a regular protocol. I paid on the first of every month beginning the very month Ocwen notified me that they were the new servicers of my loan. 6 months later, it was brought to may attention that they had been reporting the loan deliquent 90 days EVERY MONTH SINCE THEY TOOK IT OVER!! My credit went from 700-someting to the mid-500's. My house started getting threatened with foreclosure!
One day, one of the reps from India called me up at 5 pm and said, 'If you don't pay $8000 by tonight, we are going to foreclose on you.' I panicked! It was too late to go to the bank, but I figured I could do it the next day. He said 'No.' As I was trying to explain the TIME DIFFERENCE to him, he hung up. I called back all night long..and he or other reps kept hanging up on me.
The next day, in an absolute panic, I went to the bank, got $8000, and sent it to them in a Moneygram (the only type of payment they will accept when you're 'delinquent,' by the way).
The nightmare continued long long long after that. For two full years! I finally got a company who understood Ocwen's tactics to refinance me the hell out of there!
But their service and the trauma they put me through I have never forgot.
If there is a lawsuit out there, I will join! I will START one if a lawyer contacts me.
Ocwen needs to be put out of business! They need to be made Public Enemy #1 and ridiculed on the front of every magazine.
Look what a group of New York Legislatures did to Signature Compounding Pharmacy. When the Steroid scare in the major leagues became a household buzzword, these legislatures went into Florida and all but burned Signature to the ground. They have the power to do so. We need to get them doing that to Ocwen. This company has to be made an example of, an example that says, 'THIS IS AMERICA! And the minute it becomes your business practice to harass and terrorize our citizens, your business is going to be hammered into complete non-existence.
I am in! Just lead me in the right direction.
ThomasSaginaw, MichiganU.S.A.
Folks, look at what this company is doing. Horror story after horror story! It is time we banded together somehow and filed a class action suit against these clowns. Especially now, during this political year where 'subprime, predatory lending' is part of the political hot-topics. Especially now, since the subprime crisis in this country has finally opened the ears of legislatures.
For YEARS, Ocwen has been destroying people's lives. It is part of their business plan. Look, right here, on this website alone, we have over 1300 horror stories. What percentage of Ocwen's total customer base do you think that comprises? And what about the thousands of individuals who have been ruined but who haven't come to this site.
I am willing to join ANY legal action against Ocwen. ANYthing!!
They attacked me about 5 years ago. I had refinanced my home in April. Two months later, the lending institution sold the loan to Ocwen. And immediately, the nightmare began. False reporting, service reps living in India taking my calls...and hanging up on me as a regular protocol. I paid on the first of every month beginning the very month Ocwen notified me that they were the new servicers of my loan. 6 months later, it was brought to may attention that they had been reporting the loan deliquent 90 days EVERY MONTH SINCE THEY TOOK IT OVER!! My credit went from 700-someting to the mid-500's. My house started getting threatened with foreclosure!
One day, one of the reps from India called me up at 5 pm and said, 'If you don't pay $8000 by tonight, we are going to foreclose on you.' I panicked! It was too late to go to the bank, but I figured I could do it the next day. He said 'No.' As I was trying to explain the TIME DIFFERENCE to him, he hung up. I called back all night long..and he or other reps kept hanging up on me.
The next day, in an absolute panic, I went to the bank, got $8000, and sent it to them in a Moneygram (the only type of payment they will accept when you're 'delinquent,' by the way).
The nightmare continued long long long after that. For two full years! I finally got a company who understood Ocwen's tactics to refinance me the hell out of there!
But their service and the trauma they put me through I have never forgot.
If there is a lawsuit out there, I will join! I will START one if a lawyer contacts me.
Ocwen needs to be put out of business! They need to be made Public Enemy #1 and ridiculed on the front of every magazine.
Look what a group of New York Legislatures did to Signature Compounding Pharmacy. When the Steroid scare in the major leagues became a household buzzword, these legislatures went into Florida and all but burned Signature to the ground. They have the power to do so. We need to get them doing that to Ocwen. This company has to be made an example of, an example that says, 'THIS IS AMERICA! And the minute it becomes your business practice to harass and terrorize our citizens, your business is going to be hammered into complete non-existence.
I am in! Just lead me in the right direction.
ThomasSaginaw, MichiganU.S.A.
Sunday, January 27, 2008
Ocwen Loan Servicing Ocwen Loan Servicing refused to help me in the past year, now I am bring foreclosed on. Orlando Florida
From: http://www.ripoffreport.com/reports/0/303/RipOff0303805.htm
My experience with Ocwen has been a nightmare. I refinanced my home in August 2004. I went through a company called Lower My Bills, and I worked with a guy who ended up getting a loan for me. The lender was Freemont Investments (aka – Sub Prime Monster #1 “ filed bankruptcy or went out of business). I was aware I had signed an adjustable rate mortgage, but I was assured by the lender I could refinance in two years.
My home was appraised at $342,000. The loan was for a first and second mortgage, for the total amount of $342,000. In the spring of 2005, Freemont sold the two mortgages, one to Ocwen (the first mortgage) the second to Wilshire Credit. In the early spring of 2006, I called Ocwen to talk about the possibility of refinancing my ARM, as I knew the rate would go up in October 2006, just six months from then. I called customer service, and the person I spoke to did not speak very good English, and had no interest in helping me. I was told by this person that Ocwen could not refinance me, because they were not the 'Originator' of my loan, just 'Servicing' my loan.
I then began the long crusade of trying to find someone to refinance this loan. For various reasons, I could not find another lender to re-finance, and I knew my time was running out. I repeatedly called Ocwen, and got the same response, no one who could speak English, and I was told I could not get re-financed or have my loan re-modified, nor was I eligible for any other service from Ocwen.
My ARM started going up October 1, 2006. My rate went from 5.795% to 8.795%, 3 full points, and the payment went from $1669.00 to $2200.00 a month. This was impossible for me to pay, and I found myself juggling all my bills to pay the mortgage. I also had a second mortgage at $583.00 a month to pay. I fell behind, and struggled so hard for the next few months, just trying to pay the mortgage.
I was in default by January, and was told I was going to be foreclosed on, and received notices regarding that. I was able in mid March, to repay the back mortgage in arrears; from a portion of a bonus split I get from my X-husband and our divorce decree court order…I sent a certified bank check for over $10,000 overnight. I called everyday for 4 days to find out if that check was posted to my account, and I was told that just because I sent it overnight it, that it wasn't guaranteed to post the next day. It was 4 days before they posted it, although it was signed for the next day after I sent it. I was so pissed off I told the NON English speaking person off so bad I was crying.
They had no problem harassing me when I was late with a payment, but they let a $10,000 plus payment sit on someone's desk for 4 days, and I got charged 4 days late fees. Having gotten caught up with that, I was able to make the next several payments. Even though the second hit of my ARM went up in April 1, 2007, from 8.795% to 10.795%, from $2200.00 a month to $2500.00 a month.
Again, I called, and pleaded with the NON English speaking customer service person and begged for help. I asked if I could split my payments, to be paid on the 15th and 30th, as this would help me because I had so many other bills. They gave me a number to call, saying this was a department that accepted bi-monthly mortgage payments.
I called the number and the woman who answered said they could help me-if I gave them an extra months mortgage payment in advance, and then there would be an extra 300.00 a month on top of the escalating payment, this was so I could pay off my mortgage sooner! I flipped out. I screamed at the woman and told her that I was calling for help, and what kind of help was that?
I hung up. Feeling defeated, I just kept calling Ocwen, asking for the Forbearance office, they would never transfer me. All they would say is 'when are making a payment' or 'when you get caught up with your payments we can talk. I was told I could do a 'short sale' and that they would send out the information right away, and they never did. I was told different things by different NON English speaking people. I told them that their website boasted of being able to help customers with issues like mine, and I got told over and over again to go find another lender to help.
When I asked them what determines what makes my mortgage go up every six months at the rate it was, I was told to go look on the internet, or 'you signed the papers, it your problem'. I struggled through the summer, making the mortgage payments, but at the cost of my other bills. I fell so far behind, and in order to keep my home for myself and my two children, I filed for Bankruptcy in Illinois. September 14, 2007. I was eligible for a Chapter 7, and was granted a discharge, December 18, 2007.
This only delayed the inevitable for a short time. Ocwen petitioned the court to have the Automatic Stay lifted, and the court date was October 26, 2007. In their petition, they misrepresented me by saying my home was in decline, and I had no homeowners insurance on it. My home is beautiful and well maintained, and I have had, and still have Allstate Insurance on my home. I NEVER received a piece of information regarding if the stay had been lifted or not, even though I was on the service list.
I just received a letter dated January 9th from some law firm in Chicago, telling me they were going to sue me for foreclosure within 30 days. Ocwen used two different law firms for the lifting of the stay and the suing of foreclosure. I am hoping to do a short sale so I don't have to go through this horrible situation. (Foreclosure)
Ocwen has treated me like I was a low life, not wanting to help me, lying to me, and promising me things that never happened. They never let me talk to anyone above customer service. I spoke only to people who most likely read from a script, sitting in a desk in India. I detest this company, and I hope and pray that they are found guilty of all the charges against them. If the court or anyone needs more information, or documentation regarding what I just wrote and sworn to, please let me know.
On a very interesting note, I just received a letter today from Ocwen, telling me that my mortgage payment has gone down from 2800.00 a month to 2500.00 a month. And I also saw online that they have changed their whole entire website, it's pitiful.
CameeNaperville
My experience with Ocwen has been a nightmare. I refinanced my home in August 2004. I went through a company called Lower My Bills, and I worked with a guy who ended up getting a loan for me. The lender was Freemont Investments (aka – Sub Prime Monster #1 “ filed bankruptcy or went out of business). I was aware I had signed an adjustable rate mortgage, but I was assured by the lender I could refinance in two years.
My home was appraised at $342,000. The loan was for a first and second mortgage, for the total amount of $342,000. In the spring of 2005, Freemont sold the two mortgages, one to Ocwen (the first mortgage) the second to Wilshire Credit. In the early spring of 2006, I called Ocwen to talk about the possibility of refinancing my ARM, as I knew the rate would go up in October 2006, just six months from then. I called customer service, and the person I spoke to did not speak very good English, and had no interest in helping me. I was told by this person that Ocwen could not refinance me, because they were not the 'Originator' of my loan, just 'Servicing' my loan.
I then began the long crusade of trying to find someone to refinance this loan. For various reasons, I could not find another lender to re-finance, and I knew my time was running out. I repeatedly called Ocwen, and got the same response, no one who could speak English, and I was told I could not get re-financed or have my loan re-modified, nor was I eligible for any other service from Ocwen.
My ARM started going up October 1, 2006. My rate went from 5.795% to 8.795%, 3 full points, and the payment went from $1669.00 to $2200.00 a month. This was impossible for me to pay, and I found myself juggling all my bills to pay the mortgage. I also had a second mortgage at $583.00 a month to pay. I fell behind, and struggled so hard for the next few months, just trying to pay the mortgage.
I was in default by January, and was told I was going to be foreclosed on, and received notices regarding that. I was able in mid March, to repay the back mortgage in arrears; from a portion of a bonus split I get from my X-husband and our divorce decree court order…I sent a certified bank check for over $10,000 overnight. I called everyday for 4 days to find out if that check was posted to my account, and I was told that just because I sent it overnight it, that it wasn't guaranteed to post the next day. It was 4 days before they posted it, although it was signed for the next day after I sent it. I was so pissed off I told the NON English speaking person off so bad I was crying.
They had no problem harassing me when I was late with a payment, but they let a $10,000 plus payment sit on someone's desk for 4 days, and I got charged 4 days late fees. Having gotten caught up with that, I was able to make the next several payments. Even though the second hit of my ARM went up in April 1, 2007, from 8.795% to 10.795%, from $2200.00 a month to $2500.00 a month.
Again, I called, and pleaded with the NON English speaking customer service person and begged for help. I asked if I could split my payments, to be paid on the 15th and 30th, as this would help me because I had so many other bills. They gave me a number to call, saying this was a department that accepted bi-monthly mortgage payments.
I called the number and the woman who answered said they could help me-if I gave them an extra months mortgage payment in advance, and then there would be an extra 300.00 a month on top of the escalating payment, this was so I could pay off my mortgage sooner! I flipped out. I screamed at the woman and told her that I was calling for help, and what kind of help was that?
I hung up. Feeling defeated, I just kept calling Ocwen, asking for the Forbearance office, they would never transfer me. All they would say is 'when are making a payment' or 'when you get caught up with your payments we can talk. I was told I could do a 'short sale' and that they would send out the information right away, and they never did. I was told different things by different NON English speaking people. I told them that their website boasted of being able to help customers with issues like mine, and I got told over and over again to go find another lender to help.
When I asked them what determines what makes my mortgage go up every six months at the rate it was, I was told to go look on the internet, or 'you signed the papers, it your problem'. I struggled through the summer, making the mortgage payments, but at the cost of my other bills. I fell so far behind, and in order to keep my home for myself and my two children, I filed for Bankruptcy in Illinois. September 14, 2007. I was eligible for a Chapter 7, and was granted a discharge, December 18, 2007.
This only delayed the inevitable for a short time. Ocwen petitioned the court to have the Automatic Stay lifted, and the court date was October 26, 2007. In their petition, they misrepresented me by saying my home was in decline, and I had no homeowners insurance on it. My home is beautiful and well maintained, and I have had, and still have Allstate Insurance on my home. I NEVER received a piece of information regarding if the stay had been lifted or not, even though I was on the service list.
I just received a letter dated January 9th from some law firm in Chicago, telling me they were going to sue me for foreclosure within 30 days. Ocwen used two different law firms for the lifting of the stay and the suing of foreclosure. I am hoping to do a short sale so I don't have to go through this horrible situation. (Foreclosure)
Ocwen has treated me like I was a low life, not wanting to help me, lying to me, and promising me things that never happened. They never let me talk to anyone above customer service. I spoke only to people who most likely read from a script, sitting in a desk in India. I detest this company, and I hope and pray that they are found guilty of all the charges against them. If the court or anyone needs more information, or documentation regarding what I just wrote and sworn to, please let me know.
On a very interesting note, I just received a letter today from Ocwen, telling me that my mortgage payment has gone down from 2800.00 a month to 2500.00 a month. And I also saw online that they have changed their whole entire website, it's pitiful.
CameeNaperville
Friday, January 25, 2008
Ocwen Loan Servicing, Orlando Florida I filed hardship papers, had a investor willing to buy and OCWEN still foreclosed, I now have a 1099 A from them
From: http://www.ripoffreport.com/reports/0/303/RipOff0303381.htm
I started in early 2007 to try and get help with my loan. My spouse lost his job and I was diagnosed with cancer. I called the HOPE line and the deal they worked out with OCWEN still was too much money in a lump sum. I found an investor who was willing to pay what they have listed as the FMV on my 1099A. They were so diffcult to get int touch with and it seemed that we kept resending the same papers every two weeks. Finally the date of auction fast approached. Sale was set for Nov 15th. My investor grew tired but kept on trying. Fearful of being without a home, one week before the sale we moved out. I had enough. My investor tried up to day of auction to get his offer accepted. They just wanted more of the same paperwork resent. Auction came and went. I just got in the mail a 1099 A from OCWEN. The Principal and FMV are the difference of my second note. I have tried to call to see if I am getting a 1099 A for the second note...of course, the lines are all busy, my wait time is 2 hrs . They said I can set up an appt. I tried that and the phone keeps getting disconnected. I have had enough of these people. They got a home in much better condition than when I bought it.What more do they want?????I barely make enough to pay the bills now. So when I file my taxes I guess the 79K profit they list on my 1099 A is my problem with the IRS. Thanks OCWEN for nothing!!!DebbieColton, CaliforniaU.S.A.
I started in early 2007 to try and get help with my loan. My spouse lost his job and I was diagnosed with cancer. I called the HOPE line and the deal they worked out with OCWEN still was too much money in a lump sum. I found an investor who was willing to pay what they have listed as the FMV on my 1099A. They were so diffcult to get int touch with and it seemed that we kept resending the same papers every two weeks. Finally the date of auction fast approached. Sale was set for Nov 15th. My investor grew tired but kept on trying. Fearful of being without a home, one week before the sale we moved out. I had enough. My investor tried up to day of auction to get his offer accepted. They just wanted more of the same paperwork resent. Auction came and went. I just got in the mail a 1099 A from OCWEN. The Principal and FMV are the difference of my second note. I have tried to call to see if I am getting a 1099 A for the second note...of course, the lines are all busy, my wait time is 2 hrs . They said I can set up an appt. I tried that and the phone keeps getting disconnected. I have had enough of these people. They got a home in much better condition than when I bought it.What more do they want?????I barely make enough to pay the bills now. So when I file my taxes I guess the 79K profit they list on my 1099 A is my problem with the IRS. Thanks OCWEN for nothing!!!DebbieColton, CaliforniaU.S.A.
Wednesday, January 23, 2008
The last 3 comments posted
My Husband and I also have lost our home to Ocwen. Our mortage was sold to them in Nov. 2005 and in Feb. 2006.They said we were behind and they were going to foreclose on us in May of 2006 so we filed Chapter 13 to keep our house and had the payments sent directly to them directly through the court so they couldn't lie about the payments. they increased our mortage 2 times with out notifing us and therefore show us behind even in chapter 13then in august 2007 my husband had a stroke and I could no longer make the 13 payments so we had no choice but to go chapter 7 and move. Now ocwen is still sending us statements saying we owe $7,000 dollars to them in legal fees and won't do anything with the property. I had a buyer for the property even after we lost it and they won't sell. I don't know if we even could do a class action suit now but I do know you all should persue it because they will rip you off and you will end up like us filing bankrupcky just to keep a home that in the end you will owe more for and will never pay off.
Help! I am experiencing a nightmare w/ Ocwen. It's the worst customer service I have ever experienced in 55 years. They promised to help me save my home w/ an ever rising ARM using a loan modification several months ago. Nodody answers their phone EVER...3-4 hours wait time on hold, losing documents, language barriers from their outsourced help in India. Please advise of any class action lawsuits...they lie and mislead just to get you off the phone and my home is in huge jeopardy because I took their very INCORRECT ADVICE. Please email me @ biblekid@juno.com
Isn't this just like a bunch of crooks, change the name of the company to get out of all the things the courts say they have to do, but keep the same corp officers! Where is the government in all this? Ocwen leaders belong in PRISON!
Help! I am experiencing a nightmare w/ Ocwen. It's the worst customer service I have ever experienced in 55 years. They promised to help me save my home w/ an ever rising ARM using a loan modification several months ago. Nodody answers their phone EVER...3-4 hours wait time on hold, losing documents, language barriers from their outsourced help in India. Please advise of any class action lawsuits...they lie and mislead just to get you off the phone and my home is in huge jeopardy because I took their very INCORRECT ADVICE. Please email me @ biblekid@juno.com
Isn't this just like a bunch of crooks, change the name of the company to get out of all the things the courts say they have to do, but keep the same corp officers! Where is the government in all this? Ocwen leaders belong in PRISON!
Ocwen Loan Servicing 2 Forbearance plans and One Loan Modificattion no response Orlando Florida
From: http://www.ripoffreport.com/reports/0/302/RipOff0302525.htm
I have a loan with Ocwen and yes it's WHEN you can get throught to them after waiting on hold for 30 minutes then being disconnected... then calling back and being told different things, I had 2 failed Forbearance plans and after being told that they would not do a modification after a lot of persistance I finally got one. The first modification wanted over $7,000 PLUS the first months payment of $1,780, almost $10,000.. there was no way I could do this, so I called them back and got the most polite guy who answered our questions and was willing to take half the money $3,600 modify it at a 30 year fixed at 6%, sounds great right? Right, but the problem is my home is scheduled to be auctioned off in a week, and Ocwen still hasnt gotten back to me. When I called them they said someone entered the info wrong and I should get it in a week (1/23/08 will be a week) IF they send me the paperwork and I send them the money...my first payment is scheduled March 1st. The first guy who agreed to the modification was very arrogant and stated that they would barely break even if they foreclosed, so I felt a little relieved that they dont want to foreclose. After reading all these complaints is there anyone out there who actually went past or too the actual foreclosure date?? They told me that they would 'suspend' the foreclosure (it's in writing' But I dont know if I can trust them.. Maybe I dont have a choice because of how close I am, but If I dont hear from them tomorrow, I'm going to most likely have my ORIGINAL LOAN PAPERWORK reviewed for any and all mistakes in hopes of stalling....Chapter 13?? No, because my rate is outrageous and is scheduled to increase from 9.65% to god knows what. I'm a single dad with 2 girls and boy sure could use some advice.DerrickCOVINGTON, WashingtonU.S.A.
I have a loan with Ocwen and yes it's WHEN you can get throught to them after waiting on hold for 30 minutes then being disconnected... then calling back and being told different things, I had 2 failed Forbearance plans and after being told that they would not do a modification after a lot of persistance I finally got one. The first modification wanted over $7,000 PLUS the first months payment of $1,780, almost $10,000.. there was no way I could do this, so I called them back and got the most polite guy who answered our questions and was willing to take half the money $3,600 modify it at a 30 year fixed at 6%, sounds great right? Right, but the problem is my home is scheduled to be auctioned off in a week, and Ocwen still hasnt gotten back to me. When I called them they said someone entered the info wrong and I should get it in a week (1/23/08 will be a week) IF they send me the paperwork and I send them the money...my first payment is scheduled March 1st. The first guy who agreed to the modification was very arrogant and stated that they would barely break even if they foreclosed, so I felt a little relieved that they dont want to foreclose. After reading all these complaints is there anyone out there who actually went past or too the actual foreclosure date?? They told me that they would 'suspend' the foreclosure (it's in writing' But I dont know if I can trust them.. Maybe I dont have a choice because of how close I am, but If I dont hear from them tomorrow, I'm going to most likely have my ORIGINAL LOAN PAPERWORK reviewed for any and all mistakes in hopes of stalling....Chapter 13?? No, because my rate is outrageous and is scheduled to increase from 9.65% to god knows what. I'm a single dad with 2 girls and boy sure could use some advice.DerrickCOVINGTON, WashingtonU.S.A.
Tuesday, January 22, 2008
Ocwen help ocwen is ruthless Orlando Florida
From: http://www.ripoffreport.com/reports/0/301/RipOff0301624.htm
Started in march of 2007 payment we made was reported late when in fact ocwen posted to another acc. took ten calls and over 40 hours to reach them ocwen fixed it but still posted on our credit that the payment was late. In the months of November and December of '07 we were behind in our payments due to medical reasons this being our first time ever to be late. OCWEN sent a notice of default the 24th of December saying I had to pay the past due amount 1085.06 by January 17, 08 Dec 28, 07 received a letter stating a interest rate freeze if I sent 1110.58 by December 31, 07 which I did by overnight mail. I was all current as I thought when I received a letter January 7, 08 stating ocwen did not received in it there within a specified time frame but they cashed the check and posted it December 31, 07 OCWEN said they were going to send the signed agreement with the check back to me which they have not nor posted to the acc correctly. I was sent four different acct statements with different amounts to pay. I finally got though to them and Ocwen stated they receive nothing and told me that January payment would go to fees that we owed but would not tell me how much. There is much more to the story but I am now trying to work with our fair housing to get results.I would love to be involved in a class action lawsuitRecardotoledo, OhioU.S.A.
Started in march of 2007 payment we made was reported late when in fact ocwen posted to another acc. took ten calls and over 40 hours to reach them ocwen fixed it but still posted on our credit that the payment was late. In the months of November and December of '07 we were behind in our payments due to medical reasons this being our first time ever to be late. OCWEN sent a notice of default the 24th of December saying I had to pay the past due amount 1085.06 by January 17, 08 Dec 28, 07 received a letter stating a interest rate freeze if I sent 1110.58 by December 31, 07 which I did by overnight mail. I was all current as I thought when I received a letter January 7, 08 stating ocwen did not received in it there within a specified time frame but they cashed the check and posted it December 31, 07 OCWEN said they were going to send the signed agreement with the check back to me which they have not nor posted to the acc correctly. I was sent four different acct statements with different amounts to pay. I finally got though to them and Ocwen stated they receive nothing and told me that January payment would go to fees that we owed but would not tell me how much. There is much more to the story but I am now trying to work with our fair housing to get results.I would love to be involved in a class action lawsuitRecardotoledo, OhioU.S.A.
Ocwen Mortgage Loans ruined our credit and caused default West Palm Beach Florida
From: http://www.ripoffreport.com/reports/0/301/RipOff0301012.htm
In Aug and Sept. of 2007 we asked Ocwen to 'defer' those 2 months of payments to the end of our 2 year 'fixed' loan (came went to an ARM Oct 2007) and they stated it was fine, no problem. My husband was not working as he stayed home w/our son who has medical issues and we had difficulty for a few months financially. My husband spoke to someone in their Call Center which we did not realize was in India. As we were getting ready to refinance with my credit union in Oct 2007, we recieved a default notice. Also, the broker I was working with said :' What happened to your credit score?--you have a 60 and 90 day late on your mortgage' . I had no idea what she was talking about. As far as we knew everything was current. I had to research and found that Ocwen Never defered our payments for those 2 months but instead reported them as 'late'. I called Ocwen several times and could not find anyone in the US to talk to , it was all thru their 'call center' in India. Everyone had a heavy accent. I asked several service representatives what had happened and no one could give me an answer. They just told me 'we don't defer payments and I don't think our company would have told your husband that'. Arguing that they DID tell my husband that I finally asked to speak to a supervisor. Well, Call after call , they finally had me talk to someone in their 'research dept' to investigate the complaint. (I also have the names of everyone I spoke with). They told me they could not investigate unless they knew the name of the person my husband spoke with. I told them it doesn't matter---all their conversations are 'taped' and asked that they go back and listen to the conversations during Aug and Sept 2007 and what transpired. They did in fact (after 3wks ) state the representative did not address my husbands concerns regarding deferment and they would try to remove the 'lates' on our credit. This took more that 30 days and I am still not sure if it has been done correctly. Meanwhile, we could NOTt refinance (poor credit), we recieved a second default notice and had to try and come up with $$8,000 by the end of NOV 2007 so we would not go into forclosure. (we had to pay the Aug,Sept,Oct,Nov payments to 'catch up' so we could move forward). I had to borrow from family just to make this ungodly payment which was Ocwens mistake in the beginning. Currently, we are still trying to find someone to help us refinance so we can get out of this ARM that we cannot afford. I also want to pursue filing a suit again this company as they have ruined our credit and creditable reputation. We went through so much mental anguish during this 2 month period, my marriage almost ended and I lost 10 pounds from stress and no sleep. My husband had to 'scramble' to find 'A' job somewhere. We had to borrow money from my mother in laws Nursing Home account (she is in kidney failure after a stroke and diabetes). We need to be able to repay her account by refinancing SOMEHOW...as she is in kidney failure and will pass in the next month or so. We need this money for her funeral. This all stems from Ocwens Mistake from Aug. 2007. I have a letter from them stating they would correct our credit but did not admit fault to the situation...... I want to obtain legal counsel and sue for the MAXIMUM amount I can. They have put my family in such a financial bind and are not willing to work amicably with us. This could not have happened at a worse time--with the housing market the way it is and the economy..My original plans to refinance in Oct 2007 (when my loan expired) was going to go thru just fine. We had papers drawn up, we were getting ready to have my home appraised when all of a sudden I recieved this devestating news from my broker when she ran my credit for a second time.I am astounded that a company can do this to families w/o repercussion. Something has to be done.Marietemecula, CaliforniaU.S.A
In Aug and Sept. of 2007 we asked Ocwen to 'defer' those 2 months of payments to the end of our 2 year 'fixed' loan (came went to an ARM Oct 2007) and they stated it was fine, no problem. My husband was not working as he stayed home w/our son who has medical issues and we had difficulty for a few months financially. My husband spoke to someone in their Call Center which we did not realize was in India. As we were getting ready to refinance with my credit union in Oct 2007, we recieved a default notice. Also, the broker I was working with said :' What happened to your credit score?--you have a 60 and 90 day late on your mortgage' . I had no idea what she was talking about. As far as we knew everything was current. I had to research and found that Ocwen Never defered our payments for those 2 months but instead reported them as 'late'. I called Ocwen several times and could not find anyone in the US to talk to , it was all thru their 'call center' in India. Everyone had a heavy accent. I asked several service representatives what had happened and no one could give me an answer. They just told me 'we don't defer payments and I don't think our company would have told your husband that'. Arguing that they DID tell my husband that I finally asked to speak to a supervisor. Well, Call after call , they finally had me talk to someone in their 'research dept' to investigate the complaint. (I also have the names of everyone I spoke with). They told me they could not investigate unless they knew the name of the person my husband spoke with. I told them it doesn't matter---all their conversations are 'taped' and asked that they go back and listen to the conversations during Aug and Sept 2007 and what transpired. They did in fact (after 3wks ) state the representative did not address my husbands concerns regarding deferment and they would try to remove the 'lates' on our credit. This took more that 30 days and I am still not sure if it has been done correctly. Meanwhile, we could NOTt refinance (poor credit), we recieved a second default notice and had to try and come up with $$8,000 by the end of NOV 2007 so we would not go into forclosure. (we had to pay the Aug,Sept,Oct,Nov payments to 'catch up' so we could move forward). I had to borrow from family just to make this ungodly payment which was Ocwens mistake in the beginning. Currently, we are still trying to find someone to help us refinance so we can get out of this ARM that we cannot afford. I also want to pursue filing a suit again this company as they have ruined our credit and creditable reputation. We went through so much mental anguish during this 2 month period, my marriage almost ended and I lost 10 pounds from stress and no sleep. My husband had to 'scramble' to find 'A' job somewhere. We had to borrow money from my mother in laws Nursing Home account (she is in kidney failure after a stroke and diabetes). We need to be able to repay her account by refinancing SOMEHOW...as she is in kidney failure and will pass in the next month or so. We need this money for her funeral. This all stems from Ocwens Mistake from Aug. 2007. I have a letter from them stating they would correct our credit but did not admit fault to the situation...... I want to obtain legal counsel and sue for the MAXIMUM amount I can. They have put my family in such a financial bind and are not willing to work amicably with us. This could not have happened at a worse time--with the housing market the way it is and the economy..My original plans to refinance in Oct 2007 (when my loan expired) was going to go thru just fine. We had papers drawn up, we were getting ready to have my home appraised when all of a sudden I recieved this devestating news from my broker when she ran my credit for a second time.I am astounded that a company can do this to families w/o repercussion. Something has to be done.Marietemecula, CaliforniaU.S.A
Ocwen Loan Servicing
From: http://www.ripoffreport.com/reports/0/300/RipOff0300919.htm
Ocwen bought our loan in 2005 and we were notified by greentree the origanol holders of our note, 2 months after the day our loan was sold ocwen call and said we were 4 months late,problem was I had the cashed checks from my bank stating the payments were made and money was received. They of course blamed greentree and stuck it to me. Six months later they called back stating the situation had not been resolved because my bank was wrong. They wanted the 3 back payments and the current one I told them to go to h@@l and paid them the payment that I owed them Akeehm said because I chose to fight them they were going to do what ever it took to fuck me and my credit. Last month We applied for a loan to consalidate our bills and boy was I suprised to know I was 6 months behind and not current with my loan. Over the course of 2007 we took our balence from 11,500 to 3006 so how could I be over six months behind and not current. I called Akeehm and he said that ocwen did what he said they would I am pretty much screwd. The loan processer at our bank said that ocwen does not update their computer so people can't get out from under their grip. He also showed me page 1 of my account with ocwen which shows I have been over six months behind and not current with my bills and then he showed me page 2 which showed every payment I have made to ocwen since they took over my loan that showed I had been late 5 times in 2 years. How come they can get away with some thing like this?Can someone help me or tell me what to do?JayrogGirard, KansasU.S.A
Ocwen bought our loan in 2005 and we were notified by greentree the origanol holders of our note, 2 months after the day our loan was sold ocwen call and said we were 4 months late,problem was I had the cashed checks from my bank stating the payments were made and money was received. They of course blamed greentree and stuck it to me. Six months later they called back stating the situation had not been resolved because my bank was wrong. They wanted the 3 back payments and the current one I told them to go to h@@l and paid them the payment that I owed them Akeehm said because I chose to fight them they were going to do what ever it took to fuck me and my credit. Last month We applied for a loan to consalidate our bills and boy was I suprised to know I was 6 months behind and not current with my loan. Over the course of 2007 we took our balence from 11,500 to 3006 so how could I be over six months behind and not current. I called Akeehm and he said that ocwen did what he said they would I am pretty much screwd. The loan processer at our bank said that ocwen does not update their computer so people can't get out from under their grip. He also showed me page 1 of my account with ocwen which shows I have been over six months behind and not current with my bills and then he showed me page 2 which showed every payment I have made to ocwen since they took over my loan that showed I had been late 5 times in 2 years. How come they can get away with some thing like this?Can someone help me or tell me what to do?JayrogGirard, KansasU.S.A
Monday, January 21, 2008
Ocwen, Allegations of Fraud, Malice, Misrepresentation and Manipulation.
From:http://www.msfraud.org/Articles/The%20Ocwen%20Story.htm
Voice of the People
Ocwen, Allegations of Fraud, Malice, Misrepresentation and Manipulation. Ocwen Financial Corporation ("Ocwen") is a vertically integrated multi-billion dollar, publicly traded (NYSE: OCN) financial services holding company, engaged in a variety of businesses related to mortgage servicing, real estate asset management, asset recovery and technology. Headquartered in West Palm Beach, Florida,Within a 12 month period this company has lost two major lawsuits alleging fraud, malice, misrepresentation and manipulation totaling $14.5M. Other allegations have been made by former and current employees including the intentional destruction of information, and document forgery.Why do so many people claim that Ocwen is ripping them off and wrongfully foreclosing on their homes?Is Ocwen really the bad guy?Or are their customers failing to meet their obligations and looking for a quick court buck?This is the first in a series of stories about this company, Ocwen services sub-prime mortgages. This means they service mortgages for people that have had trouble paying their bills in the past. And Ocwen services a lot of these, nearly 400,000 customers. As part of this investigation we decided to review a typical Ocwen customer, and a not so typical Ocwen customer. We will call them Mr. Smith and Mr. Jones (these are real Ocwen customers) who have ask to not be identified because of pending legal action.Mr. Smith just had the loan servicing rights acquired by Ocwen in August of 2005. Mr. Smith has homeowners insurance through Prudential, his premiums are paid and current. In September of 2005 Mr. Smith paid his regular monthly bill to Ocwen with his old account #. Mr. Smith had not received his new payment information from Ocwen and did not want to be late on his payment. Ocwen cashed this payment and on Sept 22nd sent him a letter (to the wrong address), stating he was late on house payment this letter did not contain his new account and payment information.Mr. Smith contacted Ocwen numerous times in writing and on the phone trying to resolve this matter. Many times Mr. Smith would be routed to customer representatives that spoke very poor or unintelligible English or would be disconnected.In October Mr. Smith still had not received his new payment information and again sent another payment to Ocwen, which again they cashed and again sent a letter, this time threatening foreclosure.In November of 2005 Mr. Smith finally received his payment information, the statement showed he was 4 months behind (yes 4 months when he had only been a customer for 3) in his payments and fees had been added that he did not understand, such as homeowners insurance and legal fees and late payment fees, totaling almost $2600. Mr. Smith made another payment in Nov 2005 which was returned by Ocwen stating they could not accept partial payments.Mr. Smith was now receiving nearly daily calls from Ocwen collections, and Mr. Smith responded in writing trying to rectify the situation. In December Mr. Smith received another statement again with a promise of foreclosure and new fees added in order to become current Ocwen now claimed he had to pay a sum of almost $3600.Now these fees were different from the statement he had received the month before for the same items. Homeowners insurance went up $120, legal fees increased by $277 and the house payment itself went down by $38.
Mr. Smith wanted to refinance, but it appears Ocwen has already contacted the Credit Bureaus and reported him being late, he can’t get refinanced.How is this possible?A former employee claims he knows exactly how it’s possible. “The RealServicing software used by Ocwen and the Nightly Processing that reconciles the loan accounts doesn’t work and hasn’t for several years. That’s why customers get different payment information from month to month. It was a running joke in IT on how long the system would be down everyday when it ran. This whole process generated huge error logs that no one ever reviewed and it had been clear to everyone involved in the process that it has major problems”.Ocwen has sued a former consultant that performed a review on this software claiming he has posted confidential information on the Internet and reported this information to Government Agencies and this consultant has already testified in a case against the company in which Ocwen was hit with a $3 Million verdict in Guzman V. Ocwen. This testimony was specific on the problems with Ocwen software and account reconciliation. We contacted this consultant for comment and were informed that because of an Injunction granted to Ocwen he could not discuss the matter, and was prevented from testifying in another case in which he was listed as a witness and the jury awarded the plaintiff $11.5 Million in damages in Davis V. Ocwen. However a hearing was being set to Vacate the Injunction that prevented the consultant from discussing the details of his work at the company. Other former and current employees have confirmed this information and noted that Management has been aware of these issues at the highest levels inside the company. Two employees have even tried to get the company to take action to resolve the problems but have not been successful.WOW. If the company is aware of these problems why haven’t they done something to fix it?Ocwen has not responded to these specific issues yet but has commented and currently claim that they are not intentionally foreclosing on homes. The CEO William Ereby has stated publicly that the company doesn’t make money on foreclosures that their profit comes from servicing the loans themselves.If this is true then why are their an overwhelming number of reports freely available on the internet that confirm the Mr. Smith experience with the company?Why are there so many lawsuits pending against Ocwen?Next month we will continue this series on Ocwen and report on Mr. Jones a very unusual Ocwen customer.
Voice of the People
Ocwen, Allegations of Fraud, Malice, Misrepresentation and Manipulation. Ocwen Financial Corporation ("Ocwen") is a vertically integrated multi-billion dollar, publicly traded (NYSE: OCN) financial services holding company, engaged in a variety of businesses related to mortgage servicing, real estate asset management, asset recovery and technology. Headquartered in West Palm Beach, Florida,Within a 12 month period this company has lost two major lawsuits alleging fraud, malice, misrepresentation and manipulation totaling $14.5M. Other allegations have been made by former and current employees including the intentional destruction of information, and document forgery.Why do so many people claim that Ocwen is ripping them off and wrongfully foreclosing on their homes?Is Ocwen really the bad guy?Or are their customers failing to meet their obligations and looking for a quick court buck?This is the first in a series of stories about this company, Ocwen services sub-prime mortgages. This means they service mortgages for people that have had trouble paying their bills in the past. And Ocwen services a lot of these, nearly 400,000 customers. As part of this investigation we decided to review a typical Ocwen customer, and a not so typical Ocwen customer. We will call them Mr. Smith and Mr. Jones (these are real Ocwen customers) who have ask to not be identified because of pending legal action.Mr. Smith just had the loan servicing rights acquired by Ocwen in August of 2005. Mr. Smith has homeowners insurance through Prudential, his premiums are paid and current. In September of 2005 Mr. Smith paid his regular monthly bill to Ocwen with his old account #. Mr. Smith had not received his new payment information from Ocwen and did not want to be late on his payment. Ocwen cashed this payment and on Sept 22nd sent him a letter (to the wrong address), stating he was late on house payment this letter did not contain his new account and payment information.Mr. Smith contacted Ocwen numerous times in writing and on the phone trying to resolve this matter. Many times Mr. Smith would be routed to customer representatives that spoke very poor or unintelligible English or would be disconnected.In October Mr. Smith still had not received his new payment information and again sent another payment to Ocwen, which again they cashed and again sent a letter, this time threatening foreclosure.In November of 2005 Mr. Smith finally received his payment information, the statement showed he was 4 months behind (yes 4 months when he had only been a customer for 3) in his payments and fees had been added that he did not understand, such as homeowners insurance and legal fees and late payment fees, totaling almost $2600. Mr. Smith made another payment in Nov 2005 which was returned by Ocwen stating they could not accept partial payments.Mr. Smith was now receiving nearly daily calls from Ocwen collections, and Mr. Smith responded in writing trying to rectify the situation. In December Mr. Smith received another statement again with a promise of foreclosure and new fees added in order to become current Ocwen now claimed he had to pay a sum of almost $3600.Now these fees were different from the statement he had received the month before for the same items. Homeowners insurance went up $120, legal fees increased by $277 and the house payment itself went down by $38.
Mr. Smith wanted to refinance, but it appears Ocwen has already contacted the Credit Bureaus and reported him being late, he can’t get refinanced.How is this possible?A former employee claims he knows exactly how it’s possible. “The RealServicing software used by Ocwen and the Nightly Processing that reconciles the loan accounts doesn’t work and hasn’t for several years. That’s why customers get different payment information from month to month. It was a running joke in IT on how long the system would be down everyday when it ran. This whole process generated huge error logs that no one ever reviewed and it had been clear to everyone involved in the process that it has major problems”.Ocwen has sued a former consultant that performed a review on this software claiming he has posted confidential information on the Internet and reported this information to Government Agencies and this consultant has already testified in a case against the company in which Ocwen was hit with a $3 Million verdict in Guzman V. Ocwen. This testimony was specific on the problems with Ocwen software and account reconciliation. We contacted this consultant for comment and were informed that because of an Injunction granted to Ocwen he could not discuss the matter, and was prevented from testifying in another case in which he was listed as a witness and the jury awarded the plaintiff $11.5 Million in damages in Davis V. Ocwen. However a hearing was being set to Vacate the Injunction that prevented the consultant from discussing the details of his work at the company. Other former and current employees have confirmed this information and noted that Management has been aware of these issues at the highest levels inside the company. Two employees have even tried to get the company to take action to resolve the problems but have not been successful.WOW. If the company is aware of these problems why haven’t they done something to fix it?Ocwen has not responded to these specific issues yet but has commented and currently claim that they are not intentionally foreclosing on homes. The CEO William Ereby has stated publicly that the company doesn’t make money on foreclosures that their profit comes from servicing the loans themselves.If this is true then why are their an overwhelming number of reports freely available on the internet that confirm the Mr. Smith experience with the company?Why are there so many lawsuits pending against Ocwen?Next month we will continue this series on Ocwen and report on Mr. Jones a very unusual Ocwen customer.
Friday, January 18, 2008
Mortgage servicer Ocwen's practices raise ire
From:http://www.msfraud.org/Articles/Ocwen.htm
By Jeff Ostrowski, Palm Beach Post Staff WriterSunday, January 18, 2004Michelle Trott got a nasty surprise when she sold her home in Broward County last year to move to Jupiter.Ocwen Financial Corp., the West Palm Beach company that collected Trott's monthly mortgage payments, demanded that she and her husband pay $600 in late fees for monthly payments the Trotts say weren't late.Ocwen also charged her $200 just to tell her real estate agent how much she owed on her loan, Trott says.What's more, she says, Ocwen dinged her credit score by reporting her mortgage payments as late, forcing her to pay a higher rate on the new loan on her Jupiter home.And Ocwen pushed the couple to buy an expensive homeowners insurance policy, even though the Trotts say they already had coverage."(Ocwen) posted our payments late all the time," Trott said in a recent interview. "It's not fair. It was a very unpleasant experience. I wouldn't recommend anybody going with that company."Ocwen President Ronald Faris disputes Trott's claims. She made "dozens" of late payments, he says, and Ocwen forced her to take on a homeowners policy only because she let her policy lapse.Moreover, he says, Ocwen doesn't charge $200 to issue a payoff amount; the company charges $10 to $30 for that service.Still, Trott isn't alone in her gripes about Ocwen, a mortgage-servicing company that collects monthly payments from thousands of homeowners nationwide, most of them "subprime" borrowers with spotty credit histories.Ocwen faces suits from customers in California and Connecticut who make allegations similar to Trott's.The nonprofit National Consumer Reinvestment Coalition says it has 300 complaints about Ocwen, while the Better Business Bureau of Central Florida last year received 146 consumer complaints about the company, up from 42 in 2002 and nine in 2001.Firm: No financial incentiveAs borrowers' attorneys seek to portray a pattern of unfair practices by Ocwen, company officials say they've done nothing wrong.Investors seem to agree.In spite of the lawsuits, the company's stock (NYSE: OCN) recently shot past $10, up from $2.60 a year ago. Ocwen has no financial reason to gouge customers or to post their mortgage payments late, Faris says. He calls the suits against Ocwen "misdirected and baseless.""We don't make money off of delinquent loans," Faris says. "Our favorite customer is someone who gets their bill and pays it. We make a ton of money on those customers."As a mortgage servicer, Ocwen doesn't lend money to borrowers. Rather, lenders hire the company to service their loans.Attorneys and some industry observers argue that mortgage servicers have a good reason to post payments late: They get to keep late fees."Ocwen has a financial incentive to call a payment late so it can collect a late fee," says Jack Guttentag, a professor emeritus at the University of Pennsylvania's Wharton School of Business who runs the Mortgage Professor Web site. "It does not have an incentive to push the borrower into bankruptcy, unless the borrower has so much equity in the property that it will cover all the expenses of foreclosure, including legal and other fees which can be a source of profit to the servicer."Faris denies Ocwen unfairly posts payments late, and he says the seemingly large numbers of consumer complaints sound worse than they are.Ocwen handles 350,000 home loans, so the several hundred complaints lodged by customers represent a tiny fraction of its clients, Faris says."We're not saying we never make a mistake," Faris says. "Mistakes happen on an individual basis."But, he says, the company tries to fix errors quickly. Its customer service representatives are readily available by phone or by e-mail, Faris says.That's not the experience of Trott or of Ocwen customer Eleanor Blackmer, who has three years left on the mortgage on her home in suburban Lake Worth."We've got a three-year sentence with Ocwen," Blackmer says.Both Trott and Blackmer say phone calls to Ocwen result in being put on hold 20 minutes or more, followed by conversations with Indian employees with difficult-to-decipher accents.Ocwen employs more than 1,200 people in India, where it has offices in Bangalore and Bombay."You try to call them and they don't understand and they don't speak English, because they're all in India," Blackmer says.Faris says Ocwen makes a point of hiring Indian employees whose English can be easily understood by Americans. "It's difficult for me to address the accent issue because I can't comment on someone else's experience," Faris says. "I've talked to many, many of our agents in India on the phone and I've never had a problem understanding them."Faris says that Ocwen's customer service is better than it's ever been. As a federally chartered thrift, the company's collection practices are closely monitored by the U.S. Office of Thrift Supervision, he says.The gripes about Ocwen are on the rise, Faris says, because the media have been covering the mortgage industry more closely -- CBS News last year aired a story about complaints against Ocwen -- and because plaintiffs' attorneys are looking for the next payday after Fairbanks Capital.That mortgage servicer last year agreed to pay $40 million to settle allegations it engaged in deceptive practices that victimized as many as 250,000 homeowners."I don't think there's increased complaints," Faris says. "There's increasing attention by the media and by the plaintiffs' lawyers. They saw what happened at Fairbanks Capital and are hoping they can find a situation similar to that."Analysts approveThe barrage of complaints against Ocwen comes as the company pulls off a financial turnaround.Its shares got a boost this month when an analyst at JMP Securities in San Francisco rated Ocwen a "strong buy" with a target price of $18 a share.After posting big losses in 2001 and 2002, Ocwen turned a profit in 2003, in part because it has cut costs by hiring customer service employees and software programmers in India, where wages are cheaper than in the United States.And the company last year won a contract to handle the foreclosed properties of the U.S. Department of Veterans Affairs, a deal that could bring in revenue of $95 million to $125 million over the next five years.Still, the lawsuits pose enough of a threat to Ocwen that Fitch Ratings, a corporate credit rating agency, warned last month it might lower its "servicer rating" on Ocwen."We're concerned," said Kathleen Tillwitz, senior director at Fitch Ratings. "Is it a pattern of mistakes that were malicious? Or is it just the one-off mistakes that happen in the daily course of servicing?"Fitch has yet to lower its ratings on Ocwen, however. In a statement last month, it lauded the company for "successful practices and procedures," "expertise" and "well-trained staff."Meanwhile, consumers' gripes keep coming and Ocwen keeps explaining.Jackson, Mich., homeowner RaeAnn Walker says Ocwen has unfairly posted her payments late and charged her legal fees.And one suit accuses Ocwen of unfairly charging borrowers $95 in legal fees for collection letters.Faris calls the charge a legitimate cost of doing business.mailto:jeff_ostrowski@pbpost.com
By Jeff Ostrowski, Palm Beach Post Staff WriterSunday, January 18, 2004Michelle Trott got a nasty surprise when she sold her home in Broward County last year to move to Jupiter.Ocwen Financial Corp., the West Palm Beach company that collected Trott's monthly mortgage payments, demanded that she and her husband pay $600 in late fees for monthly payments the Trotts say weren't late.Ocwen also charged her $200 just to tell her real estate agent how much she owed on her loan, Trott says.What's more, she says, Ocwen dinged her credit score by reporting her mortgage payments as late, forcing her to pay a higher rate on the new loan on her Jupiter home.And Ocwen pushed the couple to buy an expensive homeowners insurance policy, even though the Trotts say they already had coverage."(Ocwen) posted our payments late all the time," Trott said in a recent interview. "It's not fair. It was a very unpleasant experience. I wouldn't recommend anybody going with that company."Ocwen President Ronald Faris disputes Trott's claims. She made "dozens" of late payments, he says, and Ocwen forced her to take on a homeowners policy only because she let her policy lapse.Moreover, he says, Ocwen doesn't charge $200 to issue a payoff amount; the company charges $10 to $30 for that service.Still, Trott isn't alone in her gripes about Ocwen, a mortgage-servicing company that collects monthly payments from thousands of homeowners nationwide, most of them "subprime" borrowers with spotty credit histories.Ocwen faces suits from customers in California and Connecticut who make allegations similar to Trott's.The nonprofit National Consumer Reinvestment Coalition says it has 300 complaints about Ocwen, while the Better Business Bureau of Central Florida last year received 146 consumer complaints about the company, up from 42 in 2002 and nine in 2001.Firm: No financial incentiveAs borrowers' attorneys seek to portray a pattern of unfair practices by Ocwen, company officials say they've done nothing wrong.Investors seem to agree.In spite of the lawsuits, the company's stock (NYSE: OCN) recently shot past $10, up from $2.60 a year ago. Ocwen has no financial reason to gouge customers or to post their mortgage payments late, Faris says. He calls the suits against Ocwen "misdirected and baseless.""We don't make money off of delinquent loans," Faris says. "Our favorite customer is someone who gets their bill and pays it. We make a ton of money on those customers."As a mortgage servicer, Ocwen doesn't lend money to borrowers. Rather, lenders hire the company to service their loans.Attorneys and some industry observers argue that mortgage servicers have a good reason to post payments late: They get to keep late fees."Ocwen has a financial incentive to call a payment late so it can collect a late fee," says Jack Guttentag, a professor emeritus at the University of Pennsylvania's Wharton School of Business who runs the Mortgage Professor Web site. "It does not have an incentive to push the borrower into bankruptcy, unless the borrower has so much equity in the property that it will cover all the expenses of foreclosure, including legal and other fees which can be a source of profit to the servicer."Faris denies Ocwen unfairly posts payments late, and he says the seemingly large numbers of consumer complaints sound worse than they are.Ocwen handles 350,000 home loans, so the several hundred complaints lodged by customers represent a tiny fraction of its clients, Faris says."We're not saying we never make a mistake," Faris says. "Mistakes happen on an individual basis."But, he says, the company tries to fix errors quickly. Its customer service representatives are readily available by phone or by e-mail, Faris says.That's not the experience of Trott or of Ocwen customer Eleanor Blackmer, who has three years left on the mortgage on her home in suburban Lake Worth."We've got a three-year sentence with Ocwen," Blackmer says.Both Trott and Blackmer say phone calls to Ocwen result in being put on hold 20 minutes or more, followed by conversations with Indian employees with difficult-to-decipher accents.Ocwen employs more than 1,200 people in India, where it has offices in Bangalore and Bombay."You try to call them and they don't understand and they don't speak English, because they're all in India," Blackmer says.Faris says Ocwen makes a point of hiring Indian employees whose English can be easily understood by Americans. "It's difficult for me to address the accent issue because I can't comment on someone else's experience," Faris says. "I've talked to many, many of our agents in India on the phone and I've never had a problem understanding them."Faris says that Ocwen's customer service is better than it's ever been. As a federally chartered thrift, the company's collection practices are closely monitored by the U.S. Office of Thrift Supervision, he says.The gripes about Ocwen are on the rise, Faris says, because the media have been covering the mortgage industry more closely -- CBS News last year aired a story about complaints against Ocwen -- and because plaintiffs' attorneys are looking for the next payday after Fairbanks Capital.That mortgage servicer last year agreed to pay $40 million to settle allegations it engaged in deceptive practices that victimized as many as 250,000 homeowners."I don't think there's increased complaints," Faris says. "There's increasing attention by the media and by the plaintiffs' lawyers. They saw what happened at Fairbanks Capital and are hoping they can find a situation similar to that."Analysts approveThe barrage of complaints against Ocwen comes as the company pulls off a financial turnaround.Its shares got a boost this month when an analyst at JMP Securities in San Francisco rated Ocwen a "strong buy" with a target price of $18 a share.After posting big losses in 2001 and 2002, Ocwen turned a profit in 2003, in part because it has cut costs by hiring customer service employees and software programmers in India, where wages are cheaper than in the United States.And the company last year won a contract to handle the foreclosed properties of the U.S. Department of Veterans Affairs, a deal that could bring in revenue of $95 million to $125 million over the next five years.Still, the lawsuits pose enough of a threat to Ocwen that Fitch Ratings, a corporate credit rating agency, warned last month it might lower its "servicer rating" on Ocwen."We're concerned," said Kathleen Tillwitz, senior director at Fitch Ratings. "Is it a pattern of mistakes that were malicious? Or is it just the one-off mistakes that happen in the daily course of servicing?"Fitch has yet to lower its ratings on Ocwen, however. In a statement last month, it lauded the company for "successful practices and procedures," "expertise" and "well-trained staff."Meanwhile, consumers' gripes keep coming and Ocwen keeps explaining.Jackson, Mich., homeowner RaeAnn Walker says Ocwen has unfairly posted her payments late and charged her legal fees.And one suit accuses Ocwen of unfairly charging borrowers $95 in legal fees for collection letters.Faris calls the charge a legitimate cost of doing business.mailto:jeff_ostrowski@pbpost.com
Thursday, January 17, 2008
By the looks of this Ocwen doesn't plan on changing!
CEO-led group bids to buy Ocwen
From: http://www.bizjournals.com/southflorida/stories/2008/01/14/daily14.html
An investor group led by Ocwen Financial Corp. Chairman and Chief Executive Officer William C. Erbey wants to buy all of the company's outstanding shares for $7 each, Ocwen said.
The group includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
The letter says the deal would be financed by equity from investment funds managed by the group and equity investments by Erbey, other members of Ocwen's senior management team and certain other existing shareholders of the company, as well as about $150 million of debt or other financing to be used to repurchase the company's debt obligations.
Erbey would remain chairman and CEO of Ocwen (NYSE: OCN) and said he expects senior leadership would stay.
Erbey beneficially owns about 19.7 million shares - a 31 percent stake in the company - a filing with the Securities and Exchange Commission shows.
Ocwen said its board has formed a special committee of independent directors to consider the proposal and has hired Evercore Group as an independent financial adviser to assist with the review.
Shares closed up $2.13 to $6.11. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.
Moody's reviewing Ocwen debt
Moody's Investor Service said the chief executive officer-led buyout of Ocwen Financial Corp. led it to place all of the company's ratings on review with direction uncertain.
The investor group -- which includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P -- wants to buy all of Ocwen's (NYSE: OCN) outstanding shares for $7 each. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
Moody's said its review will focus on how the proposed acquisition would change Ocwen's capital structure. The ratings agency said, given its initial review of the transaction, Ocwen's debt could decline and its credit profile could improve if the buyout takes place. However, Moody's said the possibility that the company could receive and consider other offers brings an added uncertainty to the ultimate capital structure of the company.
Moody's also said it will evaluate the terms and structure of the transaction. It noted that there are "change of control" provisions in the junior subordinated debentures due 2027 -- rated "Caa1" -- that allow the holders of the securities to require the company to repurchase the debentures.
All of Moody's ratings for Ocwen's debt are below investment grade. It holds a "B2" rating for its senior unsecured shelf debt; a "Caa1" rating for its junior subordinated shelf, backed preferred shelf debt, and backed preferred stock; and a "Caa2" rating for its preferred shelf debt.
Shares closed up 7 cents to $6.16. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.
From: http://www.bizjournals.com/southflorida/stories/2008/01/14/daily14.html
An investor group led by Ocwen Financial Corp. Chairman and Chief Executive Officer William C. Erbey wants to buy all of the company's outstanding shares for $7 each, Ocwen said.
The group includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
The letter says the deal would be financed by equity from investment funds managed by the group and equity investments by Erbey, other members of Ocwen's senior management team and certain other existing shareholders of the company, as well as about $150 million of debt or other financing to be used to repurchase the company's debt obligations.
Erbey would remain chairman and CEO of Ocwen (NYSE: OCN) and said he expects senior leadership would stay.
Erbey beneficially owns about 19.7 million shares - a 31 percent stake in the company - a filing with the Securities and Exchange Commission shows.
Ocwen said its board has formed a special committee of independent directors to consider the proposal and has hired Evercore Group as an independent financial adviser to assist with the review.
Shares closed up $2.13 to $6.11. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.
Moody's reviewing Ocwen debt
Moody's Investor Service said the chief executive officer-led buyout of Ocwen Financial Corp. led it to place all of the company's ratings on review with direction uncertain.
The investor group -- which includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P -- wants to buy all of Ocwen's (NYSE: OCN) outstanding shares for $7 each. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
Moody's said its review will focus on how the proposed acquisition would change Ocwen's capital structure. The ratings agency said, given its initial review of the transaction, Ocwen's debt could decline and its credit profile could improve if the buyout takes place. However, Moody's said the possibility that the company could receive and consider other offers brings an added uncertainty to the ultimate capital structure of the company.
Moody's also said it will evaluate the terms and structure of the transaction. It noted that there are "change of control" provisions in the junior subordinated debentures due 2027 -- rated "Caa1" -- that allow the holders of the securities to require the company to repurchase the debentures.
All of Moody's ratings for Ocwen's debt are below investment grade. It holds a "B2" rating for its senior unsecured shelf debt; a "Caa1" rating for its junior subordinated shelf, backed preferred shelf debt, and backed preferred stock; and a "Caa2" rating for its preferred shelf debt.
Shares closed up 7 cents to $6.16. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.
Texas jury rules against Ocwen
This is older, but I found more on the entire case!
From: http://www.bizjournals.com/southflorida/stories/2005/11/28/daily20.html?page=2
A jury in Galveston, Texas, has awarded $11.5 million to a customer of Ocwen Financial Corp. and its former Ocwen Federal Bank subsidiary, after determining they committed fraud in servicing her home equity loan.
The verdict against West Palm Beach-based Ocwen Financial (NYSE: OCN) and Ocwen Federal was issued Tuesday in Texas's 212th District Court. The jury ordered the Ocwen companies to pay Sealy Davis $10 million in actual damages and about $1.5 million for mental anguish and economic damages.
Ocwen Financial had $1.3 billion in assets on Sept. 30, according to its Securities and Exchange Commission filings.
The jury found the Ocwen companies made fraudulent, deceptive and misleading representations to Davis after she missed a loan payment while hospitalized in 2003.
Documents filed in the civil suit assert Ocwen began demanding additional money to make up for the missed payment and then began foreclosure proceedings on Davis's home in Texas City, Texas.
Davis retained the home after filing for Chapter 13 bankruptcy protection, court documents state.
Davis, in 2002, got a $31,000 home equity loan from Aames Home Loan with Deutsche Bank as trustee. Ocwen Federal Bank serviced the loan, including collecting payments.
The jury determined Ocwen contributed 100 percent to a wrongful foreclosure and none of that activity was attributable to the other defendants, Deutsche Bank, its law firm Baxter & Schwartz and several attorneys with that firm.
William Erbey, Ocwen's chairman and chief executive officer, and Kelly Herzik, a Wichita, Kan.-based attorney who represented Ocwen, did not return phone calls.
The Business Journal's questions included whether Ocwen might appeal the verdict to a Texas court of appeals.
Ocwen "has a specific plan and scheme to take homes that have equity in them," said Robert Hilliard, a partner in Corpus Christi, Texas-based Hilliard & Munoz, which represented Davis.
Hilliard said he represents about 100 people who are considering similar suits against Ocwen in Texas state courts.
In April 2004, Ocwen Federal Bank, which was based in Fort Lee, N.J., signed a written agreement with the U.S. Office of Thrift Supervision, agreeing to improve its compliance with the Real Estate Settlement Procedures Act, the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.
The OTS written agreement is no longer in force because Ocwen Federal has ceased operations, OTS spokeswoman Erin Hickman said. Nearly six months ago, the OTS approved Ocwen Financial's request for "voluntary dissolution" of Ocwen Federal.
In that arrangement, Ocwen Financial sold the bank's Fort Lee office to Marathon National Bank of Astoria, N.Y., and transferred its assets and liabilities to several other banks.
Ocwen Financial's activities include servicing commercial and residential loans, and conducting activities for companies that are attempting to recover unsecured receivables, including credit cards.
The company reported earning $13.2 million, or 21 cents a share, for this year's first three quarters. That was down from earning $55.2 million, or 78 cents a share, for 2004's first three quarters.
Ocwen's most recent results included a $5.1 million income tax provision. The company's year-ago results included a $31.8 million income tax benefit.
Ocwen shares closed down 13 cents to $8.43. The 52-week high was $9.75 on Dec. 31. The 52-week low was $6.38 on June 27.
From: http://www.bizjournals.com/southflorida/stories/2005/11/28/daily20.html?page=2
A jury in Galveston, Texas, has awarded $11.5 million to a customer of Ocwen Financial Corp. and its former Ocwen Federal Bank subsidiary, after determining they committed fraud in servicing her home equity loan.
The verdict against West Palm Beach-based Ocwen Financial (NYSE: OCN) and Ocwen Federal was issued Tuesday in Texas's 212th District Court. The jury ordered the Ocwen companies to pay Sealy Davis $10 million in actual damages and about $1.5 million for mental anguish and economic damages.
Ocwen Financial had $1.3 billion in assets on Sept. 30, according to its Securities and Exchange Commission filings.
The jury found the Ocwen companies made fraudulent, deceptive and misleading representations to Davis after she missed a loan payment while hospitalized in 2003.
Documents filed in the civil suit assert Ocwen began demanding additional money to make up for the missed payment and then began foreclosure proceedings on Davis's home in Texas City, Texas.
Davis retained the home after filing for Chapter 13 bankruptcy protection, court documents state.
Davis, in 2002, got a $31,000 home equity loan from Aames Home Loan with Deutsche Bank as trustee. Ocwen Federal Bank serviced the loan, including collecting payments.
The jury determined Ocwen contributed 100 percent to a wrongful foreclosure and none of that activity was attributable to the other defendants, Deutsche Bank, its law firm Baxter & Schwartz and several attorneys with that firm.
William Erbey, Ocwen's chairman and chief executive officer, and Kelly Herzik, a Wichita, Kan.-based attorney who represented Ocwen, did not return phone calls.
The Business Journal's questions included whether Ocwen might appeal the verdict to a Texas court of appeals.
Ocwen "has a specific plan and scheme to take homes that have equity in them," said Robert Hilliard, a partner in Corpus Christi, Texas-based Hilliard & Munoz, which represented Davis.
Hilliard said he represents about 100 people who are considering similar suits against Ocwen in Texas state courts.
In April 2004, Ocwen Federal Bank, which was based in Fort Lee, N.J., signed a written agreement with the U.S. Office of Thrift Supervision, agreeing to improve its compliance with the Real Estate Settlement Procedures Act, the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.
The OTS written agreement is no longer in force because Ocwen Federal has ceased operations, OTS spokeswoman Erin Hickman said. Nearly six months ago, the OTS approved Ocwen Financial's request for "voluntary dissolution" of Ocwen Federal.
In that arrangement, Ocwen Financial sold the bank's Fort Lee office to Marathon National Bank of Astoria, N.Y., and transferred its assets and liabilities to several other banks.
Ocwen Financial's activities include servicing commercial and residential loans, and conducting activities for companies that are attempting to recover unsecured receivables, including credit cards.
The company reported earning $13.2 million, or 21 cents a share, for this year's first three quarters. That was down from earning $55.2 million, or 78 cents a share, for 2004's first three quarters.
Ocwen's most recent results included a $5.1 million income tax provision. The company's year-ago results included a $31.8 million income tax benefit.
Ocwen shares closed down 13 cents to $8.43. The 52-week high was $9.75 on Dec. 31. The 52-week low was $6.38 on June 27.
Wednesday, January 16, 2008
Ocwen Loan Servicing Misapplied funds junk fees early forclosure attempt shell games stonewalling First time homebuyers mortgage nightmare Orlando Flo
From: http://www.ripoffreport.com/reports/0/300/RipOff0300435.htm
We purchased our first home two years ago and our loan was quickly sold to Ocwen. Our original loan started at $2330/month, and two years later was increased 40%, an additional $865/month. In addition to an outrageously high, interest only payments we have encountered these practices with Ocwen:1. They misapplied one of our mortgage payments, crediting as an 'extra' payment to pay toward the principal instead of our standard mortgage payment for the month. 8 months later, out of the blue, they reversed this payment from our loan and said we were delinquent. After many, many hours and letters to the research department they finally credited the payment back, but took out a chunk of it in fees, first, so that it was no longer good as a full payment and got locked into an escrow account as a partial payment while they continued to report us late on our payment - for their accounting error. 2. We were forced into a forbearance plan while we 'sorted all this out' being told that the alternative was to go into foreclosure - for their accounting error. We agreed to the forbearance plan under the condition that it would be reversed as soon as the error was cleared up. It never was because they took so much in fees out of the 'credited back payment' that it was useless.3. Our forbearance plan expired in October of 2007 and we paid it off in full every month and on time. We were automatically signed up for another forbearance plan to pay for property taxes. We were never even notified, much less asked for the second forbearance plan. They simply did it. I had to call to find out why we were suddenly being asked to pay so much more per month.4. We have been charged thousands of dollars in absolutely junk fees. 5. Most currently and importantly - we have just been served a notice of default when we are only 30 days late. I have one letter here from Ocwen dated December 6th, 2007 which says it is a 'friendly reminder' that the current payment for December has not yet been received. I have here also the certified notice of default dated January 3rd, 2008 - less than one month later. What has happened in the meantime is that I contacted Ocwen about modifying our loan back to it's original terms because the increase of $865/month is just too much for us. They were not willing to accommodate a modification and responded to our last inquiry with the notice of default and apparent fast trak to take our home. We are quickly trying to do a short sale so we can move on and be free of this ongoing nightmare with as minimal effect to our credit as possible. These are only the highlights - misapplied funds, junk fees, forced forbearance plans, premature notice of default (we're barely 30 days late!!) and outrageous increase of mortgage. This doesn't include the 2+hours of hold time, the stonewalling, intimidation I've encountered while talking on the phone with the representatives. Every month our statement is different, different fees, different totals of what is owed. No one will explain them to me and only highlight again and again what I need to do and pay or they will foreclose.We would definitely be interested in joining any class action lawsuit. HeatherScotts Valley, CaliforniaU.S.A.
We purchased our first home two years ago and our loan was quickly sold to Ocwen. Our original loan started at $2330/month, and two years later was increased 40%, an additional $865/month. In addition to an outrageously high, interest only payments we have encountered these practices with Ocwen:1. They misapplied one of our mortgage payments, crediting as an 'extra' payment to pay toward the principal instead of our standard mortgage payment for the month. 8 months later, out of the blue, they reversed this payment from our loan and said we were delinquent. After many, many hours and letters to the research department they finally credited the payment back, but took out a chunk of it in fees, first, so that it was no longer good as a full payment and got locked into an escrow account as a partial payment while they continued to report us late on our payment - for their accounting error. 2. We were forced into a forbearance plan while we 'sorted all this out' being told that the alternative was to go into foreclosure - for their accounting error. We agreed to the forbearance plan under the condition that it would be reversed as soon as the error was cleared up. It never was because they took so much in fees out of the 'credited back payment' that it was useless.3. Our forbearance plan expired in October of 2007 and we paid it off in full every month and on time. We were automatically signed up for another forbearance plan to pay for property taxes. We were never even notified, much less asked for the second forbearance plan. They simply did it. I had to call to find out why we were suddenly being asked to pay so much more per month.4. We have been charged thousands of dollars in absolutely junk fees. 5. Most currently and importantly - we have just been served a notice of default when we are only 30 days late. I have one letter here from Ocwen dated December 6th, 2007 which says it is a 'friendly reminder' that the current payment for December has not yet been received. I have here also the certified notice of default dated January 3rd, 2008 - less than one month later. What has happened in the meantime is that I contacted Ocwen about modifying our loan back to it's original terms because the increase of $865/month is just too much for us. They were not willing to accommodate a modification and responded to our last inquiry with the notice of default and apparent fast trak to take our home. We are quickly trying to do a short sale so we can move on and be free of this ongoing nightmare with as minimal effect to our credit as possible. These are only the highlights - misapplied funds, junk fees, forced forbearance plans, premature notice of default (we're barely 30 days late!!) and outrageous increase of mortgage. This doesn't include the 2+hours of hold time, the stonewalling, intimidation I've encountered while talking on the phone with the representatives. Every month our statement is different, different fees, different totals of what is owed. No one will explain them to me and only highlight again and again what I need to do and pay or they will foreclose.We would definitely be interested in joining any class action lawsuit. HeatherScotts Valley, CaliforniaU.S.A.
Tuesday, January 15, 2008
Ocwen Loan Servicing, LLC Trying to collect on alleged debt that is over 17 years old Kennesaw Georgia
From: http://www.ripoffreport.com/reports/0/299/RipOff0299967.htm
This is getting to be a nightmare. Ocwen is trying to collect on an alleged debt that is over 17 years old. They bought this from another company named Asset Acceptance Llc, which I wrote and told them to leave us alone because the debt was bogus. Now, three years later, this Ocwen company is trying to do the same thing. I have written to Ocwen and told them that I dispute this debt. I want them to validate it and send me the name and the address of the original creditor, who by the way has been our of existence for at least ten years. How long can a company try to collect on a past debt? I thought that the Fair Credit Reporting Act gave you a second chance?RoxymomRumford, MaineU.S.A.
This is getting to be a nightmare. Ocwen is trying to collect on an alleged debt that is over 17 years old. They bought this from another company named Asset Acceptance Llc, which I wrote and told them to leave us alone because the debt was bogus. Now, three years later, this Ocwen company is trying to do the same thing. I have written to Ocwen and told them that I dispute this debt. I want them to validate it and send me the name and the address of the original creditor, who by the way has been our of existence for at least ten years. How long can a company try to collect on a past debt? I thought that the Fair Credit Reporting Act gave you a second chance?RoxymomRumford, MaineU.S.A.
Sunday, January 13, 2008
Ocwen Federal Bank will not give updated payoffs to our title company for our refinance! We closed 8 days ago! Orlando Florida
From: http://www.ripoffreport.com/reports/0/299/RipOff0299015.htm
My husband and I are refinancing an investment property we own. Our title officer contacted Ocwen to get our updated payoffs so he could give us correct closing information. They told him that it would be 4 business days, which gave us plenty of time to close, supposedly receive the payoffs, and then fund. We closed 8 days ago and the title officer still has not received the payoffs from them despite the fact that he has called them 5 times. Each time he is told the same thing, which is that there is nothing they can do about it, that it takes 4 days, but if I wanted I could go on-line and request it, which would cost $20 per payoff and it would still take 4 days! The title officer finally got ahold of a manager (who had an Indian accent) who told him the same thing, apologized for things slipping through the cracks and said he would send the payoffs immediately. 2 hours later he still did not have them. He called back and asked for the same manager who told him that it had been sent so he didn't see what the problem was. The manager said he would try again but it might take until the next business day to go through. That was 2 days ago! We finally told the title officer to go ahead and fund because we were paying interest daily on Ocwen's failure to perform, and we are just praying now that we get all of our money that was overpaid to them back. Their guidelines say that we have to be refunded any overage of escrow within 15 days and any overage in payment within 30 days. We will see if that happens.The kicker to this is that I have been a full-time loan officer for over 3 years and I have Never seen a lender not send a payoff in a timely manner. Never. In my opinion, they are holding on to our money in order to get interest on it, which isn't a big deal if it is just one loan, but if they do this to everyone, we are talking astromonical amounts of money. It is a big deal to us because this is our money. We did everything we were supposed to do but we are still being penalized.RoshanPleasant Grove, UtahU.S.A.
My husband and I are refinancing an investment property we own. Our title officer contacted Ocwen to get our updated payoffs so he could give us correct closing information. They told him that it would be 4 business days, which gave us plenty of time to close, supposedly receive the payoffs, and then fund. We closed 8 days ago and the title officer still has not received the payoffs from them despite the fact that he has called them 5 times. Each time he is told the same thing, which is that there is nothing they can do about it, that it takes 4 days, but if I wanted I could go on-line and request it, which would cost $20 per payoff and it would still take 4 days! The title officer finally got ahold of a manager (who had an Indian accent) who told him the same thing, apologized for things slipping through the cracks and said he would send the payoffs immediately. 2 hours later he still did not have them. He called back and asked for the same manager who told him that it had been sent so he didn't see what the problem was. The manager said he would try again but it might take until the next business day to go through. That was 2 days ago! We finally told the title officer to go ahead and fund because we were paying interest daily on Ocwen's failure to perform, and we are just praying now that we get all of our money that was overpaid to them back. Their guidelines say that we have to be refunded any overage of escrow within 15 days and any overage in payment within 30 days. We will see if that happens.The kicker to this is that I have been a full-time loan officer for over 3 years and I have Never seen a lender not send a payoff in a timely manner. Never. In my opinion, they are holding on to our money in order to get interest on it, which isn't a big deal if it is just one loan, but if they do this to everyone, we are talking astromonical amounts of money. It is a big deal to us because this is our money. We did everything we were supposed to do but we are still being penalized.RoshanPleasant Grove, UtahU.S.A.
OCWEN Mortgage Company Everytime I call I get another loan expert who advises me differently
OCWEN Mortgage Company Everytime I call I get another loan expert who advises me differently.I finally called and requested an appointment stating I would drive the10 hour required to try to resolve issues. Orlando Florida
*UPDATE *UPDATE ..Wrong ABA number for Ocwen. Called to get a correct one after the bank tried to process. FYI Ocwen's new name is ABA -not really
From: http://www.ripoffreport.com/reports/0/294/RipOff0294230.htm
My note was sold to OCWEN Mortgage Company. !) they allege I am not current in my payments. Finally I saw an attorney who got me a copy of my payment history. The bank called me and is getting copies of checks front and back. Hopefully I will have them next week. 2) I called and asked to meet personally one-on-one with them the end of November. they did not show me the courtesy of a call. This means I would have driven 10 hours to keep the appt. but I was willing in order to resolve the mess! 3) When one calls one gets an international who hardly speaks English making it impossible to communicate. 4) I am told by one loan specialist, we will give you a forbearance; how, much can you give us? Not what is rquired. 5) I speak to another loan specialist he states i can't afford a forbearance and there is no need. Just pay by the 14th of the month. when I ask for something in writing I can't get it. 5) The company who sold my contract to OWCEN failed to include taxes (escrow) in my note. One loan specialist tells me they will create an Escrow account. 6) speak to another specialist. He refused to do it because I am not current in my payments. 7) each time one speaks to the company there is another story; another twist - I don't believe them and don't trust themif they reposess my home, they will get $112,000.00 that I put down on it. That is what I call a 'steal' and that is what OCWEN is all about. Their voice mail is to the point of rediculous; they keep you on hold 45 minutes to one hours and then one gets not where with them. They are a terrible company and should be put out of business or investigaged by the proper authorities!What gets me is that they are getting away with it!The U.S. Government is investigating frudulaent, questionable conducts of mortgage companys and financers. Is there is anyone that I can be write to requesting an investigation of OCWEN and their bad possibly bad business practices, lack of knowledgeable personnel and 'their refusal to meet with me one on one' as I requested.In order to pay my taxes current and to bring the 'alleged' back payments up-to-day I am borrowin from my retirement, and You know what, OCWEN does not care.They should be put out of business and should definetely be investigated.I hope other OCWEN customers will add their name to the list - if enough do, something will have to be done.LoisWoodbridge, VirginiaU.S.A.
*UPDATE *UPDATE ..Wrong ABA number for Ocwen. Called to get a correct one after the bank tried to process. FYI Ocwen's new name is ABA -not really
From: http://www.ripoffreport.com/reports/0/294/RipOff0294230.htm
My note was sold to OCWEN Mortgage Company. !) they allege I am not current in my payments. Finally I saw an attorney who got me a copy of my payment history. The bank called me and is getting copies of checks front and back. Hopefully I will have them next week. 2) I called and asked to meet personally one-on-one with them the end of November. they did not show me the courtesy of a call. This means I would have driven 10 hours to keep the appt. but I was willing in order to resolve the mess! 3) When one calls one gets an international who hardly speaks English making it impossible to communicate. 4) I am told by one loan specialist, we will give you a forbearance; how, much can you give us? Not what is rquired. 5) I speak to another loan specialist he states i can't afford a forbearance and there is no need. Just pay by the 14th of the month. when I ask for something in writing I can't get it. 5) The company who sold my contract to OWCEN failed to include taxes (escrow) in my note. One loan specialist tells me they will create an Escrow account. 6) speak to another specialist. He refused to do it because I am not current in my payments. 7) each time one speaks to the company there is another story; another twist - I don't believe them and don't trust themif they reposess my home, they will get $112,000.00 that I put down on it. That is what I call a 'steal' and that is what OCWEN is all about. Their voice mail is to the point of rediculous; they keep you on hold 45 minutes to one hours and then one gets not where with them. They are a terrible company and should be put out of business or investigaged by the proper authorities!What gets me is that they are getting away with it!The U.S. Government is investigating frudulaent, questionable conducts of mortgage companys and financers. Is there is anyone that I can be write to requesting an investigation of OCWEN and their bad possibly bad business practices, lack of knowledgeable personnel and 'their refusal to meet with me one on one' as I requested.In order to pay my taxes current and to bring the 'alleged' back payments up-to-day I am borrowin from my retirement, and You know what, OCWEN does not care.They should be put out of business and should definetely be investigated.I hope other OCWEN customers will add their name to the list - if enough do, something will have to be done.LoisWoodbridge, VirginiaU.S.A.
Thursday, January 10, 2008
Ocwen Mortgage Service Deceived by Ocwen Orlando Florida
From:http://www.ripoffreport.com/reports/0/298/RipOff0298379.htm
My friend just lost her home because of lies from ocwen. My friend is 67 years old and lived in her home for 55 years. she had got a loan on her home to pay medical bills. one year later she was in a car wreck which was not her fault. my friend was still working and not retired. she was injured and could not work. well it took 5 months to get any kind of income coming in from disability and one year before the insurance company settled wit her about the wreck. in that period of time she fell behind on her home loan.
she explained to ocwen the problem in september that the insurance company would pay her in december.she was 2 month behind then.she was told that would be ok. but ocwen had already started to forclose on her property. she found this out after she was evicted from her home on december 28 the same day she received her money from the insurance company..she received a letter from the court that her home was going to be foreclosed on so she call ocwen they told her to ignore the letter that everything is ok, well that was a bold face lie. my friend would have went to court to explain her problem but ocwen deceived her and told her not to go.
this is a bad company and something needs to be done. i am trying to help her the best way i can.this was not a fancy home it was just a plain home and needed some repairs my friend has no family she has lost her husband and only son in the last 5 years.she is just a country woman that dont understand all those legal words. she needs help.
Thomas499kings mt, North CarolinaU.S.A.
My friend just lost her home because of lies from ocwen. My friend is 67 years old and lived in her home for 55 years. she had got a loan on her home to pay medical bills. one year later she was in a car wreck which was not her fault. my friend was still working and not retired. she was injured and could not work. well it took 5 months to get any kind of income coming in from disability and one year before the insurance company settled wit her about the wreck. in that period of time she fell behind on her home loan.
she explained to ocwen the problem in september that the insurance company would pay her in december.she was 2 month behind then.she was told that would be ok. but ocwen had already started to forclose on her property. she found this out after she was evicted from her home on december 28 the same day she received her money from the insurance company..she received a letter from the court that her home was going to be foreclosed on so she call ocwen they told her to ignore the letter that everything is ok, well that was a bold face lie. my friend would have went to court to explain her problem but ocwen deceived her and told her not to go.
this is a bad company and something needs to be done. i am trying to help her the best way i can.this was not a fancy home it was just a plain home and needed some repairs my friend has no family she has lost her husband and only son in the last 5 years.she is just a country woman that dont understand all those legal words. she needs help.
Thomas499kings mt, North CarolinaU.S.A.
Monday, January 7, 2008
OCWEN Aukland OCWEN Aukland in violation of FCRA FCDPA Privacy laws Aukland Florida
From: http://www.ripoffreport.com/reports/0/297/RipOff0297842.htm
I have been receiving collection phone calls from OCWEN Aukland they are stating I owe HSBC Platinum investments 500 plus dollars. I checked my credit report and there is nothing on this report that would indicate this debt owed I stated twice the confirmation number and told them to write me no call also my phone number is registered in my wife's name ( foreign immigrant)This has been going on for 2-3 months I have demanded they write me not call me they refuse and I demanded they appear in U.S. Federal court they refuse. I demanded OCWEN Auklands physical address they refuse. This company violates Privacy FCRA FCDPA they even laugh at those laws who gave them a ticket to do whatever they please ?? their number is 1-866-218-3885 also beaware they use different names same voice they also state they are from Aukland Flordia Orlando Flordia and INDIA I have a wonderful suggestion how about the Attorney General of Flordia shut these people down and charge them for MAFIA related activitiesMr. XXXXXXXXHague, WashingtonNetherlands
I have been receiving collection phone calls from OCWEN Aukland they are stating I owe HSBC Platinum investments 500 plus dollars. I checked my credit report and there is nothing on this report that would indicate this debt owed I stated twice the confirmation number and told them to write me no call also my phone number is registered in my wife's name ( foreign immigrant)This has been going on for 2-3 months I have demanded they write me not call me they refuse and I demanded they appear in U.S. Federal court they refuse. I demanded OCWEN Auklands physical address they refuse. This company violates Privacy FCRA FCDPA they even laugh at those laws who gave them a ticket to do whatever they please ?? their number is 1-866-218-3885 also beaware they use different names same voice they also state they are from Aukland Flordia Orlando Flordia and INDIA I have a wonderful suggestion how about the Attorney General of Flordia shut these people down and charge them for MAFIA related activitiesMr. XXXXXXXXHague, WashingtonNetherlands
Ocwen Loan Servicing Won't work with me to refi or lower my payments in any way - just keep on hammering that I owe this months payment
From: http://www.ripoffreport.com/reports/0/297/RipOff0297898.htm
Ocwen will not work with me to refi or lower my payments - they keep promising that they will send paperwork but never do and soon I will fall behind on my payments but they don;t seem to care if they have to foreclose or not - they just keep hammering that they need a payment now!They are rude and not willing to work with anyone. What can I do to at least have them listen to me and try to work out a payment plan so that I can keep my home?CharCrystal Lake, IllinoisU.S.A.
Ocwen will not work with me to refi or lower my payments - they keep promising that they will send paperwork but never do and soon I will fall behind on my payments but they don;t seem to care if they have to foreclose or not - they just keep hammering that they need a payment now!They are rude and not willing to work with anyone. What can I do to at least have them listen to me and try to work out a payment plan so that I can keep my home?CharCrystal Lake, IllinoisU.S.A.
Ocwen Loan Servicing got on to make a payment and found out iam not alone Orlando Florida
From: http://www.ripoffreport.com/reports/0/297/RipOff0297742.htm
I was on the phone for an hour an half trying to get though to make a payment to ocwen and was not able to so i got on the computer to try to do it that way and that is when i came across this great web to let me know iam not alone.I AM TRULY SORRY TO ALL OF THEESE FAMILY OUT THERE THAT OCWEN HAS DONE THIS TOO. BUT IAM ALSO GLAD TO SEE IAM NOT ALONE.They will call my house and i think oh good someone is calling i can actully get to talk to someone to find out it is just a record telling me to call them. And i have tryed to call them many many times there is always a wait along wait 1 hour or longer the one time i tryed to call my wait time was over 1 million minutes (no lie )now how is that possible. to get into the fee they have charge to stop the foreclouse on my home .i wont know where to begain my huband and i have owed our home for 12years with no problem ,unit we refinced to try and save a few buck with first federal mortgages and they sold it what ever they do to ocwen. Iam actully getting sick trying to writing but i would to love to get with carl on this class act law suitBilliecumberland, MarylandU.S.A.
I was on the phone for an hour an half trying to get though to make a payment to ocwen and was not able to so i got on the computer to try to do it that way and that is when i came across this great web to let me know iam not alone.I AM TRULY SORRY TO ALL OF THEESE FAMILY OUT THERE THAT OCWEN HAS DONE THIS TOO. BUT IAM ALSO GLAD TO SEE IAM NOT ALONE.They will call my house and i think oh good someone is calling i can actully get to talk to someone to find out it is just a record telling me to call them. And i have tryed to call them many many times there is always a wait along wait 1 hour or longer the one time i tryed to call my wait time was over 1 million minutes (no lie )now how is that possible. to get into the fee they have charge to stop the foreclouse on my home .i wont know where to begain my huband and i have owed our home for 12years with no problem ,unit we refinced to try and save a few buck with first federal mortgages and they sold it what ever they do to ocwen. Iam actully getting sick trying to writing but i would to love to get with carl on this class act law suitBilliecumberland, MarylandU.S.A.
Sunday, January 6, 2008
Ocwen Loan Servicing unexplained bogus fees i didn't sign up for, loosing pmts always saying im late, increase mortgage pmt on a fixed
From: http://www.ripoffreport.com/reports/0/297/RipOff0297464.htm
Ocwen Loan Servicing unexplained bogus fees i didn't sign up for, loosing pmts always saying im late, increase mortgage pmt on a fixed rate loan Orlando Florida
Hi , I have been dealing with Ocwen for about 7 years and it has been hard in 2002 I had to file chapter thirteen but Ocwen was not under the chapter 13. I paid ocwen outside my chapter 13. i started receiving statements saying i owed them 1600.00 for payments not made i made the payments but at that time I had misplaced my Western Union receipt for my proof ( I know my fault) but i ended up adding the 1600.00 dollars on to my chapter 13 to keep them from foreclosing on my house. I made my chapt.13 pmts the were drafted from my pay check every payday. My attorney then informs me that ocwen sent in a petition and added a extra 800.00 more dollars I asked questions I attorney tried to contact them but of course they used the law against me to protect them they refused to talk or give any info pretaining to my account as long as i was under chapt.13. Now I have since been discharged for chapt.13 now ocwen has added alot of bogus charges such as Ocwen financial insider, foreclosure fees. Now I have been making my pmt on time i still use western union but i keep all my receipts now they have sent me a letter statting i am past dueas 12/21/07 3071.24. i don't know how thats possible but i know this company isn't right. if there anybody out there that can help me please come forward.Nikkimacon ga, GeorgiaU.S.A.
Ocwen Loan Servicing unexplained bogus fees i didn't sign up for, loosing pmts always saying im late, increase mortgage pmt on a fixed rate loan Orlando Florida
Hi , I have been dealing with Ocwen for about 7 years and it has been hard in 2002 I had to file chapter thirteen but Ocwen was not under the chapter 13. I paid ocwen outside my chapter 13. i started receiving statements saying i owed them 1600.00 for payments not made i made the payments but at that time I had misplaced my Western Union receipt for my proof ( I know my fault) but i ended up adding the 1600.00 dollars on to my chapter 13 to keep them from foreclosing on my house. I made my chapt.13 pmts the were drafted from my pay check every payday. My attorney then informs me that ocwen sent in a petition and added a extra 800.00 more dollars I asked questions I attorney tried to contact them but of course they used the law against me to protect them they refused to talk or give any info pretaining to my account as long as i was under chapt.13. Now I have since been discharged for chapt.13 now ocwen has added alot of bogus charges such as Ocwen financial insider, foreclosure fees. Now I have been making my pmt on time i still use western union but i keep all my receipts now they have sent me a letter statting i am past dueas 12/21/07 3071.24. i don't know how thats possible but i know this company isn't right. if there anybody out there that can help me please come forward.Nikkimacon ga, GeorgiaU.S.A.
Ocwen Loan Servicing, New Century Mortgage, Deutche Bank entered on time cash payments late, racking up late fees and lawyer fees
From:
Ocwen Loan Servicing, New Century Mortgage, Deutche Bank entered on time cash payments late, racking up late fees and lawyer fees, refused payments causing even more late fees, then filed foreclosure papers with the court system in my county and TRIED TO TAKE MY HOME!!!! Orlando Florida
Ocwen Loan Servicing is the company handling my home loan. Since the loan was handed to Ocwen by New Century Mortgage, I've had nothing but problems. On time cash payments were repeatedly entered late resulting late fees , many payments were even rejected, resulting in even more late fees and now lawyer fees. When I attempted to reach Ocwen and tell them I wanted to become current on my home loan , I was told 'we can give you a 'forebarence agreement'. This agreement still did not make my mortgage current. As time went on Ocwen was harder and harder to reach. When they were reached i was told to send different amounts by a couple of different people.The billing statements kept coming some reflecting payments, some not. Now my credit is completely ruined. But thats not all. After all the underhanded and probably illegal collection practices , they went to the courthouse in my county, filed foreclosure papers , and are currently trying to TAKE MY HOME !!! Yes you read correctly. I have the cash to remedy my situation , they will not take my money and have filed papers to take my home. Anyone who has been taken by this company , please come forward. I'm fully interested in filling a class-action lawsuit immediately. thank you. All my statements are true, so help me God.HadbyocwenHawthorne, New JerseyU.S.A.
Ocwen Loan Servicing, New Century Mortgage, Deutche Bank entered on time cash payments late, racking up late fees and lawyer fees, refused payments causing even more late fees, then filed foreclosure papers with the court system in my county and TRIED TO TAKE MY HOME!!!! Orlando Florida
Ocwen Loan Servicing is the company handling my home loan. Since the loan was handed to Ocwen by New Century Mortgage, I've had nothing but problems. On time cash payments were repeatedly entered late resulting late fees , many payments were even rejected, resulting in even more late fees and now lawyer fees. When I attempted to reach Ocwen and tell them I wanted to become current on my home loan , I was told 'we can give you a 'forebarence agreement'. This agreement still did not make my mortgage current. As time went on Ocwen was harder and harder to reach. When they were reached i was told to send different amounts by a couple of different people.The billing statements kept coming some reflecting payments, some not. Now my credit is completely ruined. But thats not all. After all the underhanded and probably illegal collection practices , they went to the courthouse in my county, filed foreclosure papers , and are currently trying to TAKE MY HOME !!! Yes you read correctly. I have the cash to remedy my situation , they will not take my money and have filed papers to take my home. Anyone who has been taken by this company , please come forward. I'm fully interested in filling a class-action lawsuit immediately. thank you. All my statements are true, so help me God.HadbyocwenHawthorne, New JerseyU.S.A.
Saturday, January 5, 2008
Ocwen Loan Servicing LLC Unlawful Business Practice in thier Loan Servicing Orlando Florida
From: http://www.ripoffreport.com/reports/0/297/RipOff0297310.htm
My 80/20 mortgage was sold to Ocwen after we bought our house. I missed a couple of payments (2) due to my wife being laid off and agreed to go into a forebearance agreement. I was forced into having an escrow with them, and since then, they cannot even get their accounting right. I wrote a certified letter asking for a complete Validation of Accounting on my account. They have illegally paid an insurance company I did not authorize, and paid my taxes and new insurance and are trying to charge me the entire thing in one month. In November they say I owe $7,000 and now it's $8,000, and again it's back to $7,500. I find out in they have sold my mortgage and WILL NOT tell me who owns it, just that they service the notes. Everything they have done is illegal. I am retired on permanant disability and cannot afford a attorney. Now, they inform me I have till the 27th to pay $7,600 or they will foreclose.They have for months, sent statements to me and so far, have grossed up the amounts owed in letters sent, but I go onto the website, pull up my account and the statements are what I have. You cannot get them on the phone as you are put on hold and told it will be 99 to 105 minutes. I could use some help. Is there a classs action suit against them in Texas?GaryHaslet, TexasU.S.A.
My 80/20 mortgage was sold to Ocwen after we bought our house. I missed a couple of payments (2) due to my wife being laid off and agreed to go into a forebearance agreement. I was forced into having an escrow with them, and since then, they cannot even get their accounting right. I wrote a certified letter asking for a complete Validation of Accounting on my account. They have illegally paid an insurance company I did not authorize, and paid my taxes and new insurance and are trying to charge me the entire thing in one month. In November they say I owe $7,000 and now it's $8,000, and again it's back to $7,500. I find out in they have sold my mortgage and WILL NOT tell me who owns it, just that they service the notes. Everything they have done is illegal. I am retired on permanant disability and cannot afford a attorney. Now, they inform me I have till the 27th to pay $7,600 or they will foreclose.They have for months, sent statements to me and so far, have grossed up the amounts owed in letters sent, but I go onto the website, pull up my account and the statements are what I have. You cannot get them on the phone as you are put on hold and told it will be 99 to 105 minutes. I could use some help. Is there a classs action suit against them in Texas?GaryHaslet, TexasU.S.A.
Ocwen Mortgage refused payments, charged multitude fo fees totaling $1000,s tried to force forclosure 3 times Orlando Florida, California
From: http://www.ripoffreport.com/reports/0/297/RipOff0297232.htm
I filed chapter 13 in 2001 from divorce, ocwen refused payment so my bankruptcy attorney Gardner Law firm set up to make payment 4 times and had to go to the judge to get them to accept payment.Ocwen began charging me many different kinds of fee's for bankruptcy, legal ,several property inspection and maint. totaling several thousand dollars.On three occaisions they refused payment untill I paid fees, charged me late fee,s and payments I did not owe to force forclosure. I was told on several by different individuals that they intended to forclose on me because I had a lot of equity and they would do what ever they could to do this.In Dec of 2003 I wired them before 5:00 them aprox. $8600.00 (4 payments they refused and 2 payments I did not owe so as to include all fee's due to date). I did not have to make payment until Feb.of 2004 due to overpayment. March of 2004 they refused payent as I owed $1700. in fees, I started to seek refinancing, they told me they would and did do what they could to ruin refinancing, and started forclosureTo this day they are holding a payoff check, they paid taxes after being told they were already paid and charged $12,000. for fees again. I have conflicting information from them and hard copies of almost everything I have listed. I have witnesses 2 attorney's and 2+ mortgage co's that can verify how hard it is to deal with them, they disconect you eveytime you call and give you false information, put you on hold for 30 mins. or more. I have more information available and names and phone numbers if needed. also these individuals will write statments as to the fact.Rogerlong beach, MississippiU.S.A.
I filed chapter 13 in 2001 from divorce, ocwen refused payment so my bankruptcy attorney Gardner Law firm set up to make payment 4 times and had to go to the judge to get them to accept payment.Ocwen began charging me many different kinds of fee's for bankruptcy, legal ,several property inspection and maint. totaling several thousand dollars.On three occaisions they refused payment untill I paid fees, charged me late fee,s and payments I did not owe to force forclosure. I was told on several by different individuals that they intended to forclose on me because I had a lot of equity and they would do what ever they could to do this.In Dec of 2003 I wired them before 5:00 them aprox. $8600.00 (4 payments they refused and 2 payments I did not owe so as to include all fee's due to date). I did not have to make payment until Feb.of 2004 due to overpayment. March of 2004 they refused payent as I owed $1700. in fees, I started to seek refinancing, they told me they would and did do what they could to ruin refinancing, and started forclosureTo this day they are holding a payoff check, they paid taxes after being told they were already paid and charged $12,000. for fees again. I have conflicting information from them and hard copies of almost everything I have listed. I have witnesses 2 attorney's and 2+ mortgage co's that can verify how hard it is to deal with them, they disconect you eveytime you call and give you false information, put you on hold for 30 mins. or more. I have more information available and names and phone numbers if needed. also these individuals will write statments as to the fact.Rogerlong beach, MississippiU.S.A.
Friday, January 4, 2008
Ocwen Loan Servicing ocwen helps get you deeper into financial trouble. they call it a forebearance plan Orlando Florida
From: http://www.ripoffreport.com/reports/0/296/RipOff0296936.htm
last year we signed a forebearance agreement to avoid foreclosure. our payments went up $200. we paid every single month on time, though often they didn't deposit our checks until the day after the grace period. creating a late fee. though we contacted them thier response was 'send you payment earlier.' what if we didn't have the money in the bank earlier and by some miriacle they made a swift deposit. then we pay a late fee and an overdraft fee.and you are charged an insuffecient funds fee by them. our complaint is, after a year of payments we recieved a huge tax bill with notice of intent to sell our property. ( from the state). we notified ocwen to find out what it would take to pay off the forebearance and all fees and escrow deficits. we were informed that we were 3 months behind and it would take about $14,000 to get us back on an even keel and get our payments reduced to the original payment. our monthly bill never reflected any info about this. an unhelpful sarcastic foriegner at ocwens customer service informed me we were only making forebearance payments and were still behind. asking what months we were behind she said, oct., nov., and dec., 2007... what? the past 3 mos. which we paid and she agreed we paid, but claims we only paid the forebearance.. the same amt. we'd paid every mo. for a year but for some reason the rules changed in oct. the amt. of the original forebearance was $8000. after 1 year we owe $14,000. the more we pay, the more we owe. we only owe 13 years on the house, but it isn't worth trying to save at this point. we didn't choose ocwen, our loan was sold to them when our original company filed bankruptcy. they inherited our insurance dept. and a $12,000 insurance settlement due us after hurricane francis was lost in the shuffle. we still had to pay the premiums to ocwen. no one knows where the insurance money went. why can't our gov. regulate these thieves and protect us. if ocwen offers you a forebearance agreement to save your home, get a lawyer first. it hasn't helped us.we struggled for a year when thier intention was always to get more money and the house in the end. well, the jokes on them.. remember that hurricane?Edwardlakeland, FloridaU.S.A.
last year we signed a forebearance agreement to avoid foreclosure. our payments went up $200. we paid every single month on time, though often they didn't deposit our checks until the day after the grace period. creating a late fee. though we contacted them thier response was 'send you payment earlier.' what if we didn't have the money in the bank earlier and by some miriacle they made a swift deposit. then we pay a late fee and an overdraft fee.and you are charged an insuffecient funds fee by them. our complaint is, after a year of payments we recieved a huge tax bill with notice of intent to sell our property. ( from the state). we notified ocwen to find out what it would take to pay off the forebearance and all fees and escrow deficits. we were informed that we were 3 months behind and it would take about $14,000 to get us back on an even keel and get our payments reduced to the original payment. our monthly bill never reflected any info about this. an unhelpful sarcastic foriegner at ocwens customer service informed me we were only making forebearance payments and were still behind. asking what months we were behind she said, oct., nov., and dec., 2007... what? the past 3 mos. which we paid and she agreed we paid, but claims we only paid the forebearance.. the same amt. we'd paid every mo. for a year but for some reason the rules changed in oct. the amt. of the original forebearance was $8000. after 1 year we owe $14,000. the more we pay, the more we owe. we only owe 13 years on the house, but it isn't worth trying to save at this point. we didn't choose ocwen, our loan was sold to them when our original company filed bankruptcy. they inherited our insurance dept. and a $12,000 insurance settlement due us after hurricane francis was lost in the shuffle. we still had to pay the premiums to ocwen. no one knows where the insurance money went. why can't our gov. regulate these thieves and protect us. if ocwen offers you a forebearance agreement to save your home, get a lawyer first. it hasn't helped us.we struggled for a year when thier intention was always to get more money and the house in the end. well, the jokes on them.. remember that hurricane?Edwardlakeland, FloridaU.S.A.
Ocwen Loan Servicing These people are a nightmare. I actually declared Chapter 12 to force them to lower my mortgage interest rate.
Ocwen Loan Servicing These people are a nightmare. I actually declared Chapter 12 to force them to lower my mortgage interest rate. They have not complied with the bankruptcy order even though I have made all of my payments on time. They applied one of my payments to bogus fees and are intentionally reporting me late to the credit bureaus. This has made it impossible for me to refinance. ate Orlando Florida
From: http://www.ripoffreport.com/reports/0/297/RipOff0297071.htm
Ocwen bought my mortgage from Metwest and trouble began. I had a high mortgage interest rate and tried to negotiate a lower one with them. This was not possible so I had problems keeping up with the payments. Anything to do with Ocwen is grissly so I filed Chapter 12 to make them lower my mortgage interest rate. They were forced to lower the rate but did not comply with the bankruptcy order. I have made all of the new payments on time but they refused to recognize the stipulated order. I hired a lawyer to write them and send the info ordered by the court. This was one year later from the order and they had continued to report negative info to the credit bureaus even though I had made all of my new payments on time. They decided to update my account at my lawyers request and decided to apply one of my payments to some of their fabricated fees and bogus charges. So now this shows me to be late one payment. They continue to send negative info to the credit bureaus and have made it impossible for me to refinance. I contacted the ombudsman department and they were no help at all saying that what Ocwen was doing was justified. These people are criminal and they should not get away with it. So I have hired another lawyer who specializes in personal injury and consumer complaints to file a suit against Ocwen for all of the damages they have caused to me and my credit rating. I think the class action suit is warranted as Ocwen needs to be taken down or destroyed like the lives they continue to ruin with their arrogant greed.LesaTucumcari, New MexicoU.S.A.
From: http://www.ripoffreport.com/reports/0/297/RipOff0297071.htm
Ocwen bought my mortgage from Metwest and trouble began. I had a high mortgage interest rate and tried to negotiate a lower one with them. This was not possible so I had problems keeping up with the payments. Anything to do with Ocwen is grissly so I filed Chapter 12 to make them lower my mortgage interest rate. They were forced to lower the rate but did not comply with the bankruptcy order. I have made all of the new payments on time but they refused to recognize the stipulated order. I hired a lawyer to write them and send the info ordered by the court. This was one year later from the order and they had continued to report negative info to the credit bureaus even though I had made all of my new payments on time. They decided to update my account at my lawyers request and decided to apply one of my payments to some of their fabricated fees and bogus charges. So now this shows me to be late one payment. They continue to send negative info to the credit bureaus and have made it impossible for me to refinance. I contacted the ombudsman department and they were no help at all saying that what Ocwen was doing was justified. These people are criminal and they should not get away with it. So I have hired another lawyer who specializes in personal injury and consumer complaints to file a suit against Ocwen for all of the damages they have caused to me and my credit rating. I think the class action suit is warranted as Ocwen needs to be taken down or destroyed like the lives they continue to ruin with their arrogant greed.LesaTucumcari, New MexicoU.S.A.
Wednesday, January 2, 2008
OCWEN LOAN SERVICING, OCWEN BANK, NEW CENTURY MORTGAGE NEW CENTURY AND OCWEN HAVE SAME CROOKED OWNERS.. FYI West Palm Beach Florida
From: http://www.ripoffreport.com/reports/0/244/RipOff0244384.htm
I wanted to remind/make aware all that the recently shut down, FBI and SEC raided New Century Mortgage is the same bunch running Ocwen. The 'attorney in fact' for New Century is the vice President of ocwen. He signed for both companies during a crooked assignment, then sale, then fraudulant updated sale of my mortgage for BOTH companies. He sold the mortgage to himself...Hopefully Ocwen will meet the same fate soon. Though judging from the person you reach no matter what number you call, i think they have all moved to india. I SWEAR that when you ask for a supervisor, you are put on hold and the SAME person gets back on saying 'Hello, supervisor here.'gregBaltimore, MarylandU.S.A.
I wanted to remind/make aware all that the recently shut down, FBI and SEC raided New Century Mortgage is the same bunch running Ocwen. The 'attorney in fact' for New Century is the vice President of ocwen. He signed for both companies during a crooked assignment, then sale, then fraudulant updated sale of my mortgage for BOTH companies. He sold the mortgage to himself...Hopefully Ocwen will meet the same fate soon. Though judging from the person you reach no matter what number you call, i think they have all moved to india. I SWEAR that when you ask for a supervisor, you are put on hold and the SAME person gets back on saying 'Hello, supervisor here.'gregBaltimore, MarylandU.S.A.
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