From: http://www.ripoffreport.com/reports/0/312/RipOff0312883.htm
I contacted the company to get a payoff quote in order to refinance and i was given an inflated amount of over $9,000.00 OVER the current balance being $2,300.00 of PREPAYMENT PENALTY. Then the next day I received a Loan modification document with a cover letter threatening to ruin my credit and foreclosure if i didnt pay 5200. escrow shortage .They had acquired forced insurance and placed flood insurance where i did not require one and without notifying me were intending to use this charge to demand immediate payment or ruin my credit.
During the following days i have tried to have them reverse those charges by PROVING them of my existing insurance and they claim that they have received nothing even though i have proof of receipt of faxed documents.During the life og this loan I have NEVER PAID late not even once.
Maria Alicia medinaastoria, New YorkU.S.A.
Thursday, February 28, 2008
Wednesday, February 27, 2008
OCWEN LOAN SERVICING LLC, OCWEN FINANCIAL FRAUDULANT CHARGES, RIPOFF, WON'T RETURN MONIES, OR COMMUNICATE, 2ND GO AROUND IN FORBEARANCE Orlando
From: http://www.ripoffreport.com/reports/0/312/RipOff0312663.htm
I am 53 years old female who remodeled a bath in 03 and took a 2500.00 loan and refinanced my house. 1 year later, it was sold to Ocwen Financial. Payments were stable one year, then went up every 3 months. Then they put me in a flood zone, charged me $616.00 a year. Then i was sick and needed a liver transplant to live. I fell behind going on the 3rd payment but was after transplant. Husband wasn't working and my disability check was feeding us. I had repeatedly called Ocwen told them I am not in a flood zone. They said fax us the report from your surveyor. I did and he said the same 'she is not in a flood zone'. This went on 2 years. They charged another $616.00. Then i was told if you are not in a flood zone have FEMA remove it and we will give your money back. That was 2006. Still no money and i have called and called. I had a 11.678% rate and a they said you must pay today $820.00 and we will fax papers and you sign them or we will take your house. So i did this, cashier's check and all. Scared to death i would loose my home. This was Jan.06. They said the 'forebearance plan' would resolve all issues. BUT they don't tell you, when you pay on time, they still report you late. UNFAIR...so unfair. THEY don't tell you anything. I paid over 3000.00 more than what was behind and due and owing and they now say i owe 5300.00 and i need another 'forbearance plan' modification. I was told on Feb 8th, my down payment would be $790.00 and my monthly payment would be $363.45. I never received any papers, said it was restructured and it would be for fixed rate of 6%. NO PAPERS NOTHING came and i called on Feb. 8th(original call) then no papers so i called again Feb 11, 15, and today 27th and a new story of no no who told you that. It is not approved. They now have 1880.12 of my money setting in escrow and they won't let me have it. THey keep telling me you must contact the Escrow dept and have it re-evaluated. Well it has been done by fax, on the phone and certified mail since August of last year and still no money. RIPOFF.I need an attorney that will help me. Is there anyone or others that need an attorney to HIT OCWEN in the pocketbook. Other people have won several millions, but us little poor people don't have the funds. WHO ELSE HAS OCWEN RIPPED OFF? Let me know. Would love to hear your story.
Lickcreeker1
Paoli, IndianaU.S.A
I am 53 years old female who remodeled a bath in 03 and took a 2500.00 loan and refinanced my house. 1 year later, it was sold to Ocwen Financial. Payments were stable one year, then went up every 3 months. Then they put me in a flood zone, charged me $616.00 a year. Then i was sick and needed a liver transplant to live. I fell behind going on the 3rd payment but was after transplant. Husband wasn't working and my disability check was feeding us. I had repeatedly called Ocwen told them I am not in a flood zone. They said fax us the report from your surveyor. I did and he said the same 'she is not in a flood zone'. This went on 2 years. They charged another $616.00. Then i was told if you are not in a flood zone have FEMA remove it and we will give your money back. That was 2006. Still no money and i have called and called. I had a 11.678% rate and a they said you must pay today $820.00 and we will fax papers and you sign them or we will take your house. So i did this, cashier's check and all. Scared to death i would loose my home. This was Jan.06. They said the 'forebearance plan' would resolve all issues. BUT they don't tell you, when you pay on time, they still report you late. UNFAIR...so unfair. THEY don't tell you anything. I paid over 3000.00 more than what was behind and due and owing and they now say i owe 5300.00 and i need another 'forbearance plan' modification. I was told on Feb 8th, my down payment would be $790.00 and my monthly payment would be $363.45. I never received any papers, said it was restructured and it would be for fixed rate of 6%. NO PAPERS NOTHING came and i called on Feb. 8th(original call) then no papers so i called again Feb 11, 15, and today 27th and a new story of no no who told you that. It is not approved. They now have 1880.12 of my money setting in escrow and they won't let me have it. THey keep telling me you must contact the Escrow dept and have it re-evaluated. Well it has been done by fax, on the phone and certified mail since August of last year and still no money. RIPOFF.I need an attorney that will help me. Is there anyone or others that need an attorney to HIT OCWEN in the pocketbook. Other people have won several millions, but us little poor people don't have the funds. WHO ELSE HAS OCWEN RIPPED OFF? Let me know. Would love to hear your story.
Lickcreeker1
Paoli, IndianaU.S.A
Tuesday, February 26, 2008
Ocwen Loan Servicing Bank What you did in the dark OCWEN will show up in the light (i.e. Court). West Palm Beach Florida
From: http://www.ripoffreport.com/reports/0/312/RipOff0312761.htm
I have been fighting with OCWEN for the last two years since my loan was sold in 2005. I have received certified letters from Ocwen saying that my loan is in default and I owe over $9,000.00 and I am in jeopardy of defaulting on my loan agreement. In return I sent Ocwen a certified letter stating that I disagree with this amount due to the fact that I requested the escrow fees to be cancelled and we would pay our own taxes. Ocwen told us they can not discontinue our impounds because it is too much of a risk. Then our payments increased without prior notice of about $400.00 our contract said the payments were not suspose to increase untill October of 2007.
I called Ocwen but could not understand the rep I was speaking with and nothing was resolved at that time. I sent prearranged bi-weekly payments the payments were diposited before the time agreed an resulted in my check being returned. Ocwen then refused my payments unless I paid by cash only.
They then wanted late fees, attorney fees, and other fees that I have never heard of, I asked if they wanted my first born too. I ended up contacting a lawyer because they sent me a letter saying my home was on the auction block. In the end I paid over 21k to bring the account back to contractual agreement, ( yea right!). The lady oops! wrong choice of words, the ocwen employee Evelyn said she cannot guarantee that the loan will be reinstated. They then ask for anoher $3000.00 for some other bogus fees. I told them they had better take that 21k and leave me the hell alone. To this day Ocwen have not updated my information with the credit bureaus and I am unable to refinance because of negative reporting. My prayers have been answered. Finally GOD has sent Mr. Hanson to the rescue.
Angela Victorville, CaliforniaU.S.A.
I have been fighting with OCWEN for the last two years since my loan was sold in 2005. I have received certified letters from Ocwen saying that my loan is in default and I owe over $9,000.00 and I am in jeopardy of defaulting on my loan agreement. In return I sent Ocwen a certified letter stating that I disagree with this amount due to the fact that I requested the escrow fees to be cancelled and we would pay our own taxes. Ocwen told us they can not discontinue our impounds because it is too much of a risk. Then our payments increased without prior notice of about $400.00 our contract said the payments were not suspose to increase untill October of 2007.
I called Ocwen but could not understand the rep I was speaking with and nothing was resolved at that time. I sent prearranged bi-weekly payments the payments were diposited before the time agreed an resulted in my check being returned. Ocwen then refused my payments unless I paid by cash only.
They then wanted late fees, attorney fees, and other fees that I have never heard of, I asked if they wanted my first born too. I ended up contacting a lawyer because they sent me a letter saying my home was on the auction block. In the end I paid over 21k to bring the account back to contractual agreement, ( yea right!). The lady oops! wrong choice of words, the ocwen employee Evelyn said she cannot guarantee that the loan will be reinstated. They then ask for anoher $3000.00 for some other bogus fees. I told them they had better take that 21k and leave me the hell alone. To this day Ocwen have not updated my information with the credit bureaus and I am unable to refinance because of negative reporting. My prayers have been answered. Finally GOD has sent Mr. Hanson to the rescue.
Angela Victorville, CaliforniaU.S.A.
Ocwen Loan Servicing Moved my payment money to insurance and reported late pmt. wrongfully, because I had my own insurance Carol Stream Illinois
From: http://www.ripoffreport.com/reports/0/312/RipOff0312426.htm
last summer my credit was very important to me. now that ocwen ruined it i don't care as much any more. as with the others my mortgage was sold to ocwen. everything went fine until my homeowners insurance sent a warning that i need to pay or it will be cancelled in two weeks. i paid the ammount owed and thought my problems were over. wrong ocwen took my payments and bought 4x over priced insurance, and called stating i was late. I still wasn't over 30 days behind, so I informed them that I don't need insurance mine is payed up and to please refund my money. they agreed and 30 days later bad credit was reported. I checked my statement and they were still buying insurance with my pmt. money. I wrote a letter with my insurance name phone number and account number. I thought everything was fine again until another 30 days late reported. I had my insurance lady fax the information to ocwen and ocwen said 'Oh you have your own insurance' and credited my account only 70% the ammount they took and didn't repair my credit. I was so mad, and felt ripped off. My credit was ruined, so I decided not to pay until they corrected the problem. My house went into foreclosure, so I reluctantly paid all the fines and got it out of foreclosure. I knew I needed to pay the loan off completely, so I invested mega time and money into a real estate flip project. My house is now into forclosure again. My credit is shot. I did flip the investment house and now can pay off the loan which is 50% value of my house. They want to take it and pocket the equity. I now have the money to pay them, but they won't answer the phone concistantly. After a 1 hour hold time they finally answered, but won't give me a payoff ammount or where to wire the money. I think they are stalling to claim the house. I am scared to send it to them even if they would tell me where to send it. What if they just keep the money and not release the loan. Please help me safely pay them. I have 2 children a fiance in school and a baby on the way. I don't want to lose my house.
Michael louisville, KentuckyU.S.A.
last summer my credit was very important to me. now that ocwen ruined it i don't care as much any more. as with the others my mortgage was sold to ocwen. everything went fine until my homeowners insurance sent a warning that i need to pay or it will be cancelled in two weeks. i paid the ammount owed and thought my problems were over. wrong ocwen took my payments and bought 4x over priced insurance, and called stating i was late. I still wasn't over 30 days behind, so I informed them that I don't need insurance mine is payed up and to please refund my money. they agreed and 30 days later bad credit was reported. I checked my statement and they were still buying insurance with my pmt. money. I wrote a letter with my insurance name phone number and account number. I thought everything was fine again until another 30 days late reported. I had my insurance lady fax the information to ocwen and ocwen said 'Oh you have your own insurance' and credited my account only 70% the ammount they took and didn't repair my credit. I was so mad, and felt ripped off. My credit was ruined, so I decided not to pay until they corrected the problem. My house went into foreclosure, so I reluctantly paid all the fines and got it out of foreclosure. I knew I needed to pay the loan off completely, so I invested mega time and money into a real estate flip project. My house is now into forclosure again. My credit is shot. I did flip the investment house and now can pay off the loan which is 50% value of my house. They want to take it and pocket the equity. I now have the money to pay them, but they won't answer the phone concistantly. After a 1 hour hold time they finally answered, but won't give me a payoff ammount or where to wire the money. I think they are stalling to claim the house. I am scared to send it to them even if they would tell me where to send it. What if they just keep the money and not release the loan. Please help me safely pay them. I have 2 children a fiance in school and a baby on the way. I don't want to lose my house.
Michael louisville, KentuckyU.S.A.
Ocwen Loan Servicing - US National Bank As Trustee For Morgan Stanley Dean Dean Witter Capital Forced into Foreclosure, Deceptive Practices, Lying
Ocwen Loan Servicing - US National Bank As Trustee For Morgan Stanley Dean Dean Witter Capital Forced into Foreclosure, Deceptive Practices, Lying about information, Misinformation, Outrageous, Unexplainable Fees, Horrible Company, Representatives in Foreign Countries that can barely speak English, Ripoff, Orlando Florida
From: http://www.ripoffreport.com/reports/0/312/RipOff0312018.htm
We bought our home almost 14 years ago (June 1994) with a payment of $598 including taxes & insurance. We were doing fine, so we decided to refinance to get my father's name off of the mortgage. BAD IDEA!! Since September 2001 we have had nothing but problems because of Ocwen Loan Servicing. Our payments skyrocketed. In 2003 when my doctor told me to quit my high stress job things got even worse and we got behind. Well, since then we have been trying to deal with this deceptive company to save our home for our four children. Most recently, they were making us pay $1,298 per month not even including taxes and insurance. When I called them to ask about loan modification (adding to the end of our loan, reducing the interest rate, anything to LOWER the payment) I was told to fill out paperwork and fax it in. Well, I did as I was instructed and their solution was that we pay them a lump sum $3,000 and monthly payments of $1,387! What the heck?!? I faithfully asked for their help, and they screwed us again! I said forget it, we will just continue with what we were paying since that was almost $100 less per month. Oh, NO, you cannot do that because you were taken off of that plan when you requested loan modification! I was NEVER INFORMED of that! So, you know what?? I am not giving this company another penny of my money. We bought our home in 1994 for $71,117 and 14 years later Ocwen Loan Servicing says that we owe them over $106,000! They will not work with me in any way, so I will not deal with them any longer. They are a horrible, deceptive company and are stealing peoples' hard earned money and homes. I only hope that something good comes from this. We are in our home right now, but if we have to move we will. I refuse to give this evil company any more of my hard earned money. If they want our home instead of trying to work with us, so be it. I would rather move than to give in to their deception and lies.
MerjBROKEN ARROW, OklahomaU.S.A.
From: http://www.ripoffreport.com/reports/0/312/RipOff0312018.htm
We bought our home almost 14 years ago (June 1994) with a payment of $598 including taxes & insurance. We were doing fine, so we decided to refinance to get my father's name off of the mortgage. BAD IDEA!! Since September 2001 we have had nothing but problems because of Ocwen Loan Servicing. Our payments skyrocketed. In 2003 when my doctor told me to quit my high stress job things got even worse and we got behind. Well, since then we have been trying to deal with this deceptive company to save our home for our four children. Most recently, they were making us pay $1,298 per month not even including taxes and insurance. When I called them to ask about loan modification (adding to the end of our loan, reducing the interest rate, anything to LOWER the payment) I was told to fill out paperwork and fax it in. Well, I did as I was instructed and their solution was that we pay them a lump sum $3,000 and monthly payments of $1,387! What the heck?!? I faithfully asked for their help, and they screwed us again! I said forget it, we will just continue with what we were paying since that was almost $100 less per month. Oh, NO, you cannot do that because you were taken off of that plan when you requested loan modification! I was NEVER INFORMED of that! So, you know what?? I am not giving this company another penny of my money. We bought our home in 1994 for $71,117 and 14 years later Ocwen Loan Servicing says that we owe them over $106,000! They will not work with me in any way, so I will not deal with them any longer. They are a horrible, deceptive company and are stealing peoples' hard earned money and homes. I only hope that something good comes from this. We are in our home right now, but if we have to move we will. I refuse to give this evil company any more of my hard earned money. If they want our home instead of trying to work with us, so be it. I would rather move than to give in to their deception and lies.
MerjBROKEN ARROW, OklahomaU.S.A.
Ocwen Loan Servicing, Ocwen violates Section 6 of RESPA and various other laws West Palm Beach Florida
From: http://www.ripoffreport.com/reports/0/312/RipOff0312432.htm
Well, I too have had nothing but problems w/Ocwen. I have sent several dispute letters and all have been competely ignored... they are considered 'qualified written requests' under section 6 of RESPA. These are violations here, inaccurate credit reporting, fees being charged, etc. Just the same thing you continually hear about Ocwen. When is the government going to wake up. Why is a business able to break the laws, but we get knocked for everything. They want my money and my house, well, it's not gonna happen. Here is also a link I found...look at what they make!!
http://www.cfonews.com/ocn/f032406.txt
pretty interesting what these people make and yet my husband risks his life every day and doesnt make 1/4 of what these people make and they want my little house too!
i cannot provide much info because of litigation soon.
anonymous Walworth, Wisconsin U.S.A.
Well, I too have had nothing but problems w/Ocwen. I have sent several dispute letters and all have been competely ignored... they are considered 'qualified written requests' under section 6 of RESPA. These are violations here, inaccurate credit reporting, fees being charged, etc. Just the same thing you continually hear about Ocwen. When is the government going to wake up. Why is a business able to break the laws, but we get knocked for everything. They want my money and my house, well, it's not gonna happen. Here is also a link I found...look at what they make!!
http://www.cfonews.com/ocn/f032406.txt
pretty interesting what these people make and yet my husband risks his life every day and doesnt make 1/4 of what these people make and they want my little house too!
i cannot provide much info because of litigation soon.
anonymous Walworth, Wisconsin U.S.A.
Monday, February 25, 2008
Ocwen Financial Corp changing terms of contract West Palm Beach Florida
ocwen has changed the interest rate and payments when i do not have an adjustable rate morgage. when questioned about this, they said they could do anything they wanted and they do not have to explain why. my interest rate has went from 9.8% to almost 19%. my payments have doubled to more than my monthly income. and all they say is we might look into it. when i call to see whats going on , they say we are looking into it yet,or do not answer phone.
Kathy acworth, GeorgiaU.S.A.
Kathy acworth, GeorgiaU.S.A.
I am very sorry for anyone dealing with Ocwen right now
From comments: http://ocwen-complaints.blogspot.com/2008/01/ocwen-loan-servicing-ocwen-loan.html
I am very sorry for anyone dealing with Ocwen right now. I'm a Realtor and working with them on two short sales right now. My experience has been that they have consistently had phone system problems and when you finally get through to the call center in India, nobody can help you. And here's the slap in the face. While you wait on hold incessantly, they ask you to take a customer service survey by calling a toll-free number that doesn't even work!
I am very sorry for anyone dealing with Ocwen right now. I'm a Realtor and working with them on two short sales right now. My experience has been that they have consistently had phone system problems and when you finally get through to the call center in India, nobody can help you. And here's the slap in the face. While you wait on hold incessantly, they ask you to take a customer service survey by calling a toll-free number that doesn't even work!
Friday, February 22, 2008
Ocwen Loan Sevicing holding the check and sticking it to me thanks...to whom West Palm Beach Florida
From: http://www.ripoffreport.com/reports/0/310/RipOff0310781.htm
To Whom it may concern. Ever since ocwen toke over my mortgage. me not knowing. my fist payment was sent by the 4 of the month as always if not sooner .2 weeks later i recieved a call saying they have not recieved my payment. the money was taken from my acount 4th. that seemed funny to me. that they DID not post it till it was 2 weeks late. they still charged me late fees . for what i paid it on time???? that was from the very start. IT seemed they find a way to hold my payments till they are late. then charge the HELL out of me. im your average american 6 kids wife just trying to have something for my family. it has been 2 years with OCwen and a living hell . If they hold just one check it SCREWS up balanceof my books the the banks charge me too. how can survive like that? I lose all the way around. I barely make enough to make my payment and these TACTICS of said company(companies) is what is KILLING AMERICA apart. its all about the money. thats good and all but please. the goverment should be looking into practices of said company .and i'm sure others too.. I truly believe that....IM BEING ROBBED.. this has gone on for too long.. I read a ladies complaint on line . and i said wow thats My story. I dont feel alone on this.I believe this company has charged me and probably countless others IMPROPER FEEs for their mistakes.. not saying im perfect i'm not no one is. these people are screwing with my home. and i had no choice in the matter. all the loan people we dealt with. really didnot tell us the whole story when we signed the papers. ALL for the fast BUCK PLEASE DO NOT DEAL WITH THIS COMPANY. YOU WONT UNDERSTAND THEIR OPERATORS ANYWAY IF YOUR A LAWYER AND WANT TO TALK PLEASE DO... I'M BEING ROBBEDIm being robbedfishing creek, MarylandU.S.A.
To Whom it may concern. Ever since ocwen toke over my mortgage. me not knowing. my fist payment was sent by the 4 of the month as always if not sooner .2 weeks later i recieved a call saying they have not recieved my payment. the money was taken from my acount 4th. that seemed funny to me. that they DID not post it till it was 2 weeks late. they still charged me late fees . for what i paid it on time???? that was from the very start. IT seemed they find a way to hold my payments till they are late. then charge the HELL out of me. im your average american 6 kids wife just trying to have something for my family. it has been 2 years with OCwen and a living hell . If they hold just one check it SCREWS up balanceof my books the the banks charge me too. how can survive like that? I lose all the way around. I barely make enough to make my payment and these TACTICS of said company(companies) is what is KILLING AMERICA apart. its all about the money. thats good and all but please. the goverment should be looking into practices of said company .and i'm sure others too.. I truly believe that....IM BEING ROBBED.. this has gone on for too long.. I read a ladies complaint on line . and i said wow thats My story. I dont feel alone on this.I believe this company has charged me and probably countless others IMPROPER FEEs for their mistakes.. not saying im perfect i'm not no one is. these people are screwing with my home. and i had no choice in the matter. all the loan people we dealt with. really didnot tell us the whole story when we signed the papers. ALL for the fast BUCK PLEASE DO NOT DEAL WITH THIS COMPANY. YOU WONT UNDERSTAND THEIR OPERATORS ANYWAY IF YOUR A LAWYER AND WANT TO TALK PLEASE DO... I'M BEING ROBBEDIm being robbedfishing creek, MarylandU.S.A.
Thursday, February 21, 2008
More on Project Lifeline
I don't know if Ocwen has joined this, if you do please leave information in the comments as to details.
This is what Treasury Secretary Henry Paulson said on the plan.
From: http://www.treas.gov/press/releases/hp820.htm
February 12, 2008hp-820
Statement by Secretary Henry M. Paulson, Jr.on New Private Sector Effort to Reach Homeowners Facing Foreclosure
Washington, DC-- Good morning. Thank you, Secretary Jackson, for joining us. We are going to provide an update on the HOPE NOW alliance's efforts to help struggling homeowners and – as Floyd Robinson of Bank of America, speaking on behalf of six leading mortgage servicers, will announce – an additional, important effort targeting those facing the greatest, immediate risk of losing their home.
When the HOPE NOW alliance was announced in October, we made clear that this would be an evolving private sector-led effort to help minimize the impact of the housing downturn on homeowners, neighborhoods and the U.S. economy. It is just one of many steps which the Bush Administration is encouraging as we work through this difficult period. Tomorrow, President Bush will also sign into law an economic growth package that will, through rebate payments to over 130 million Americans and tax incentives to businesses, provide a temporary, meaningful boost to our economy as we weather the housing correction.
Today, six of the largest servicers, who represent 50 percent of the mortgage market, are announcing Project Lifeline, a targeted outreach to homeowners' 90-days or more delinquent that may lead to a "pause" in the foreclosure process. This is an important new initiative, targeted to reach not only subprime borrowers, but all 90-day delinquent homeowners nationwide with a step-by-step approach to find individual solutions to individual problems. We encourage all HOPE NOW servicers to adopt this new program.
Project Lifeline is aimed at homeowners who face a real risk of losing their home, but have not yet addressed the problem. Perhaps they are hoping to find a way to get current on their mortgage payments, or perhaps they don't think any solution is possible. For whatever reason they have not yet taken action; our hope is that today's announcement will reach them, and they will reach out immediately for help – especially now that the foreclosure process is upon them.
Of course, there will be homeowners who still take no action, and some will simply walk away from their mortgage – particularly those borrowers who put little or no money down and whose mortgage exceeds their home value. No program can bring every struggling borrower into the counseling and evaluation process, and we cannot help those who choose not to honor their obligations. But Project Lifeline has the potential to offer new solutions to responsible, able homeowners who want to keep their homes.
Overall, the HOPE NOW alliance is striving to help as many able but struggling homeowners as possible – whether prime, alt-a or subprime borrowers. Clearly there is much more work to do, but progress has been made since the formation of HOPE NOW just over four months ago.
In those four months:
HOPE NOW membership has grown from 60 percent of the subprime mortgage servicer market to 94 percent; today, 25 servicers are represented.
The nationwide hotline (888-995-HOPE) has been publicized and expanded; daily call volume has increased from 625 to 4,000.
Servicers and investors are now providing funds for counseling; previously, only government and foundations provided funding.
In the first three months, HOPE NOW servicers sent 775,000 letters to at-risk homeowners; early results show a 16 percent response rate. Homeowners who had previously avoided contact are now calling for help, and over 200,000 additional letters are being sent every month.
Today, all HOPE NOW servicers are contacting subprime borrowers 120 days before their interest rate resets.
In the second half of 2007, the industry assisted an estimated 869,000 homeowners and, coincident with the formation of HOPE NOW, the loan modification rate in the fourth quarter doubled over the rate in the third quarter.
Secretary Jackson will also update us on FHA's progress in moving borrowers into affordable, long-term mortgages.
These results are before implementation of the American Securitization Forum's (ASF) fast-track re-financing and loan modification framework. Servicers began implementing that plan in January after resolving a number of important issues, including receiving accounting guidance from the SEC on FAS 140 on January 8.
We have a lot of work ahead of us; these efforts can succeed only if they are pursued industry wide. I am particularly focused on two important steps.
First, I am eager to see the ASF framework and Project Lifeline adopted by all servicers. If the ASF plan works the way it is intended to subprime borrowers who have made payments on-time at the initial rate and who want to stay in their homes but can't afford the higher rate should be fast-tracked into a modification – which in many cases will be an interest rate freeze of at least five years – or be fast-tracked into an affordable refinancing. Through Project Lifeline, those borrowers facing immediate foreclosure may be able to find individual solutions.
Second, I will be working closely with the HOPE NOW alliance on their plans for reporting progress. It is critical that they release monthly information, within 30 days of the end of the month, so that we can monitor progress and adapt as needed. Industry will be updating us throughout the month.
As I have said many times, the HOPE NOW alliance is an evolving effort. As our economy works through this difficult period, we will look for additional opportunities to try to avoid preventable foreclosures. However, none of these efforts are a silver bullet that will undo the excesses of the past years, nor are they designed to bail out real estate speculators or those who committed fraud during the mortgage process. These efforts are to help American families who both want to and can, through a loan modification or re-financing, stay in their homes.
I believe that our economy will continue to grow, although at a slower pace in the coming quarters, and that it remains fundamentally diverse and resilient.
I congratulate the HOPE NOW alliance for your flexibility and your hard work. You are helping our economy and our families, and you are also demonstrating the very resiliency which I spoke of a moment ago. Thank you.
This is what Treasury Secretary Henry Paulson said on the plan.
From: http://www.treas.gov/press/releases/hp820.htm
February 12, 2008hp-820
Statement by Secretary Henry M. Paulson, Jr.on New Private Sector Effort to Reach Homeowners Facing Foreclosure
Washington, DC-- Good morning. Thank you, Secretary Jackson, for joining us. We are going to provide an update on the HOPE NOW alliance's efforts to help struggling homeowners and – as Floyd Robinson of Bank of America, speaking on behalf of six leading mortgage servicers, will announce – an additional, important effort targeting those facing the greatest, immediate risk of losing their home.
When the HOPE NOW alliance was announced in October, we made clear that this would be an evolving private sector-led effort to help minimize the impact of the housing downturn on homeowners, neighborhoods and the U.S. economy. It is just one of many steps which the Bush Administration is encouraging as we work through this difficult period. Tomorrow, President Bush will also sign into law an economic growth package that will, through rebate payments to over 130 million Americans and tax incentives to businesses, provide a temporary, meaningful boost to our economy as we weather the housing correction.
Today, six of the largest servicers, who represent 50 percent of the mortgage market, are announcing Project Lifeline, a targeted outreach to homeowners' 90-days or more delinquent that may lead to a "pause" in the foreclosure process. This is an important new initiative, targeted to reach not only subprime borrowers, but all 90-day delinquent homeowners nationwide with a step-by-step approach to find individual solutions to individual problems. We encourage all HOPE NOW servicers to adopt this new program.
Project Lifeline is aimed at homeowners who face a real risk of losing their home, but have not yet addressed the problem. Perhaps they are hoping to find a way to get current on their mortgage payments, or perhaps they don't think any solution is possible. For whatever reason they have not yet taken action; our hope is that today's announcement will reach them, and they will reach out immediately for help – especially now that the foreclosure process is upon them.
Of course, there will be homeowners who still take no action, and some will simply walk away from their mortgage – particularly those borrowers who put little or no money down and whose mortgage exceeds their home value. No program can bring every struggling borrower into the counseling and evaluation process, and we cannot help those who choose not to honor their obligations. But Project Lifeline has the potential to offer new solutions to responsible, able homeowners who want to keep their homes.
Overall, the HOPE NOW alliance is striving to help as many able but struggling homeowners as possible – whether prime, alt-a or subprime borrowers. Clearly there is much more work to do, but progress has been made since the formation of HOPE NOW just over four months ago.
In those four months:
HOPE NOW membership has grown from 60 percent of the subprime mortgage servicer market to 94 percent; today, 25 servicers are represented.
The nationwide hotline (888-995-HOPE) has been publicized and expanded; daily call volume has increased from 625 to 4,000.
Servicers and investors are now providing funds for counseling; previously, only government and foundations provided funding.
In the first three months, HOPE NOW servicers sent 775,000 letters to at-risk homeowners; early results show a 16 percent response rate. Homeowners who had previously avoided contact are now calling for help, and over 200,000 additional letters are being sent every month.
Today, all HOPE NOW servicers are contacting subprime borrowers 120 days before their interest rate resets.
In the second half of 2007, the industry assisted an estimated 869,000 homeowners and, coincident with the formation of HOPE NOW, the loan modification rate in the fourth quarter doubled over the rate in the third quarter.
Secretary Jackson will also update us on FHA's progress in moving borrowers into affordable, long-term mortgages.
These results are before implementation of the American Securitization Forum's (ASF) fast-track re-financing and loan modification framework. Servicers began implementing that plan in January after resolving a number of important issues, including receiving accounting guidance from the SEC on FAS 140 on January 8.
We have a lot of work ahead of us; these efforts can succeed only if they are pursued industry wide. I am particularly focused on two important steps.
First, I am eager to see the ASF framework and Project Lifeline adopted by all servicers. If the ASF plan works the way it is intended to subprime borrowers who have made payments on-time at the initial rate and who want to stay in their homes but can't afford the higher rate should be fast-tracked into a modification – which in many cases will be an interest rate freeze of at least five years – or be fast-tracked into an affordable refinancing. Through Project Lifeline, those borrowers facing immediate foreclosure may be able to find individual solutions.
Second, I will be working closely with the HOPE NOW alliance on their plans for reporting progress. It is critical that they release monthly information, within 30 days of the end of the month, so that we can monitor progress and adapt as needed. Industry will be updating us throughout the month.
As I have said many times, the HOPE NOW alliance is an evolving effort. As our economy works through this difficult period, we will look for additional opportunities to try to avoid preventable foreclosures. However, none of these efforts are a silver bullet that will undo the excesses of the past years, nor are they designed to bail out real estate speculators or those who committed fraud during the mortgage process. These efforts are to help American families who both want to and can, through a loan modification or re-financing, stay in their homes.
I believe that our economy will continue to grow, although at a slower pace in the coming quarters, and that it remains fundamentally diverse and resilient.
I congratulate the HOPE NOW alliance for your flexibility and your hard work. You are helping our economy and our families, and you are also demonstrating the very resiliency which I spoke of a moment ago. Thank you.
Tuesday, February 19, 2008
Help against Ocwen
From: http://ocwen-mortgage-company.pissedconsumer.com/complaint-20080101112137.html
Lamphear6@netzero
1yr ago we entered into a forbearance plan with both mortgage companys. on the final month we recieved a notice that they ocwen forclosed on my house and they were taking moneys for an escrow account. after many months of talking to them and my first mortagage senting them 14yrs of payment history. they still to this day state that they are in first postion and that my home was forclosed for 3 months so my credit *** and they sent me a bill due 2-1-08 for 13,850.00 in pass due payments help!!!! any info needed.now
Lamphear6@netzero
1yr ago we entered into a forbearance plan with both mortgage companys. on the final month we recieved a notice that they ocwen forclosed on my house and they were taking moneys for an escrow account. after many months of talking to them and my first mortagage senting them 14yrs of payment history. they still to this day state that they are in first postion and that my home was forclosed for 3 months so my credit *** and they sent me a bill due 2-1-08 for 13,850.00 in pass due payments help!!!! any info needed.now
Ocwen opinion - I am so sorry that I met these people
From: http://www.pissedconsumer.com/consumer-reviews/mortgage/ocwen-opinion-%11-mortgage-companies-2007040597575.html
I am so sorry that I met these people. They are horrible to deal with.. I was sick and started Chemo Therapy and THEY DON'T CARE!! They kacked are payments up for FOREBARENCE and we can barely afford them, now.. We are always getting nasty calls, even if we ar 1 day late.. Oh and not to mention.. NO grace period when on Forebarnce,, Plus all the fees.. I asked for a payoff, and it was 13,000.00 more than what we should.. They have reported our credit wrong to the 3 major companies as well as I feel as if they are flying like buzzrds around our house, waiting to take it at any second!! They, sould be ashamed of themselves.. I asked them to restructure our loan so we can get back on track, now that I have income again.. That is an option of their on their website, but not one person will discuss that option... I feel as if I am drowning in a pool of sharks.. They are ruthless.. I feel sorry for anyone who deals with these people. I pray for the soles when Judgement Day comes to them.. I would love to Sue the pants off of them and shut them down for good, so no one else ever has to endure what we have gone thru... God Bless You all and may your situations work out.. You are all in my prayers tonight.
KimberlyPalmyra, VirginiaU.S.A.
I am so sorry that I met these people. They are horrible to deal with.. I was sick and started Chemo Therapy and THEY DON'T CARE!! They kacked are payments up for FOREBARENCE and we can barely afford them, now.. We are always getting nasty calls, even if we ar 1 day late.. Oh and not to mention.. NO grace period when on Forebarnce,, Plus all the fees.. I asked for a payoff, and it was 13,000.00 more than what we should.. They have reported our credit wrong to the 3 major companies as well as I feel as if they are flying like buzzrds around our house, waiting to take it at any second!! They, sould be ashamed of themselves.. I asked them to restructure our loan so we can get back on track, now that I have income again.. That is an option of their on their website, but not one person will discuss that option... I feel as if I am drowning in a pool of sharks.. They are ruthless.. I feel sorry for anyone who deals with these people. I pray for the soles when Judgement Day comes to them.. I would love to Sue the pants off of them and shut them down for good, so no one else ever has to endure what we have gone thru... God Bless You all and may your situations work out.. You are all in my prayers tonight.
KimberlyPalmyra, VirginiaU.S.A.
Ocwen Cheats Customers
From: http://ocwen.pissedconsumer.com/ocwen-cheats-customers-20080214113112.html
What is being done about Ocwen is what I want to know. I am contacting my State Credit Commissioner and filing a complaint, they have run me into an 8K negative and misapplied some of my payments so they are showing me past due and I have made every single payment on time every single month. Rip OFF artists! No wonder they have so many REOs listed on their web site. I have asked customer service for a copy of their payment history to find out where they applied my payments for two years and to this day, they have sent me nothing, Can the do this?
Ocwen complaint by Txdrling
What is being done about Ocwen is what I want to know. I am contacting my State Credit Commissioner and filing a complaint, they have run me into an 8K negative and misapplied some of my payments so they are showing me past due and I have made every single payment on time every single month. Rip OFF artists! No wonder they have so many REOs listed on their web site. I have asked customer service for a copy of their payment history to find out where they applied my payments for two years and to this day, they have sent me nothing, Can the do this?
Ocwen complaint by Txdrling
Ocwen complaint
From: http://www.pissedconsumer.com/consumer-reviews/direct-lenders/dirty-rotten-bastards-20071210108627.html
My daughters mortgage was bought out by Ocwen back at the first of the year. My daughter works for the Federal government. She had a excellent credit rating until Ocwen came into the picture. One month after they bought her loan. She recieved a notice saying she owed ( $6000.00). Needless to say she was shocked. The first thing she said was "I have all my cancled checks for the payments." Are you ready for this, They said. "Thats not what are computer says" She is in litigation about this. They wanted her to sign a forebearance agreement. When she ask them where her money was, they told her the could not discuss it with her until she sign the forebearance agreement. If she signed it that means she is admitting she is in default of the loan.She has two loans but they only want to try and claim default only on one. (Naturally it is the larger of the two). In the process of trying to straignten out this mess she always seem to wind up talking to a "Outsourced Hindu with a heavy India accent. Needless to say this is futile. I have written to my Senator ( Blanche Lincoln) to investigate (Ocwen). Something must be done before no one has a home left to live in under this companies tyranny.If we all band together we can bring these bastards to justice. Otherwise it will be ( Just-us) who suffer.Thank you for your time
Tony FrederickHot Springs, Arkansas
My daughters mortgage was bought out by Ocwen back at the first of the year. My daughter works for the Federal government. She had a excellent credit rating until Ocwen came into the picture. One month after they bought her loan. She recieved a notice saying she owed ( $6000.00). Needless to say she was shocked. The first thing she said was "I have all my cancled checks for the payments." Are you ready for this, They said. "Thats not what are computer says" She is in litigation about this. They wanted her to sign a forebearance agreement. When she ask them where her money was, they told her the could not discuss it with her until she sign the forebearance agreement. If she signed it that means she is admitting she is in default of the loan.She has two loans but they only want to try and claim default only on one. (Naturally it is the larger of the two). In the process of trying to straignten out this mess she always seem to wind up talking to a "Outsourced Hindu with a heavy India accent. Needless to say this is futile. I have written to my Senator ( Blanche Lincoln) to investigate (Ocwen). Something must be done before no one has a home left to live in under this companies tyranny.If we all band together we can bring these bastards to justice. Otherwise it will be ( Just-us) who suffer.Thank you for your time
Tony FrederickHot Springs, Arkansas
Ocwen Loan Servicing/Wachovia Bank Illegal foreclosure practices Brockton Massachusetts
From: http://www.ripoffreport.com/reports/0/310/RipOff0310089.htm
Here is our situation, We are victims of a 'Hate Crime' against my famil which took place in our neighborhood. With grand jury indictments and courts we are physically and mentally stressed out. We both lost our jobs, house went into foreclosure, bank know owns the house and they transferred it over to the REO department (Realestate Owned). We are still in the house trying to figure out a way to get our house back. We don't have much money due to our situation because I recently got a regular income/benefits job. I've contact the REO to get a purchase price for our house but the bank doesn not have one so since the current principal balance is 283,721 I offered them less (instructed by another company to put something on the table to see what they come back with)Our lender is was Ocwen Loan Servicing and the bank is Wachovia. We received a summons to appear in court on January 31, 2008. In the mean time we filed a stay of execution in order to make some kind of agreement to pay occupancy until we found an apartment and the next court date was scheduled for February 14, 2008. During this time I received a letter from the bank's attorney indicating that at the foreclosure auction the bank sold the property to US National Bank Association for 279,900.I then contacted an attorney for advice and was instructed to file a'Motion to Vacate Judgement' because the previous bank which was Wachovia had retained attorney's to proceed with the eviction process when in reality the new owners were US Nationalk Bank Association. I then went to the Registry of Deeds to verify that the property was sold to another bank and sure enough Ocwen Loan Servicing/Wachovia sold it to US National Bank. The attorney I had spoken to contacted the law firm representing Wachovia bank to inform them that we were in the process of filing a 'Motion to Vacate the Judgement' based on their representation of a bank which no longer holds any ownership.The attorney representing Ocwen Loan servicing/Wachovia bank called her right back and filed a motion to the court to continue the summary process until March 6, 2008. He claims that he was unaware that the bank sold the property and to date we have not been contacted from the new owner of the property regarding our plans or to even put together some kind of agreement. I am a ameteur to this kind to legal stuff but I don't think that the attorney's who are representing Wachovia bank/Ocwen loan servicing has the legal right to pursue eviction when their client no longer has any ownership of the property.I don't know if sending this email to you will help us any but I think that something illegal is going on and I know that our home has been foreclosed on but if the bank in going to evict us then it should be done in a legal fashion. Thank you for you time.
MichelleBrockton, MassachusettsU.S.A.
Here is our situation, We are victims of a 'Hate Crime' against my famil which took place in our neighborhood. With grand jury indictments and courts we are physically and mentally stressed out. We both lost our jobs, house went into foreclosure, bank know owns the house and they transferred it over to the REO department (Realestate Owned). We are still in the house trying to figure out a way to get our house back. We don't have much money due to our situation because I recently got a regular income/benefits job. I've contact the REO to get a purchase price for our house but the bank doesn not have one so since the current principal balance is 283,721 I offered them less (instructed by another company to put something on the table to see what they come back with)Our lender is was Ocwen Loan Servicing and the bank is Wachovia. We received a summons to appear in court on January 31, 2008. In the mean time we filed a stay of execution in order to make some kind of agreement to pay occupancy until we found an apartment and the next court date was scheduled for February 14, 2008. During this time I received a letter from the bank's attorney indicating that at the foreclosure auction the bank sold the property to US National Bank Association for 279,900.I then contacted an attorney for advice and was instructed to file a'Motion to Vacate Judgement' because the previous bank which was Wachovia had retained attorney's to proceed with the eviction process when in reality the new owners were US Nationalk Bank Association. I then went to the Registry of Deeds to verify that the property was sold to another bank and sure enough Ocwen Loan Servicing/Wachovia sold it to US National Bank. The attorney I had spoken to contacted the law firm representing Wachovia bank to inform them that we were in the process of filing a 'Motion to Vacate the Judgement' based on their representation of a bank which no longer holds any ownership.The attorney representing Ocwen Loan servicing/Wachovia bank called her right back and filed a motion to the court to continue the summary process until March 6, 2008. He claims that he was unaware that the bank sold the property and to date we have not been contacted from the new owner of the property regarding our plans or to even put together some kind of agreement. I am a ameteur to this kind to legal stuff but I don't think that the attorney's who are representing Wachovia bank/Ocwen loan servicing has the legal right to pursue eviction when their client no longer has any ownership of the property.I don't know if sending this email to you will help us any but I think that something illegal is going on and I know that our home has been foreclosed on but if the bank in going to evict us then it should be done in a legal fashion. Thank you for you time.
MichelleBrockton, MassachusettsU.S.A.
Monday, February 18, 2008
Hon. Christopher F. Droney-Ocwen Hon. Christopher F. Droney/Ocwen. Victims of Ocwen are now being further victimized by our own judicial system.
Hon. Christopher F. Droney-Ocwen Hon. Christopher F. Droney/Ocwen. Victims of Ocwen are now being further victimized by our own judicial system. How to wake up a “Sleeping Judge" in one easy step Hartford Connecticut
From: http://www.ripoffreport.com/reports/0/066/RipOff0066969.htm
What can citizens in America do when our own Federal Courts create victims? That seems to be the case right now in U.S. District Court, District of Connecticut Case # 02-CV-960. This is the Hanson v Ocwen case which is, in my humble opinion, being mishandled very badly by the sitting judge, Christopher F. Droney.First, Judge Droney denied the preliminary injunction that would have allowed plaintiffs freedom from abuse by Ocwen while this matter is considered in the court. That is, I suppose, the judge's prerogative, and if this case were being handled in a normal timeline for these cases, it would be almost over by now. However, it stagnates in the courtroom because this judge lets it! The average length of a case in Federal court is between twelve to sixteen months. We are at fifteen months, folks, and still it is a quagmire! It has not even really begun yet, let alone begun drawing to a close!I am sure that many people involved with this suit have lost their homes in the course of the last fifteen months to Ocwen. Therefore, with his policy of “inaction" Judge Droney is surely creating even more victims! There seems to be absolutely no other way to look at this debacle. Judges are not allowed to write law in America, nor are they allowed to obstruct it. What does Judge Droney think he is doing in that courtroom? There is no way he can claim to be SERVING justice!Judge Droney has become an impediment to justice rather than an instrument of justice!Judge Droney has been asked twice to excuse himself from this case and has twice refused. Why? He certainly seems in no hurry to try this case. He will not let go, nor will he let it move forward. This makes no sense to me and is uncommon behavior for a Federal Judge. He is, in my mind, guilty of judicial misconduct according to the following guidelines:What Is Judicial Misconduct? (The following quote is a “cut and paste" and has not been altered in any way)“The Judicial Councils Reform and Judicial Conduct and Disabilities Act of 1980 (Section 372 of Title 28 of the United States Code) says it is 'conduct prejudicial to the effective expeditious administration of the business of the courts.' Courts have interpreted this to include fraudulent, corrupt, immoral, illegal and dishonest behavior and any physical or mental incapacity to carry out judicial duties. This means a judge who repeatedly commits wrongful acts knowing that they violate a rule of law or standard of behavior can be disciplined. For example, a judge who makes repeated racial slurs against litigants can be found guilty of misconduct. A judge found to have a serious mental or physical handicap that interferes in the performance of judicial duties is usually asked to retire or removed from office. However, if you think the judge has made a mistake during your trial or decided your case wrong, you probably won't succeed in getting the judge investigated for misconduct unless you can prove malice or a repeated pattern of bias or incompetence."I cannot speak for Judge Droney's competence or lack thereof, but I can speak of conduct prejudicial to effective expeditious administration of the business of the courts. It is all here in the PACER printout! Fifteen months of foot-dragging, lollygagging, and plain old farting around. This case has gone beyond “expeditious" any way it is looked at!A repeated pattern of bias seems evident in the fact that Judge Droney seems to like to grant his former associates, Ocwen's attorneys, every motion filed and deny most of Hanson's attorneys' motions.Judge Droney's behavior was certainly dishonest when he failed to reveal his former association with Ocwen counsel.Here are some links to sites that explain conduct expected of judges in this country:Rules and guidelines governing judicial behavior (short form)http://www.newshare.com/west/guidelines.htmlCODE OF CONDUCT FOR UNITED STATES JUDGES (long form w/commentary)http://www.uscourts.gov/guide/vol2/ch1.htmlThis is enlightening reading; I would recommend it to everyone. Draw your own conclusions as to whether judicial conduct has been breached in the Hanson v Ocwen matter. If you feel it has, this link will take you to the complaint procedures for filing a formal complaint in the Second Circuit (where this case is stagnating):RULES OF THE JUDICIAL COUNCIL OF THESECOND CIRCUIT GOVERNING COMPLAINTS AGAINSTJUDICIAL OFFICERS UNDER 28 U.S.C. § 372(c)https://www.tourolaw.edu/2ndCircuit/rules/PartE.htm(Keep in mind that these procedures must be followed to the letter or the complaint goes into the trash. Be sure to send the correct number of copies, etc.) Each complaint receives a docket number and is filed. Any complaints filed against a U.S. Judge remain on his/her record. The complaint record can have a great bearing later on if a judge should receive a Supreme Court nomination. (God save us all from this kind of hanky-panky in our highest court!) If Judge Droney wants to play now, he may pay later. While researching what steps can be taken by average Americans in cases like this, I came upon an amazing discovery. It has become more common than I ever wanted to know for Federal Judges to try cases that they have a financial interest in without disclosing that interest! Since this judge has already failed once to disclose pertinent information, what might prevent him from failing to disclose other things?Links to a series by the Kansas City Star that “tells all" about this situation. It is called “On their Honor: Judges and their Assets". Read it and weep for justice in America:http://www.kcstar.com/judges/There IS a way to find out if there is more to this story than we have been told. Anyone in America can request this asset and investment information about any judge. It is called: REQUEST FOR EXAMINATION OF REPORT FILED BY A JUDICIAL OFFICER OR JUDICIAL EMPLOYEE (Form AO-10a) .20 cents per pagehttp://www.uscourts.gov/forms/AO010a.pdfThis PDF form can be filled out right on your computer and then printed out for mailing. Keep in mind that there is a twenty-cent per page charge for these documents and that the judge will be notified as to who is requesting his records. In fact, he will know that you requested them before you even get them. So what? If he has nothing to hide, this should not be of concern to him.And there may be even more affecting what goes on in this particular courtroom. In the course of all this research, I ran across even more interesting reading from the Hartford Courant. This story concerns Paul J. Silvester, former Connecticut State Treasurer, now convicted and imprisoned. This story came up when I searched the name “Droney" so I kept reading it (and reading it and reading it). It is a long saga of bribery, kickbacks, racketeering, and general corruption of politicians.Finally, in the article dated July 27, 2003 (the last article in the series) I found why the search turned up this series of articles. The name John F. Droney is mentioned in an article entitled “Politics and Piggishness".John F. Droney is our own Judge Droney's brother. John Droney is a Democratic party bigwig in Connecticut. Christopher Droney was appointed to his position by Bill Clinton, a Democratic president. Federal judicial appointments tend to be highly politically motivated, as anyone who follows the news knows. Ocwen is known to be a big supporter of the Democratic party. Sounds like a whole lot of Democrats in a big wad to me. Political agendas do NOT belong in a courtroom.Here is the url that will take you to the series of articles in the Hartford Courant. Read them and, again, you can draw your own conclusions:http://www.ctnow.com/news/local/hc-silvester-sg,0,7156222.storygallery?coll=hc-headlines-local-7dayWho knows if the Connecticut scandal has any bearing? But who knows if it does NOT? No one knows what goes on in Judge Droney's mind except Judge Droney and he isn't telling…or moving along…or anything. Perhaps someone should hold a mirror under his nose!U.S. District Judges are paid $154,700 per year. That is a lot of money to a peon like myself. Americans have a right to demand return for their hard-earned dollars. We are NOT getting it here!Judge Droney's behavior is becoming so blatant that it is becoming very difficult to overlook it. There is an obvious bias and prejudice at work here. I want to know why and what is causing it. This case is not being held behind locked doors or in a vacuum; it is in a United States District Court. Americans have a right to demand accountability. There needs to be some explaining done here and soon.Ocwen victims have had to endure fifteen more months of being terrorized by their so-called servicing company. No telling how many have lost their homes during this period. No telling how many prescriptions for nerve pills have been written. This is NOT justice and I hope that all of the victims of Ocwen will look into matters. It is your right as an American. Do not take this anymore. Get the financial records; file complaints. Now you not only have to save yourselves from Ocwen, you have to save yourselves from a travesty of justice in a United States District Court! But, for those of you who “cut your legal teeth" fighting Ocwen, opposing this judge will not be a difficult matter in comparison.No one thought that the battle with Ocwen would be easy; a big “THANK YOU" to Judge C.F. Droney for making it twice as hard! You should be ashamed of yourself, Judge Droney, for falling flat on your face and making a farce of your duty and our court system.
RobinWaldron, ArkansasU.S.A.
From: http://www.ripoffreport.com/reports/0/066/RipOff0066969.htm
What can citizens in America do when our own Federal Courts create victims? That seems to be the case right now in U.S. District Court, District of Connecticut Case # 02-CV-960. This is the Hanson v Ocwen case which is, in my humble opinion, being mishandled very badly by the sitting judge, Christopher F. Droney.First, Judge Droney denied the preliminary injunction that would have allowed plaintiffs freedom from abuse by Ocwen while this matter is considered in the court. That is, I suppose, the judge's prerogative, and if this case were being handled in a normal timeline for these cases, it would be almost over by now. However, it stagnates in the courtroom because this judge lets it! The average length of a case in Federal court is between twelve to sixteen months. We are at fifteen months, folks, and still it is a quagmire! It has not even really begun yet, let alone begun drawing to a close!I am sure that many people involved with this suit have lost their homes in the course of the last fifteen months to Ocwen. Therefore, with his policy of “inaction" Judge Droney is surely creating even more victims! There seems to be absolutely no other way to look at this debacle. Judges are not allowed to write law in America, nor are they allowed to obstruct it. What does Judge Droney think he is doing in that courtroom? There is no way he can claim to be SERVING justice!Judge Droney has become an impediment to justice rather than an instrument of justice!Judge Droney has been asked twice to excuse himself from this case and has twice refused. Why? He certainly seems in no hurry to try this case. He will not let go, nor will he let it move forward. This makes no sense to me and is uncommon behavior for a Federal Judge. He is, in my mind, guilty of judicial misconduct according to the following guidelines:What Is Judicial Misconduct? (The following quote is a “cut and paste" and has not been altered in any way)“The Judicial Councils Reform and Judicial Conduct and Disabilities Act of 1980 (Section 372 of Title 28 of the United States Code) says it is 'conduct prejudicial to the effective expeditious administration of the business of the courts.' Courts have interpreted this to include fraudulent, corrupt, immoral, illegal and dishonest behavior and any physical or mental incapacity to carry out judicial duties. This means a judge who repeatedly commits wrongful acts knowing that they violate a rule of law or standard of behavior can be disciplined. For example, a judge who makes repeated racial slurs against litigants can be found guilty of misconduct. A judge found to have a serious mental or physical handicap that interferes in the performance of judicial duties is usually asked to retire or removed from office. However, if you think the judge has made a mistake during your trial or decided your case wrong, you probably won't succeed in getting the judge investigated for misconduct unless you can prove malice or a repeated pattern of bias or incompetence."I cannot speak for Judge Droney's competence or lack thereof, but I can speak of conduct prejudicial to effective expeditious administration of the business of the courts. It is all here in the PACER printout! Fifteen months of foot-dragging, lollygagging, and plain old farting around. This case has gone beyond “expeditious" any way it is looked at!A repeated pattern of bias seems evident in the fact that Judge Droney seems to like to grant his former associates, Ocwen's attorneys, every motion filed and deny most of Hanson's attorneys' motions.Judge Droney's behavior was certainly dishonest when he failed to reveal his former association with Ocwen counsel.Here are some links to sites that explain conduct expected of judges in this country:Rules and guidelines governing judicial behavior (short form)http://www.newshare.com/west/guidelines.htmlCODE OF CONDUCT FOR UNITED STATES JUDGES (long form w/commentary)http://www.uscourts.gov/guide/vol2/ch1.htmlThis is enlightening reading; I would recommend it to everyone. Draw your own conclusions as to whether judicial conduct has been breached in the Hanson v Ocwen matter. If you feel it has, this link will take you to the complaint procedures for filing a formal complaint in the Second Circuit (where this case is stagnating):RULES OF THE JUDICIAL COUNCIL OF THESECOND CIRCUIT GOVERNING COMPLAINTS AGAINSTJUDICIAL OFFICERS UNDER 28 U.S.C. § 372(c)https://www.tourolaw.edu/2ndCircuit/rules/PartE.htm(Keep in mind that these procedures must be followed to the letter or the complaint goes into the trash. Be sure to send the correct number of copies, etc.) Each complaint receives a docket number and is filed. Any complaints filed against a U.S. Judge remain on his/her record. The complaint record can have a great bearing later on if a judge should receive a Supreme Court nomination. (God save us all from this kind of hanky-panky in our highest court!) If Judge Droney wants to play now, he may pay later. While researching what steps can be taken by average Americans in cases like this, I came upon an amazing discovery. It has become more common than I ever wanted to know for Federal Judges to try cases that they have a financial interest in without disclosing that interest! Since this judge has already failed once to disclose pertinent information, what might prevent him from failing to disclose other things?Links to a series by the Kansas City Star that “tells all" about this situation. It is called “On their Honor: Judges and their Assets". Read it and weep for justice in America:http://www.kcstar.com/judges/There IS a way to find out if there is more to this story than we have been told. Anyone in America can request this asset and investment information about any judge. It is called: REQUEST FOR EXAMINATION OF REPORT FILED BY A JUDICIAL OFFICER OR JUDICIAL EMPLOYEE (Form AO-10a) .20 cents per pagehttp://www.uscourts.gov/forms/AO010a.pdfThis PDF form can be filled out right on your computer and then printed out for mailing. Keep in mind that there is a twenty-cent per page charge for these documents and that the judge will be notified as to who is requesting his records. In fact, he will know that you requested them before you even get them. So what? If he has nothing to hide, this should not be of concern to him.And there may be even more affecting what goes on in this particular courtroom. In the course of all this research, I ran across even more interesting reading from the Hartford Courant. This story concerns Paul J. Silvester, former Connecticut State Treasurer, now convicted and imprisoned. This story came up when I searched the name “Droney" so I kept reading it (and reading it and reading it). It is a long saga of bribery, kickbacks, racketeering, and general corruption of politicians.Finally, in the article dated July 27, 2003 (the last article in the series) I found why the search turned up this series of articles. The name John F. Droney is mentioned in an article entitled “Politics and Piggishness".John F. Droney is our own Judge Droney's brother. John Droney is a Democratic party bigwig in Connecticut. Christopher Droney was appointed to his position by Bill Clinton, a Democratic president. Federal judicial appointments tend to be highly politically motivated, as anyone who follows the news knows. Ocwen is known to be a big supporter of the Democratic party. Sounds like a whole lot of Democrats in a big wad to me. Political agendas do NOT belong in a courtroom.Here is the url that will take you to the series of articles in the Hartford Courant. Read them and, again, you can draw your own conclusions:http://www.ctnow.com/news/local/hc-silvester-sg,0,7156222.storygallery?coll=hc-headlines-local-7dayWho knows if the Connecticut scandal has any bearing? But who knows if it does NOT? No one knows what goes on in Judge Droney's mind except Judge Droney and he isn't telling…or moving along…or anything. Perhaps someone should hold a mirror under his nose!U.S. District Judges are paid $154,700 per year. That is a lot of money to a peon like myself. Americans have a right to demand return for their hard-earned dollars. We are NOT getting it here!Judge Droney's behavior is becoming so blatant that it is becoming very difficult to overlook it. There is an obvious bias and prejudice at work here. I want to know why and what is causing it. This case is not being held behind locked doors or in a vacuum; it is in a United States District Court. Americans have a right to demand accountability. There needs to be some explaining done here and soon.Ocwen victims have had to endure fifteen more months of being terrorized by their so-called servicing company. No telling how many have lost their homes during this period. No telling how many prescriptions for nerve pills have been written. This is NOT justice and I hope that all of the victims of Ocwen will look into matters. It is your right as an American. Do not take this anymore. Get the financial records; file complaints. Now you not only have to save yourselves from Ocwen, you have to save yourselves from a travesty of justice in a United States District Court! But, for those of you who “cut your legal teeth" fighting Ocwen, opposing this judge will not be a difficult matter in comparison.No one thought that the battle with Ocwen would be easy; a big “THANK YOU" to Judge C.F. Droney for making it twice as hard! You should be ashamed of yourself, Judge Droney, for falling flat on your face and making a farce of your duty and our court system.
RobinWaldron, ArkansasU.S.A.
Thursday, February 14, 2008
From Comments, Sound Familiar
I too am having a terrible time with Ocwen! I have recently filed complaints with both the Federal and State Government Agencies. We were not receiving statements from them for over 1 year. No notice of rate increase nothing!! Every month, on time, we paid the same mortgage payment by moneygram and every month on those slip and by phone call we informed them of the same thing - no statements had been received by us for over 1 year. Still nothing. Until we received a certified letter from them, saying we were in default for a couple of months, as we had not made the payment that had increased. When you try and call, you can't understand them, no offense, but the call goes to India and they can't understand you and you can't understand them. Nothing gets accomplished!! No help!!! I want some help in this!!!!!!!!!!!!! I want the Government to step in!
Ocwen Loan Servicing My wife and I filed Bankruptcy in June 2003 the case was discharged Sept 2003. Ocwen has never acknowledged the Bankruptcy.
From: http://www.ripoffreport.com/reports/0/308/RipOff0308580.htm
When attempting to contact Ocwen,at any of their many phone numbers, they put you on hold until the line finally goes dead,or they connect you to a non-english speaking person who you can't understand and pretends he or she can't understand you. they then offer, in their broken english, all the different ways you can make payments. The company will not answer any mail I send them or any of my E-mails,yet every month I get a 'notice of intent to collect a debt' from them telling me how far behind I am in payments.Now they are telling me that they have put a insurance policy on the house and sent me a premium notice of $1,165.00 for the first year. They act like they are a separate entity answering only to themselves and completely oblivious to the laws of the land. They refuse to contact my attorney or to even take back their property,so now the house just sits there and benefits no one while they play their little mind games.
BigdogCanton, OhioU.S.A.
When attempting to contact Ocwen,at any of their many phone numbers, they put you on hold until the line finally goes dead,or they connect you to a non-english speaking person who you can't understand and pretends he or she can't understand you. they then offer, in their broken english, all the different ways you can make payments. The company will not answer any mail I send them or any of my E-mails,yet every month I get a 'notice of intent to collect a debt' from them telling me how far behind I am in payments.Now they are telling me that they have put a insurance policy on the house and sent me a premium notice of $1,165.00 for the first year. They act like they are a separate entity answering only to themselves and completely oblivious to the laws of the land. They refuse to contact my attorney or to even take back their property,so now the house just sits there and benefits no one while they play their little mind games.
BigdogCanton, OhioU.S.A.
Wednesday, February 13, 2008
OCWEN Loan Servicing Fraud and Harrassment Orlando Florida
From: http://www.ripoffreport.com/reports/0/308/RipOff0308798.htm
I have had dealings with mortgage lenders in the past but dealing with OCWEN is horrible.When I purchased my home in 2006, my loan was sold off to OCWEN after a few months. About two months later the problems with OCWEN started. They claimed that they did not have documentation showing that I had homeowners insurance. I called them immediately. The person I spoke to had trouble understanding and spoke broken english. I explained to them that I do have insurance and I will fax them a copy. After faxing it 3 times and sending a copy by certified mail, they finally received it. I spent at least 3 hours on the phone over a 3 week period trying to get them a copy of my insurance information.In early 2007 the drama continued. Taxes were due and I thought by having an impound account I would not have to worry about my taxes getting paid.Well, with OCWEN it appears you have to worry about everything and you are never at ease as long as you do business with them. I forwarded several tax bills that were due because they claimed they did not receive the bills (by the way, the tax department is a not part of OCWEN, at least that's what they claim) After faxing the bills in February and sending the bills by mail they were not paid and late fees on my property taxes began to accumilate. I spent at least a total of 4 hours talking to OCWEN, faxing OCWEN, mailing OCWEN, in an effort to get these taxes paid. They finally paid the tax bills in April. They took late fees out of my impound account and never reimbursed me after they told that they are responsible for the late fees.Now we are in 2008 and taxes are due again. As soon as the bills came I sent them certified mail. I tried to fax the bills also but after several attempts to fax from home and several attempts to fax from Office Depot the line was always busy so I gave up. At this point I dreaded the worst, my taxes probably have not been paid and I will have to go through the same process as last year.Currently I am receiving two calls a day from OCWEN regarding my mortgage payment which has never been late. I recently called to ask them to put me on their do not call list because they have no reason to call me my account is current and I am never late, the CSR said she would remove me, but the calls have not stopped.I would like desparately to get out of this loan with OCWEN, it has been very stressful and time consuming dealing with such a inept company. After reading all these stories I am concerned about my well being.
AlHouston, TexasU.S.A.
I have had dealings with mortgage lenders in the past but dealing with OCWEN is horrible.When I purchased my home in 2006, my loan was sold off to OCWEN after a few months. About two months later the problems with OCWEN started. They claimed that they did not have documentation showing that I had homeowners insurance. I called them immediately. The person I spoke to had trouble understanding and spoke broken english. I explained to them that I do have insurance and I will fax them a copy. After faxing it 3 times and sending a copy by certified mail, they finally received it. I spent at least 3 hours on the phone over a 3 week period trying to get them a copy of my insurance information.In early 2007 the drama continued. Taxes were due and I thought by having an impound account I would not have to worry about my taxes getting paid.Well, with OCWEN it appears you have to worry about everything and you are never at ease as long as you do business with them. I forwarded several tax bills that were due because they claimed they did not receive the bills (by the way, the tax department is a not part of OCWEN, at least that's what they claim) After faxing the bills in February and sending the bills by mail they were not paid and late fees on my property taxes began to accumilate. I spent at least a total of 4 hours talking to OCWEN, faxing OCWEN, mailing OCWEN, in an effort to get these taxes paid. They finally paid the tax bills in April. They took late fees out of my impound account and never reimbursed me after they told that they are responsible for the late fees.Now we are in 2008 and taxes are due again. As soon as the bills came I sent them certified mail. I tried to fax the bills also but after several attempts to fax from home and several attempts to fax from Office Depot the line was always busy so I gave up. At this point I dreaded the worst, my taxes probably have not been paid and I will have to go through the same process as last year.Currently I am receiving two calls a day from OCWEN regarding my mortgage payment which has never been late. I recently called to ask them to put me on their do not call list because they have no reason to call me my account is current and I am never late, the CSR said she would remove me, but the calls have not stopped.I would like desparately to get out of this loan with OCWEN, it has been very stressful and time consuming dealing with such a inept company. After reading all these stories I am concerned about my well being.
AlHouston, TexasU.S.A.
OCWEN FEDERAL BANK ABSOLUTE SCAM COMPANY Orlando Florida
From: http://www.ripoffreport.com/reports/0/308/RipOff0308575.htm
Our home loan was sold in the secondary market to OCWEN. We have never been late on a payment yet they reported a 30-day late. About this time our ARM doubled in payment due to reset which we had anticipated. We sent them proffo that they had indeed received our payment and cashed it but they refused to remove the credit ding. We got our attorney involved and then they said they could not do anything because my wife's social security number was wrong, which it was not (how could they report to the credit burueau if it was wrong?). After four months is is apparent they do not want us refinancing. They are unresponsive, rude, and evasive. They should not be in business, jail probably best suits them.Another victimSt George, UtahU.S.A.
Our home loan was sold in the secondary market to OCWEN. We have never been late on a payment yet they reported a 30-day late. About this time our ARM doubled in payment due to reset which we had anticipated. We sent them proffo that they had indeed received our payment and cashed it but they refused to remove the credit ding. We got our attorney involved and then they said they could not do anything because my wife's social security number was wrong, which it was not (how could they report to the credit burueau if it was wrong?). After four months is is apparent they do not want us refinancing. They are unresponsive, rude, and evasive. They should not be in business, jail probably best suits them.Another victimSt George, UtahU.S.A.
Tuesday, February 12, 2008
Ocwen Financial, Yet Another Case Of A Total Scam. Ocwen Scam housing West Palm Beach Florida
From: http://www.ripoffreport.com/reports/0/308/RipOff0308251.htm
Just like many of the reports here I have been totally scammed by Ocwen. I signed a mortgage for my new home and before the second payment I received a letter from Ocwen stating that they where now servicing it. I didn't know anything about them at the time but found out a LOT about them as the months went on.I got behind on 1 payment due to my automatic banking. My weekly wire transfer into my banking account was late and missed the day they tried to do the withdraw for my mortgage. What was bad on my part is I had become so use to everything being automatic that I didn't pay attention to the account. I started to receive letters from Ocwen stating I was late Plus increased payment amounts. Not just late fees but other charges. I covered the payment over the phone with one of the reps. and Thought nothing of it.About 4 months later I started to receive calls from them.. 5 to 6 times a day. Telling me that I was late on my mortgage and that I was going to lose my home etc. The first couple times I tried to explain to them that I was caught up, that I had made the payments with one of the reps, turns out that they had put me into some sort of 'forbearance' program. I told them that the rep had mentions something about that but I never agreed to that. After fighting with them for over a month about it, while they where claiming that I suddenly owed over 4 thousand to get caught up, due to the forbearance program I ask them to send my ANYTHING they had in writing with me agreeing to that.Meanwhile, I started to shop around for a new loan. Thats when I found out that Ocwen had been reporting my late on my credit for (at that time) over 6 months. Due to this so called forbearance program. They dropped my credit score over 300 points and now I can't refinance. On top of all this they have raise my interest from my starting 7% to over 12%! I'm not paying it. In looking at the records they have only put 125 dollars toward the equity in my home in the over 2 years of payments I made. So as it stands now, I actually owe them more than the original loan after making 2 years of payments.I'm done. I quit making any payments at this point and they can have the house. but they are going to have to fight in court for the entire time it takes to legally get me out. In Kentucky that will take them about 2 years. In the mean time I'm banking what would have been my mortgage payment so that when the day does come I have money to get something else. On a side note, even after the 2 years it takes to foreclose on a home in Kentucky, they STILL can not sell the house for another year after getting it, because I have the legal right to buy back the house for the foreclosure rate. So this is going to be at least a 3 year ordeal for them.CoryCovington, KentuckyU.S.A.
Just like many of the reports here I have been totally scammed by Ocwen. I signed a mortgage for my new home and before the second payment I received a letter from Ocwen stating that they where now servicing it. I didn't know anything about them at the time but found out a LOT about them as the months went on.I got behind on 1 payment due to my automatic banking. My weekly wire transfer into my banking account was late and missed the day they tried to do the withdraw for my mortgage. What was bad on my part is I had become so use to everything being automatic that I didn't pay attention to the account. I started to receive letters from Ocwen stating I was late Plus increased payment amounts. Not just late fees but other charges. I covered the payment over the phone with one of the reps. and Thought nothing of it.About 4 months later I started to receive calls from them.. 5 to 6 times a day. Telling me that I was late on my mortgage and that I was going to lose my home etc. The first couple times I tried to explain to them that I was caught up, that I had made the payments with one of the reps, turns out that they had put me into some sort of 'forbearance' program. I told them that the rep had mentions something about that but I never agreed to that. After fighting with them for over a month about it, while they where claiming that I suddenly owed over 4 thousand to get caught up, due to the forbearance program I ask them to send my ANYTHING they had in writing with me agreeing to that.Meanwhile, I started to shop around for a new loan. Thats when I found out that Ocwen had been reporting my late on my credit for (at that time) over 6 months. Due to this so called forbearance program. They dropped my credit score over 300 points and now I can't refinance. On top of all this they have raise my interest from my starting 7% to over 12%! I'm not paying it. In looking at the records they have only put 125 dollars toward the equity in my home in the over 2 years of payments I made. So as it stands now, I actually owe them more than the original loan after making 2 years of payments.I'm done. I quit making any payments at this point and they can have the house. but they are going to have to fight in court for the entire time it takes to legally get me out. In Kentucky that will take them about 2 years. In the mean time I'm banking what would have been my mortgage payment so that when the day does come I have money to get something else. On a side note, even after the 2 years it takes to foreclose on a home in Kentucky, they STILL can not sell the house for another year after getting it, because I have the legal right to buy back the house for the foreclosure rate. So this is going to be at least a 3 year ordeal for them.CoryCovington, KentuckyU.S.A.
A Lifeline In The Mortgage Mess
From: http://www.forbes.com/business/2008/02/12/mortgages-congress-bush-biz-beltway-cx_bw_0212mortgage.html
Tuesday, the Treasury Department, the Department of Housing and Urban Development and six mortgage servicers announced a plan that would give seriously delinquent borrowers a 30-day reprieve from looming foreclosures so they can renegotiate the terms of their loans.
It comes just over two months after the administration unveiled a separate program to freeze "teaser" rates on some adjustable-rate mortgages. The move was put in place to prevent 1.2 million mortgages from resetting to higher rates and putting borrowers in greater danger of foreclosure.
That plan was widely criticized because it didn't provide assistance to borrowers already in default on their loans. The plan announced Tuesday, called "Project Lifeline," fixes that problem, sort of--it helps borrowers three months in arrears. But it's also got some kinks of its own.
Primarily, it doesn't guarantee borrowers assistance. Under the plan, six major loan servicers--Countrywide Financial (nyse: CFC - news - people ), Bank of America (nyse: BAC - news - people ), Citigroup (nyse: C - news - people ), JPMorgan Chase (nyse: JPM - news - people ), Wells Fargo (nyse: WFC - news - people ) and Washington Mutual (nyse: WM - news - people )--will send out letters to borrowers who are at least 90 days past due to let them know their loan is being considered for the 30 day "pause." (This is not a moratorium). Borrowers have 10 days to respond.
Borrowers' situations will be handled on a case-by-case basis, and for this reason, the administration doesn't know how many borrowers will be affected, though the number is expected to be in the "hundreds of thousands." And while the plan includes subprime, prime and home equity loans, it leaves out those that are in active bankruptcy, those that are in active foreclosure with the sale date 30 days away, investment properties and vacant homes.
In addition, the plan does not alter the outstanding loan amount. It simply allows the repayment terms to be altered.
The idea behind Project Lifeline is not new. If mortgage servicers wish, they are free to renegotiate the terms of any borrowers' loan at any time. The current plan, however, is the first time major industry players have worked in concert to stall foreclosures on seriously delinquent loans. The six firms account for about 50% of all U.S. mortgages, and they are all part of an administration-backed private-sector alliance to lessen the damage caused by the subprime crisis, known as HOPE NOW.
The administration appears to be earnest in helping borrowers. A spate of mass foreclosures--which no one on either side of the aisle wants--does nothing to buoy the economy. The White House predicts the economy will rebound in the second half of 2008. It's better to look busy now than to be accused in November of not acting at all.
But so far, the Bush administration's efforts have been met with political opposition.
The National Community Reinvestment Coalition (NCRC), a group of about 600 community organizations, has proposed that the federal government buy securitized loans at a discount. At that point, the terms could be renegotiated with the input of the private sector.
John Taylor, NCRC's president and chief executive officer, says the government waited too long to react, failing to realize that the mortgage meltdown was more than just an aberration that would be corrected by the markets. "It's a classic case of tripping over your ideology," he says.
Senate Banking Committee Chairman Chris Dodd, D-Conn., blasted Project Lifeline: "This plan, while a step in the right direction, will not stem the tide of the millions of foreclosures we are facing in the coming months," he said.
His proposal: The government should set up a company to buy the loans and readjust their terms. Good luck there--the time involved with creating a new government entity is anyone's guess. And the cost? Yikes.
Tuesday, the Treasury Department, the Department of Housing and Urban Development and six mortgage servicers announced a plan that would give seriously delinquent borrowers a 30-day reprieve from looming foreclosures so they can renegotiate the terms of their loans.
It comes just over two months after the administration unveiled a separate program to freeze "teaser" rates on some adjustable-rate mortgages. The move was put in place to prevent 1.2 million mortgages from resetting to higher rates and putting borrowers in greater danger of foreclosure.
That plan was widely criticized because it didn't provide assistance to borrowers already in default on their loans. The plan announced Tuesday, called "Project Lifeline," fixes that problem, sort of--it helps borrowers three months in arrears. But it's also got some kinks of its own.
Primarily, it doesn't guarantee borrowers assistance. Under the plan, six major loan servicers--Countrywide Financial (nyse: CFC - news - people ), Bank of America (nyse: BAC - news - people ), Citigroup (nyse: C - news - people ), JPMorgan Chase (nyse: JPM - news - people ), Wells Fargo (nyse: WFC - news - people ) and Washington Mutual (nyse: WM - news - people )--will send out letters to borrowers who are at least 90 days past due to let them know their loan is being considered for the 30 day "pause." (This is not a moratorium). Borrowers have 10 days to respond.
Borrowers' situations will be handled on a case-by-case basis, and for this reason, the administration doesn't know how many borrowers will be affected, though the number is expected to be in the "hundreds of thousands." And while the plan includes subprime, prime and home equity loans, it leaves out those that are in active bankruptcy, those that are in active foreclosure with the sale date 30 days away, investment properties and vacant homes.
In addition, the plan does not alter the outstanding loan amount. It simply allows the repayment terms to be altered.
The idea behind Project Lifeline is not new. If mortgage servicers wish, they are free to renegotiate the terms of any borrowers' loan at any time. The current plan, however, is the first time major industry players have worked in concert to stall foreclosures on seriously delinquent loans. The six firms account for about 50% of all U.S. mortgages, and they are all part of an administration-backed private-sector alliance to lessen the damage caused by the subprime crisis, known as HOPE NOW.
The administration appears to be earnest in helping borrowers. A spate of mass foreclosures--which no one on either side of the aisle wants--does nothing to buoy the economy. The White House predicts the economy will rebound in the second half of 2008. It's better to look busy now than to be accused in November of not acting at all.
But so far, the Bush administration's efforts have been met with political opposition.
The National Community Reinvestment Coalition (NCRC), a group of about 600 community organizations, has proposed that the federal government buy securitized loans at a discount. At that point, the terms could be renegotiated with the input of the private sector.
John Taylor, NCRC's president and chief executive officer, says the government waited too long to react, failing to realize that the mortgage meltdown was more than just an aberration that would be corrected by the markets. "It's a classic case of tripping over your ideology," he says.
Senate Banking Committee Chairman Chris Dodd, D-Conn., blasted Project Lifeline: "This plan, while a step in the right direction, will not stem the tide of the millions of foreclosures we are facing in the coming months," he said.
His proposal: The government should set up a company to buy the loans and readjust their terms. Good luck there--the time involved with creating a new government entity is anyone's guess. And the cost? Yikes.
Some Good News, We Hope: Feds to Unveil New Mortgage-Help Plan
From: http://ap.google.com/article/ALeqM5iPpplpVSr2ixU2laMGwo2QnmANHQD8UOMNB80
By MARCY GORDON – 3 hours ago
WASHINGTON (AP) — At-risk borrowers with all types of mortgages, not just high-cost subprime loans, could be eligible for help under a new plan involving six big home lenders. The plan, called Project Lifeline, will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development, said a person familiar with the plan who confirmed earlier news reports about the plan but spoke on condition of anonymity because it had not yet been made public.
Against a backdrop of surging defaults and administration officials' prodding of the mortgage industry, the plan will allow seriously overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.
On a pilot basis, the plan will involve six of the largest mortgage lenders, in hopes that more lenders will sign on. The participants are Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.
All six are involved in Hope Now, an effort the Bush administration brokered with the mortgage industry late last year to freeze rates on some high-cost subprime mortgages for five years to aid borrowers whose teaser rates are jumping sharply higher. Since then, Treasury Secretary Henry Paulson has urged lenders to expand that effort to cover struggling homeowners with conventional mortgages.
The new plan applies to seriously delinquent homeowners, those whose mortgages are 90 days or more past due.
With home prices falling, even some people with good credit have gotten behind on their payments. Like many subprime borrowers, they signed up for adjustable-rate mortgages that allowed them to make smaller, steady payments for several years until a higher fluctuating interest rate kicked in.
Some borrowed against their rising equity as home prices climbed, assuming they would be able to refinance or sell their homes before the higher payments began. But as prices have plummeted, many homeowners now owe more than their home is worth, and banks have tightened their lending practices, leaving even people with stellar credit struggling with higher payments.
The Hope Now alliance, which includes lenders, investors and nonprofit groups, said last week that it helped nearly 8 percent of subprime borrowers in the second half of 2007 — more than its original estimate.
The group said it helped 545,000 subprime borrowers with spotty credit in the second half of last year, compared with its January estimate of 370,000. That works out to 7.7 percent of 7.1 million subprime loans outstanding as of September.
Among the subprime borrowers aided, 150,000 were helped through permanent-loan modifications, such as lower interest rates, while 395,000 negotiated repayment plans, which often involve a borrower getting back on track even after missing a few payments.
Consumer groups, however, point out that many borrowers still can't keep up, even after loan workouts. They say many of the borrowers in the Hope Now effort have negotiated short-term loan modifications or repayment plans, which often involve a borrower getting back on track after missing a few payments. A full-fledged refinancing at a lower rate is preferable, they say.
From: http://online.wsj.com/article/SB120276908653960265.html?mod=googlenews_wsj
Lenders Step Up Effort to Avert Foreclosures
By DAMIAN PALETTA and JAMES R. HAGERTYFebruary 12, 2008; Page A3
Prodded by the Bush administration, six major mortgage lenders are due to announce today a stepped-up effort to rescue homeowners on the brink of foreclosure.
Under the latest plan, dubbed Project Lifeline, the lenders promise to seek contact with homeowners who are 90 or more days overdue on their mortgages. In some cases, homeowners will be given the chance to "pause" their foreclosure for 30 days while lenders try to work out a way to make the loans affordable. Lenders could begin sending letters to these borrowers as soon as this week.
Homeowners wouldn't qualify for the program if they are in bankruptcy, if they already have a foreclosure date within 30 days or if the loan was for an investment or vacant property.
Unlike the plan announced in December to freeze interest rates at current levels on certain adjustable-rate loans, this latest effort is to involve all kinds of home loans, not just subprime mortgages, a higher-cost variety for people with blemished credit records or high debt in relation to income.
The participating banks, which service about half of the U.S. mortgage market, are Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., J.P. Morgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co. -- all members of the so-called Hope Now Alliance. They are working with the U.S. Treasury and Department of Housing and Urban Development. Those two departments scheduled a briefing on the plan for 11:15 a.m. today. The plan was reported yesterday by the Reuters News Service.
Almost immediately after the Bush administration announced the freeze plan in December for certain subprime borrowers, Treasury Secretary Henry Paulson indicated an interest in developing a strategy to address a broader range of distressed homeowners.
At least 1.3 million home-mortgage loans were either seriously delinquent or in foreclosure at the end of the third quarter, according to the Mortgage Bankers Association. Not all of those loans would qualify for the program, however.
Analysts at the investment-banking firm Lehman Brothers recently estimated that the number of foreclosures will surge to one million this year and next, about four times the 2007 level.
Some nonprofit groups that work with troubled borrowers say lenders have become more flexible in recent months in efforts to find ways for more borrowers to keep their homes. But they also say the industry needs to do more.
Martin Eakes, chief executive of the Center for Responsible Lending, a nonprofit research group based in Washington that frequently bashes the mortgage industry, said moves announced so far have been "baby steps." He said lenders should move more aggressively to reduce loan balances to current home values and make monthly payments affordable. He acknowledged, however, that servicers of loans -- the firms that collect payments and handle foreclosures -- face the risk of lawsuits from investors that own loans if those investors believe borrowers have been given overly generous terms.
Bruce Marks, chief executive of Neighborhood Assistance Corp. of America, a Boston-based nonprofit that works with distressed homeowners, dismissed Project Lifeline as a "PR stunt." He said it already should have been automatic for loan servicers to pause foreclosure proceedings for homeowners seeking to qualify for a more affordable loan.
Congressional Democrats also have grown increasingly hostile toward the Bush administration and lenders over the past several months, arguing that not enough is being done to prevent foreclosure. Mr. Paulson is scheduled to testify before the Senate Banking Committee Thursday, and Project Lifeline could help blunt criticism from lawmakers.
The latest initiative came as Countrywide announced a plan to work with the Association of Community Organizations for Reform Now, or Acorn, to seek alternatives to foreclosure for distressed borrowers.
By MARCY GORDON – 3 hours ago
WASHINGTON (AP) — At-risk borrowers with all types of mortgages, not just high-cost subprime loans, could be eligible for help under a new plan involving six big home lenders. The plan, called Project Lifeline, will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development, said a person familiar with the plan who confirmed earlier news reports about the plan but spoke on condition of anonymity because it had not yet been made public.
Against a backdrop of surging defaults and administration officials' prodding of the mortgage industry, the plan will allow seriously overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.
On a pilot basis, the plan will involve six of the largest mortgage lenders, in hopes that more lenders will sign on. The participants are Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.
All six are involved in Hope Now, an effort the Bush administration brokered with the mortgage industry late last year to freeze rates on some high-cost subprime mortgages for five years to aid borrowers whose teaser rates are jumping sharply higher. Since then, Treasury Secretary Henry Paulson has urged lenders to expand that effort to cover struggling homeowners with conventional mortgages.
The new plan applies to seriously delinquent homeowners, those whose mortgages are 90 days or more past due.
With home prices falling, even some people with good credit have gotten behind on their payments. Like many subprime borrowers, they signed up for adjustable-rate mortgages that allowed them to make smaller, steady payments for several years until a higher fluctuating interest rate kicked in.
Some borrowed against their rising equity as home prices climbed, assuming they would be able to refinance or sell their homes before the higher payments began. But as prices have plummeted, many homeowners now owe more than their home is worth, and banks have tightened their lending practices, leaving even people with stellar credit struggling with higher payments.
The Hope Now alliance, which includes lenders, investors and nonprofit groups, said last week that it helped nearly 8 percent of subprime borrowers in the second half of 2007 — more than its original estimate.
The group said it helped 545,000 subprime borrowers with spotty credit in the second half of last year, compared with its January estimate of 370,000. That works out to 7.7 percent of 7.1 million subprime loans outstanding as of September.
Among the subprime borrowers aided, 150,000 were helped through permanent-loan modifications, such as lower interest rates, while 395,000 negotiated repayment plans, which often involve a borrower getting back on track even after missing a few payments.
Consumer groups, however, point out that many borrowers still can't keep up, even after loan workouts. They say many of the borrowers in the Hope Now effort have negotiated short-term loan modifications or repayment plans, which often involve a borrower getting back on track after missing a few payments. A full-fledged refinancing at a lower rate is preferable, they say.
From: http://online.wsj.com/article/SB120276908653960265.html?mod=googlenews_wsj
Lenders Step Up Effort to Avert Foreclosures
By DAMIAN PALETTA and JAMES R. HAGERTYFebruary 12, 2008; Page A3
Prodded by the Bush administration, six major mortgage lenders are due to announce today a stepped-up effort to rescue homeowners on the brink of foreclosure.
Under the latest plan, dubbed Project Lifeline, the lenders promise to seek contact with homeowners who are 90 or more days overdue on their mortgages. In some cases, homeowners will be given the chance to "pause" their foreclosure for 30 days while lenders try to work out a way to make the loans affordable. Lenders could begin sending letters to these borrowers as soon as this week.
Homeowners wouldn't qualify for the program if they are in bankruptcy, if they already have a foreclosure date within 30 days or if the loan was for an investment or vacant property.
Unlike the plan announced in December to freeze interest rates at current levels on certain adjustable-rate loans, this latest effort is to involve all kinds of home loans, not just subprime mortgages, a higher-cost variety for people with blemished credit records or high debt in relation to income.
The participating banks, which service about half of the U.S. mortgage market, are Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., J.P. Morgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co. -- all members of the so-called Hope Now Alliance. They are working with the U.S. Treasury and Department of Housing and Urban Development. Those two departments scheduled a briefing on the plan for 11:15 a.m. today. The plan was reported yesterday by the Reuters News Service.
Almost immediately after the Bush administration announced the freeze plan in December for certain subprime borrowers, Treasury Secretary Henry Paulson indicated an interest in developing a strategy to address a broader range of distressed homeowners.
At least 1.3 million home-mortgage loans were either seriously delinquent or in foreclosure at the end of the third quarter, according to the Mortgage Bankers Association. Not all of those loans would qualify for the program, however.
Analysts at the investment-banking firm Lehman Brothers recently estimated that the number of foreclosures will surge to one million this year and next, about four times the 2007 level.
Some nonprofit groups that work with troubled borrowers say lenders have become more flexible in recent months in efforts to find ways for more borrowers to keep their homes. But they also say the industry needs to do more.
Martin Eakes, chief executive of the Center for Responsible Lending, a nonprofit research group based in Washington that frequently bashes the mortgage industry, said moves announced so far have been "baby steps." He said lenders should move more aggressively to reduce loan balances to current home values and make monthly payments affordable. He acknowledged, however, that servicers of loans -- the firms that collect payments and handle foreclosures -- face the risk of lawsuits from investors that own loans if those investors believe borrowers have been given overly generous terms.
Bruce Marks, chief executive of Neighborhood Assistance Corp. of America, a Boston-based nonprofit that works with distressed homeowners, dismissed Project Lifeline as a "PR stunt." He said it already should have been automatic for loan servicers to pause foreclosure proceedings for homeowners seeking to qualify for a more affordable loan.
Congressional Democrats also have grown increasingly hostile toward the Bush administration and lenders over the past several months, arguing that not enough is being done to prevent foreclosure. Mr. Paulson is scheduled to testify before the Senate Banking Committee Thursday, and Project Lifeline could help blunt criticism from lawmakers.
The latest initiative came as Countrywide announced a plan to work with the Association of Community Organizations for Reform Now, or Acorn, to seek alternatives to foreclosure for distressed borrowers.
Sunday, February 10, 2008
Ocwen Loan Servicing Ocwen Loan Servicing Carol Stream Illinois
From: http://www.ripoffreport.com/reports/0/307/RipOff0307626.htm
Update on Ocwen Mortgage Servicing - amazingly enough they are part of the government's new Hope Now program that is supposed to help people who are having problems with their mortgages. What a joke! Are they just looking for more victims?
CharCrystal Lake, IllinoisU.S.A.
Update on Ocwen Mortgage Servicing - amazingly enough they are part of the government's new Hope Now program that is supposed to help people who are having problems with their mortgages. What a joke! Are they just looking for more victims?
CharCrystal Lake, IllinoisU.S.A.
OCWEN EVERYBODIES STORY IS ALMOST THE SAME!!! THEY NEED TO BE STOPPED.... AND SOON!!! Orlando Florida
From: http://www.ripoffreport.com/reports/0/307/RipOff0307683.htm
I have spent so much time in the last two days reading reports about Ocwen on different sights that it is becoming mind numbing. Part of me is feels better in that I am not alone however a bigger part of me....the part that is sick to my stomache and can't eat or sleep is wondering what to do next. It is starting to look like the only way out is not going to be good. I live in the home I grow up in, the one I was brought home from the hospital to, it was my grandparents home. After years away I moved back into this house when my grandparents passed away. It is not anything fancy but it is home. In fall of 2001 I took out a loan with a different finace company to make some home improvments and within months Ocwen had my loan. It was a rough start beacuse I was never notified of the take over. But I was lucky in that it didn't take much to get it taken care of. Then this past fall my husband and I were the victims of an Identy Thief and it wrecked not only our bank account but our lives. I called Ocwen to have them start pulling our payments from our new bank account...well.....guess what?! They never did. I called them then and told them that I wanted pay the 2 back payments and I would send it out or they could pull it right away. Well what was to be 610.00 had now turned into over $1,800 and I was told that the only way to correct it was to go into a forebearance plan. This plan was going to be set up for over a year and I would be shown late for that year,PLUS I would still owe fees at the end.IT WAS $ 600.00 PEOPLE!!!! On top of all of this I had recieved an ACT 91 notice. I had Two chioces go with the plan or file the ACT 91.After talking to the Pennsylvania dept of Banking and Pennyslvania Housing I took their advice and filed the Act 91. This way I could pay my back payments even if I wasn't approved for the ACT 91 and it would buy me time to fight OCWEN.In addition OCWEN could not proceed with anything. On January 28,2008 I called and found out I did not recieve the Act 91 loan.....so I called Ocwen right away to set up sending the payments. The only way they would take the payments was to set up a modified loan agreement. Did I mention that I couldn't refinance with anybody else because my credit score has went from 700 to 430 in 4 months thanks to them. The place where I where have my car payment and the a couple other lending places have told me they SHUDDER when they see someone has loan with Ocwen. So still working through Pennsylvania Housing I decide to do the modified loan and then in 6 months of good payments they ( Pa.Housing) could set me up with something. The first agrement made on Jan.28,2008 was to be e-mailed to me in a few days. When I didn't have it in a week I called back...this time talked to an American....very nice guy and he told me he believed I had set up this loan because I had the exact imformation...BUT....there was no record of my call the week before. So we set everything up again. While waiting this past week for the paper work to be e-mailed to me GUESS WHAT ???!!!! I was served with papers saying I had been sued for foreclosure. The papers were filed on 1/8/08 while I was still under protection of the ACT 91. I recieved the loan mod. papers on Friday to find out they were forebearance papers and there were all kinds of fees tacked on. Pa. Housing is trying to help me fight the fees and has told them they were not allowed to do this. I even have e-mails between Ocwens' Attorney and Ocwen that were CC: to Pa. Housing telling Ocwen they could not do that.I don't know where things will go from here but I do know somwthing has to be done and done soon!!!!! I do not want to lose my home or for that matter and really most importantly to me my pets which are my world....who rents to people with BIG DOGS,cats and yes even a lizard??? But even more so... with the state the country is in now Ocwen is not helping it. I am more than willing to speak to anyone and do anything that needs to be done. Please contact me if you can help me......or I can help you.
SMTSomewhere in, PennsylvaniaU.S.A.
I have spent so much time in the last two days reading reports about Ocwen on different sights that it is becoming mind numbing. Part of me is feels better in that I am not alone however a bigger part of me....the part that is sick to my stomache and can't eat or sleep is wondering what to do next. It is starting to look like the only way out is not going to be good. I live in the home I grow up in, the one I was brought home from the hospital to, it was my grandparents home. After years away I moved back into this house when my grandparents passed away. It is not anything fancy but it is home. In fall of 2001 I took out a loan with a different finace company to make some home improvments and within months Ocwen had my loan. It was a rough start beacuse I was never notified of the take over. But I was lucky in that it didn't take much to get it taken care of. Then this past fall my husband and I were the victims of an Identy Thief and it wrecked not only our bank account but our lives. I called Ocwen to have them start pulling our payments from our new bank account...well.....guess what?! They never did. I called them then and told them that I wanted pay the 2 back payments and I would send it out or they could pull it right away. Well what was to be 610.00 had now turned into over $1,800 and I was told that the only way to correct it was to go into a forebearance plan. This plan was going to be set up for over a year and I would be shown late for that year,PLUS I would still owe fees at the end.IT WAS $ 600.00 PEOPLE!!!! On top of all of this I had recieved an ACT 91 notice. I had Two chioces go with the plan or file the ACT 91.After talking to the Pennsylvania dept of Banking and Pennyslvania Housing I took their advice and filed the Act 91. This way I could pay my back payments even if I wasn't approved for the ACT 91 and it would buy me time to fight OCWEN.In addition OCWEN could not proceed with anything. On January 28,2008 I called and found out I did not recieve the Act 91 loan.....so I called Ocwen right away to set up sending the payments. The only way they would take the payments was to set up a modified loan agreement. Did I mention that I couldn't refinance with anybody else because my credit score has went from 700 to 430 in 4 months thanks to them. The place where I where have my car payment and the a couple other lending places have told me they SHUDDER when they see someone has loan with Ocwen. So still working through Pennsylvania Housing I decide to do the modified loan and then in 6 months of good payments they ( Pa.Housing) could set me up with something. The first agrement made on Jan.28,2008 was to be e-mailed to me in a few days. When I didn't have it in a week I called back...this time talked to an American....very nice guy and he told me he believed I had set up this loan because I had the exact imformation...BUT....there was no record of my call the week before. So we set everything up again. While waiting this past week for the paper work to be e-mailed to me GUESS WHAT ???!!!! I was served with papers saying I had been sued for foreclosure. The papers were filed on 1/8/08 while I was still under protection of the ACT 91. I recieved the loan mod. papers on Friday to find out they were forebearance papers and there were all kinds of fees tacked on. Pa. Housing is trying to help me fight the fees and has told them they were not allowed to do this. I even have e-mails between Ocwens' Attorney and Ocwen that were CC: to Pa. Housing telling Ocwen they could not do that.I don't know where things will go from here but I do know somwthing has to be done and done soon!!!!! I do not want to lose my home or for that matter and really most importantly to me my pets which are my world....who rents to people with BIG DOGS,cats and yes even a lizard??? But even more so... with the state the country is in now Ocwen is not helping it. I am more than willing to speak to anyone and do anything that needs to be done. Please contact me if you can help me......or I can help you.
SMTSomewhere in, PennsylvaniaU.S.A.
Thursday, February 7, 2008
Ocwen Foreclosure, unfair fees,unfair forbearance agreements Orlando Florida
From: http://www.ripoffreport.com/reports/0/306/RipOff0306928.htm
I have read all the files about Ocwen and they all sound all too familiar to me. I am being threatened with foreclosure now so i also have a forbearance agreement which is putting me further and further away from helping save my home!! 2 yrs. ago my mortgage payment was $991 and is now $1450!! I had flooding at mu house and had a lot of damage which resulted in a lot of out of pocket expenses that our ins. wouldn't pay. Which was what put us behind . Also we paid up back taxes that we didn't know we could escrow which was a lot of out of pocket. We have had 2 plans already due to these extenuating circumstances and they are more than willing to help with huge down down payments and raising the payment. How does this help. In Oct. i paid $2489 down and $3000 in Jan. and they are still threatening me!! That's not counting the amt. i put down last year.This is ruining my credit!! They also say i owe 13,000 in arrearages !! How can this be???? I always pay my house payment each month!!I am going to investigate my payment history with them but that is gonna take awhile. I need some help now!!! Each month the continually add high late fees,and a $10 property ins. monthly!!I have never seen such a horrible company to deal with. They do not respond to my emails and there is at least a 30 -40 min. wait to talk to a representative. Then they are more than happy to help by another downpayment and forbearance agreement.This is a vicious circle with no end and i am in fear of losing my house!!!
RhondaMinerva, OhioU.S.A.
I have read all the files about Ocwen and they all sound all too familiar to me. I am being threatened with foreclosure now so i also have a forbearance agreement which is putting me further and further away from helping save my home!! 2 yrs. ago my mortgage payment was $991 and is now $1450!! I had flooding at mu house and had a lot of damage which resulted in a lot of out of pocket expenses that our ins. wouldn't pay. Which was what put us behind . Also we paid up back taxes that we didn't know we could escrow which was a lot of out of pocket. We have had 2 plans already due to these extenuating circumstances and they are more than willing to help with huge down down payments and raising the payment. How does this help. In Oct. i paid $2489 down and $3000 in Jan. and they are still threatening me!! That's not counting the amt. i put down last year.This is ruining my credit!! They also say i owe 13,000 in arrearages !! How can this be???? I always pay my house payment each month!!I am going to investigate my payment history with them but that is gonna take awhile. I need some help now!!! Each month the continually add high late fees,and a $10 property ins. monthly!!I have never seen such a horrible company to deal with. They do not respond to my emails and there is at least a 30 -40 min. wait to talk to a representative. Then they are more than happy to help by another downpayment and forbearance agreement.This is a vicious circle with no end and i am in fear of losing my house!!!
RhondaMinerva, OhioU.S.A.
Ocwen Loan Servicing Company, harassment bogus debt fraud mafia related activities West Palm Beach Florida
from: http://www.ripoffreport.com/reports/0/306/RipOff0306936.htm
I have been receiving calls from Ocwen Loan servicing LLC based in Flordia and Georgia. They first claimed I owed Household bank 488.00 than it was a public agency that they refused to give out than it is Orchard Bank now 588.00. I paid 16.00 to fair Issac and checked my credit report no collection activity no outstanding debt clean bill. I demanded these people stop calling me in accordance with the FCDPA act. I demanded they write me not call. They claim they are from Flordia Georgia India. The phone# is not in my name but it is in my wife's name whom is a immigrant so there is a privacy question here. I contacted the Office of Financial Regulation in Flordia but they are stating I should not contact them because I live in washington. I disagree with the lady's interpretation of the law the fact of the matter is the Financial institution is in your state Flordia therefore I am going to demand Claims and arbitration settlement and have it registered in International court that way there are no jurisdictional problems. The harassment has continued since 10/2007 bogus debt fraud mafia related activities
Mr. DarkcloudUniversity Place, WashingtonU.S.A.
I have been receiving calls from Ocwen Loan servicing LLC based in Flordia and Georgia. They first claimed I owed Household bank 488.00 than it was a public agency that they refused to give out than it is Orchard Bank now 588.00. I paid 16.00 to fair Issac and checked my credit report no collection activity no outstanding debt clean bill. I demanded these people stop calling me in accordance with the FCDPA act. I demanded they write me not call. They claim they are from Flordia Georgia India. The phone# is not in my name but it is in my wife's name whom is a immigrant so there is a privacy question here. I contacted the Office of Financial Regulation in Flordia but they are stating I should not contact them because I live in washington. I disagree with the lady's interpretation of the law the fact of the matter is the Financial institution is in your state Flordia therefore I am going to demand Claims and arbitration settlement and have it registered in International court that way there are no jurisdictional problems. The harassment has continued since 10/2007 bogus debt fraud mafia related activities
Mr. DarkcloudUniversity Place, WashingtonU.S.A.
Tuesday, February 5, 2008
Ocwen Finacial, REPORTING LATE PAYMENTS 7 TIMES. WANTS $4000.00 TO CATCH UP OUR LOAN. WE ARE NOT BEHIND
From: http://www.ripoffreport.com/reports/0/306/RipOff0306342.htm
We have been with Ocwen for a year and a half. We had a miss hap with a pipe under our garage floor that broke due to a freeze we had that year ( 2006 ). So we got behind, our family gave us some money to help catch up and so we had one more payment to pay and Ocwen told us about a forebearance program. So ocwen told us they would spread out one payment for six months and I told them to send me the paper work so we could look it over and decide from there if we would do it or not. Well they started to send statements saying that our new payment was $2677.58 from $2400.00 a month. Because we were on a fix interest only lock in for 2 yrs loan I decided to look in on a fix 30yr loan sense the interest rate were going down. So I started looking at other companies and found out through them that my credit scores are at 545 and I have 7 late payments on my credit. So I called the Ocwen comp. and asked them why they reported me late on my payments and the man I spoke to said that the forebearance plan is why they had to report me late. I have not been late for the seven month that I have had my mortgage go up $277.00 more a month. Plus the man said that I have been charged late fees of $112.00 each of those months that I was not late. I ask him what it would take to get off the forebearance plan, I would have to come up with the $4000.00 to catch up. Then I asked if thier was a signature on the forbearance statement and they told me that it was a verbal agreement. I never agreed to have my credit messed up and reported late every month for the last 7 months so I cant get my house refinanced to a lower payment. Now Ocwen said as of April 1st that my interest rates will be raised to 10.375% on this interest only loan and that my mortgage will be raise to $3151.58 a month so I guess like everybody else that has been in their grip I'll loose my house too. Plus when they took over my loan with countrywide they raise the interest rate from 7.5% to 8.375% even though I was lock in for two years at 7.5%. The man on the phone told me when they bought our note that it raise up to 8.375% because that is what it was at the time when they bought the loan. I did not sign for the 8.375%. and that they are charging us $12.95 for some insurance that I had know idea what that was and that I was going to be charged for the phone call I placed to him to find out why I was being recorded as late? I need this to go out to all that are suffering from this Ocwen and if there is someone in Arizona that has a lawyer and needs more to join there lawsuit I'm in. I need some help to get mine and my husbands life back on track and get our credit back to normal and get these people shut down beefore there are more lives destroyed by the fraud of this company.Lauragilbert, ArizonaU.S.A.
We have been with Ocwen for a year and a half. We had a miss hap with a pipe under our garage floor that broke due to a freeze we had that year ( 2006 ). So we got behind, our family gave us some money to help catch up and so we had one more payment to pay and Ocwen told us about a forebearance program. So ocwen told us they would spread out one payment for six months and I told them to send me the paper work so we could look it over and decide from there if we would do it or not. Well they started to send statements saying that our new payment was $2677.58 from $2400.00 a month. Because we were on a fix interest only lock in for 2 yrs loan I decided to look in on a fix 30yr loan sense the interest rate were going down. So I started looking at other companies and found out through them that my credit scores are at 545 and I have 7 late payments on my credit. So I called the Ocwen comp. and asked them why they reported me late on my payments and the man I spoke to said that the forebearance plan is why they had to report me late. I have not been late for the seven month that I have had my mortgage go up $277.00 more a month. Plus the man said that I have been charged late fees of $112.00 each of those months that I was not late. I ask him what it would take to get off the forebearance plan, I would have to come up with the $4000.00 to catch up. Then I asked if thier was a signature on the forbearance statement and they told me that it was a verbal agreement. I never agreed to have my credit messed up and reported late every month for the last 7 months so I cant get my house refinanced to a lower payment. Now Ocwen said as of April 1st that my interest rates will be raised to 10.375% on this interest only loan and that my mortgage will be raise to $3151.58 a month so I guess like everybody else that has been in their grip I'll loose my house too. Plus when they took over my loan with countrywide they raise the interest rate from 7.5% to 8.375% even though I was lock in for two years at 7.5%. The man on the phone told me when they bought our note that it raise up to 8.375% because that is what it was at the time when they bought the loan. I did not sign for the 8.375%. and that they are charging us $12.95 for some insurance that I had know idea what that was and that I was going to be charged for the phone call I placed to him to find out why I was being recorded as late? I need this to go out to all that are suffering from this Ocwen and if there is someone in Arizona that has a lawyer and needs more to join there lawsuit I'm in. I need some help to get mine and my husbands life back on track and get our credit back to normal and get these people shut down beefore there are more lives destroyed by the fraud of this company.Lauragilbert, ArizonaU.S.A.
Monday, February 4, 2008
Ocwen Loan Servicing, Forcefully pushing me out of my home Orlando Florida
From: http://www.ripoffreport.com/reports/0/305/RipOff0305969.htm
Ocwen has pushed me to my limits, calling and harassing me. Not trying to help me at all. I called them several times wanting the proper forms to sell the house or get a loan modification for the house, they never responded until 4 months and 4 payments behind latter. To pacify me when I call they would lie and say the paper work was in the mail or they'd say we emailed it to you. I had to go thru that for months. They accepted a refinance loan from my very ill mother (who past in Nov of 2007) over the phone and that is illegal. My mother was a victim of predatory lending. Because she refinanced in 2006 I don't know if there is anything we can do about it. They appraised our home for far much more than it was worth at $115K and it is only worth $70K. My mother died thinking that she refinanced out of an adjustable into a fixed however that was not the case she actually has another adjustable on top of that it is interest only. There was no contract just a verbal agreement. I am so angry how could they get away with this.Jackiecincinnati, OhioU.S.A.
Ocwen has pushed me to my limits, calling and harassing me. Not trying to help me at all. I called them several times wanting the proper forms to sell the house or get a loan modification for the house, they never responded until 4 months and 4 payments behind latter. To pacify me when I call they would lie and say the paper work was in the mail or they'd say we emailed it to you. I had to go thru that for months. They accepted a refinance loan from my very ill mother (who past in Nov of 2007) over the phone and that is illegal. My mother was a victim of predatory lending. Because she refinanced in 2006 I don't know if there is anything we can do about it. They appraised our home for far much more than it was worth at $115K and it is only worth $70K. My mother died thinking that she refinanced out of an adjustable into a fixed however that was not the case she actually has another adjustable on top of that it is interest only. There was no contract just a verbal agreement. I am so angry how could they get away with this.Jackiecincinnati, OhioU.S.A.
Sunday, February 3, 2008
OCWEN FEDERAL BANK, SOMEBODY PLEASE STOP THESE PEOPLE! WE NEED TO JOIN ON A CIVILIAN LAWSUIT AGAINST OCWEN FEDERAL BANK
From: http://www.ripoffreport.com/reports/0/305/RipOff0305837.htm
OCWEN FEDERAL BANK, SOMEBODY PLEASE STOP THESE PEOPLE! WE NEED TO JOIN ON A CIVILIAN LAWSUIT AGAINST OCWEN FEDERAL BANK! THEY ARE RUINING OUR LIVES, ITS ALMOST SCARRY TO HEAR ALL THE SIMULAR STORIES, FOREBEARANCE PLANS, RIDICULOUS CHARGES, THEY WANT TO STEAL YOUR HOME Orlando Florida
OCWEN FEDERAL BANK HAS BASICALLY RUINED OUR LIVES! MY PAYMENT WENT FROM 642.00 TO NOW $950.00 IN 6 YEARS, FROM ALL THE UNEXPLAINED FALSE CHARGES. THERE WAS A TIME WE FELL BEHIND FROM MEDICAL REASONS, WE TRIED EVERYTHING TO GET OCWEN TO WORK WITH US, YES, THEY WILL WORK WITH YOU AND TAKE ADVANTAGE OF YOUR SITUATION TO GET YOUR HOME! THEY REQUIRED ME TWICE NOW TO COME UP WITH A DOWN PAYMENT OF NO LESS THAN $2,800 IN THIRTY DAYS AND INCREASE YOUR PAYMENTS $150.00 MORE A MONTH. UNTIL THIS SO CALLED FOREBEARNCE PLAN IS UP TO DATE, WHICH IT WILL NEVER BE. bECAUSE, IF YOUR A DAY LATE ON YOUR FOREBEARANCE PLAN YOU WILL BE KICKED OFF IT AGAIN AND THEY IMMEDIATELY THREATEN FORECLOSE PROCEEDINGS. TO GET BACK ON ANOTHER PLAN, YOU MUST COME UP WITH THIS DOWN PAYMENT AGAIN AND YOUR PAYMENT WILL THEN INCREASE ANOTHER $150.00 A MONTH. THEY WILL CONTINUE TO DO THIS UNTIL YOU CAN'T AFFORD YOUR PAYMENTS OR THEY WILL NO LONGER PUT YOU ON ANOTHER PLAN AND STEAL YOUR HOME! ESPECIALLY IF YOUR HOME IS WORTH MORE THAN YOU OWE...... THERE'S NO MERCY. WITH MY PAYMENTS NOW $950.00 A MONTH AND WITH NO GRACE PERIOD, I WILL PROBABLY BE FORECLOSED ON SOMEDAY UNLESS SOMETHING IS DONE WITH THIS COMPANY RIGHT AWAY! PLEASE IF THERE ARE ANY ATTORNEYS OUT THERE THAT WOULD BE INTERESTED IN THESE CASES, PLEASE TAKE ACTION. IT'S NOT ONLY ME BEGGING, PLEASE READ ALL THE SIMULAR REPORTS! ITS RUINING MY FAMILY, TAKING AWAY FROM MY KIDS, AND DEVISTATING PHYSICALLY AND MENTALLY! IF ANYONE ELSE IS WILLING TO JOIN AN EXISTING SUIT OR CREATE ANOTHER SUIT AGAINST OCWEN, PLEASE POST ON HERE ON HOW WE CAN SET THIS UP. I WANT SO BAD TO GIVE MY EMAIL ADDRESS ON HERE BUT I BETTER NOT FOR PRIVACY REASONS! CAN SOMEONE LEGALLY ADVISE US ON HERE! THANKS
OCWEN FEDERAL BANK, SOMEBODY PLEASE STOP THESE PEOPLE! WE NEED TO JOIN ON A CIVILIAN LAWSUIT AGAINST OCWEN FEDERAL BANK! THEY ARE RUINING OUR LIVES, ITS ALMOST SCARRY TO HEAR ALL THE SIMULAR STORIES, FOREBEARANCE PLANS, RIDICULOUS CHARGES, THEY WANT TO STEAL YOUR HOME Orlando Florida
OCWEN FEDERAL BANK HAS BASICALLY RUINED OUR LIVES! MY PAYMENT WENT FROM 642.00 TO NOW $950.00 IN 6 YEARS, FROM ALL THE UNEXPLAINED FALSE CHARGES. THERE WAS A TIME WE FELL BEHIND FROM MEDICAL REASONS, WE TRIED EVERYTHING TO GET OCWEN TO WORK WITH US, YES, THEY WILL WORK WITH YOU AND TAKE ADVANTAGE OF YOUR SITUATION TO GET YOUR HOME! THEY REQUIRED ME TWICE NOW TO COME UP WITH A DOWN PAYMENT OF NO LESS THAN $2,800 IN THIRTY DAYS AND INCREASE YOUR PAYMENTS $150.00 MORE A MONTH. UNTIL THIS SO CALLED FOREBEARNCE PLAN IS UP TO DATE, WHICH IT WILL NEVER BE. bECAUSE, IF YOUR A DAY LATE ON YOUR FOREBEARANCE PLAN YOU WILL BE KICKED OFF IT AGAIN AND THEY IMMEDIATELY THREATEN FORECLOSE PROCEEDINGS. TO GET BACK ON ANOTHER PLAN, YOU MUST COME UP WITH THIS DOWN PAYMENT AGAIN AND YOUR PAYMENT WILL THEN INCREASE ANOTHER $150.00 A MONTH. THEY WILL CONTINUE TO DO THIS UNTIL YOU CAN'T AFFORD YOUR PAYMENTS OR THEY WILL NO LONGER PUT YOU ON ANOTHER PLAN AND STEAL YOUR HOME! ESPECIALLY IF YOUR HOME IS WORTH MORE THAN YOU OWE...... THERE'S NO MERCY. WITH MY PAYMENTS NOW $950.00 A MONTH AND WITH NO GRACE PERIOD, I WILL PROBABLY BE FORECLOSED ON SOMEDAY UNLESS SOMETHING IS DONE WITH THIS COMPANY RIGHT AWAY! PLEASE IF THERE ARE ANY ATTORNEYS OUT THERE THAT WOULD BE INTERESTED IN THESE CASES, PLEASE TAKE ACTION. IT'S NOT ONLY ME BEGGING, PLEASE READ ALL THE SIMULAR REPORTS! ITS RUINING MY FAMILY, TAKING AWAY FROM MY KIDS, AND DEVISTATING PHYSICALLY AND MENTALLY! IF ANYONE ELSE IS WILLING TO JOIN AN EXISTING SUIT OR CREATE ANOTHER SUIT AGAINST OCWEN, PLEASE POST ON HERE ON HOW WE CAN SET THIS UP. I WANT SO BAD TO GIVE MY EMAIL ADDRESS ON HERE BUT I BETTER NOT FOR PRIVACY REASONS! CAN SOMEONE LEGALLY ADVISE US ON HERE! THANKS
Saturday, February 2, 2008
Ocwen Loan Servicing , Ocwen Financial A Nightmare Orlando Florida
From: http://www.ripoffreport.com/reports/0/305/RipOff0305446.htm
In August 2006 my Mortgage was transfered to Ocwen Bank. Almost from day one Ocwen has been posting late charges for payments that I made on time. My payments are due on the 1st of each month with a 15 day grace. In one instance they sent me a letter for insufficient funds on an automatic debit. Ocwen was suppose to ACH a payment of $1020. Instead they debited $1123. Ocwen, without authorization added hazard insurance charges and a home warranty service. I'm in the tank for $3000 and I never missed a payment. I am getting default letters weekly but conversly Ocwen has never refused a payment. When I call Ocwen all I get is lip service from someone that doesn't understand english. On 1/23/08 I sent Ocwen a certified letter (return receipt)disputing the late charges together with a request for validation of the debt. I Received the return receipt un-signed. Here is the kicker!! My home owners insurance and property taxes are escrowed. I received a notice from the city that my 2007 property taxes are delinqent in the amount of $1600. A 1098 that I received from Ocwen stated that they paid $1722 in 2007 taxes from Escrow. Not only did they not pay my taxes , the 1098 stated they paid more taxes than was due. I would certainly apreciate a referral to a competant attorney to help me solve this problem.Edhuber Hts, OhioU.S.A.
In August 2006 my Mortgage was transfered to Ocwen Bank. Almost from day one Ocwen has been posting late charges for payments that I made on time. My payments are due on the 1st of each month with a 15 day grace. In one instance they sent me a letter for insufficient funds on an automatic debit. Ocwen was suppose to ACH a payment of $1020. Instead they debited $1123. Ocwen, without authorization added hazard insurance charges and a home warranty service. I'm in the tank for $3000 and I never missed a payment. I am getting default letters weekly but conversly Ocwen has never refused a payment. When I call Ocwen all I get is lip service from someone that doesn't understand english. On 1/23/08 I sent Ocwen a certified letter (return receipt)disputing the late charges together with a request for validation of the debt. I Received the return receipt un-signed. Here is the kicker!! My home owners insurance and property taxes are escrowed. I received a notice from the city that my 2007 property taxes are delinqent in the amount of $1600. A 1098 that I received from Ocwen stated that they paid $1722 in 2007 taxes from Escrow. Not only did they not pay my taxes , the 1098 stated they paid more taxes than was due. I would certainly apreciate a referral to a competant attorney to help me solve this problem.Edhuber Hts, OhioU.S.A.
Friday, February 1, 2008
Discussions for Ocwen Financial Corp.
From: http://finance.google.com/group/google.finance.659336/browse_thread/thread/7674f5b756d90d45/a7b3fc02123dbea3#a7b3fc02123dbea3
2007-03-05: Ocwen Loan Servicing - Lender & Servicer (no MSM story yet) A reader sends in this report on a former bank and now only loan servicer & lender, which seems to have been largely predicated on fraud:
OCWEN LOAN SERVICING Orlando, FL 1-800-746-2936
Services loans for the former Aames Home Loan dba Aames Funding Corp. They used to be a bank, OCWEN FEDERAL, until they ran afoul of the OCC. Now they're just one of the worst predatory loan servicers and lenders. Here's a sampling of the litigation they're currently facing:
Borrower Class Action Lawsuits: Over 500 separate class action lawsuits have been combined into one jumbo class to be heard in the Northern District of Illinois. Former employees testifying about how OCWEN intentionally defrauds borrowers -- it's built in to their software which was designed by this IT guy who is blowing the whistle.
Employee Lawsuit(s): Settling in favor of the Plaintiffs
Investor and Supplier/Vendor Lawsuit(s): Just getting started
U.S. Federal Government Lawsuit(s): According to OCWEN's SEC filing, they are being sued by the U.S. in the amount of $700 million +. Suits arose after one of their subsidiaries filed for bankruptcy protection in the District of Delaware Bankruptcy Court for that amount - $700 million in debt. Here's the part the Feds and the investors are upset about: This subsidiary transferred ASSETS to OCWEN just before filing on their liabilities. That's called a fraudulent conveyance.
Other Lawsuits: Everyone's suing them.
According to the SEC and OCWEN's own report, their net worth is $325 million--oops not enough to satisfy the Feds and investors. Borrowers who were defrauded and wrongfully foreclosed are at the bottom of this 'crumby' food chain.
According to Moody's Rating Service, they've decided not to rate OCWEN's stock--this after downgrading it. The $325 million may be a negative $325 million by this time.
SOURCES
My online sources included the public records found at Moody's, the SEC, Delaware District Bankruptcy Court, George Miller, Trustee, and The Rip-Off Report and others.
Looks pretty bad.
2007-03-05: Ocwen Loan Servicing - Lender & Servicer (no MSM story yet) A reader sends in this report on a former bank and now only loan servicer & lender, which seems to have been largely predicated on fraud:
OCWEN LOAN SERVICING Orlando, FL 1-800-746-2936
Services loans for the former Aames Home Loan dba Aames Funding Corp. They used to be a bank, OCWEN FEDERAL, until they ran afoul of the OCC. Now they're just one of the worst predatory loan servicers and lenders. Here's a sampling of the litigation they're currently facing:
Borrower Class Action Lawsuits: Over 500 separate class action lawsuits have been combined into one jumbo class to be heard in the Northern District of Illinois. Former employees testifying about how OCWEN intentionally defrauds borrowers -- it's built in to their software which was designed by this IT guy who is blowing the whistle.
Employee Lawsuit(s): Settling in favor of the Plaintiffs
Investor and Supplier/Vendor Lawsuit(s): Just getting started
U.S. Federal Government Lawsuit(s): According to OCWEN's SEC filing, they are being sued by the U.S. in the amount of $700 million +. Suits arose after one of their subsidiaries filed for bankruptcy protection in the District of Delaware Bankruptcy Court for that amount - $700 million in debt. Here's the part the Feds and the investors are upset about: This subsidiary transferred ASSETS to OCWEN just before filing on their liabilities. That's called a fraudulent conveyance.
Other Lawsuits: Everyone's suing them.
According to the SEC and OCWEN's own report, their net worth is $325 million--oops not enough to satisfy the Feds and investors. Borrowers who were defrauded and wrongfully foreclosed are at the bottom of this 'crumby' food chain.
According to Moody's Rating Service, they've decided not to rate OCWEN's stock--this after downgrading it. The $325 million may be a negative $325 million by this time.
SOURCES
My online sources included the public records found at Moody's, the SEC, Delaware District Bankruptcy Court, George Miller, Trustee, and The Rip-Off Report and others.
Looks pretty bad.
Ocwen Federal Bank, Ocwen Loan Serviving, Wells Fargo Bank Ocwen and Wells Fargo has ruined many lives and will continue to do so unless someone stops
From: http://www.ripoffreport.com/reports/0/305/RipOff0305260.htm
Ocwen Federal Bank, Ocwen Loan Serviving, Wells Fargo Bank Ocwen and Wells Fargo has ruined many lives and will continue to do so unless someone stops them. Orlando Florida
This company has ruined many, many lives. Our mortage was sold to Ocwen who is owned by Wells Fargo. Our only communication with them is by phone, since there are no offices for anyone to visit.It all started with a late payment fee of $13.00 and turned in $10,000.00 in late fees, legal/collection expenses, property valuation expenses, property inspection expenses. ( what is a property valuation or inspection expense anyway. no one can tell us, they don't know ) Oh, and also $12.95 a month for insurance. This was something that was tacked on a year or 2 after the original mortqage payments began. It took 5 years to get it stopped. By the way it was for flood insurance that we didn't even need. And there were payments that were not posted on the date they were recieved, even when we sent the payment through Western Union.They started foreclosure preceedings. Anyway, after all of the expenses that we never could get caught up on, we had to file for bankruptcy. And that was a nightmare. We would make a payment and they would send us a statement saying we did not owe a payment for the next month. I kept all the statements and notes on all of the people I spoke with. They were actually trying to tell us that because the bankruptcy trustee was sending payments that we didn't need to make payments. This cost us another $6000.00 in fees. So now they don't send us any statements telling us how and where our money goes.These people are crooks. They don't care about anything but getting your property. They were already trying to sell our property before they started foreclosure preceedings. We actually had people riding by and looking at our property. The worst thing is they way they wreck your credit, no one will even consider a new mortgage, thats why they do it. You are trapped and they have you by the -----!MarkSouth of the Border, South CarolinaU.S.A.
Ocwen Federal Bank, Ocwen Loan Serviving, Wells Fargo Bank Ocwen and Wells Fargo has ruined many lives and will continue to do so unless someone stops them. Orlando Florida
This company has ruined many, many lives. Our mortage was sold to Ocwen who is owned by Wells Fargo. Our only communication with them is by phone, since there are no offices for anyone to visit.It all started with a late payment fee of $13.00 and turned in $10,000.00 in late fees, legal/collection expenses, property valuation expenses, property inspection expenses. ( what is a property valuation or inspection expense anyway. no one can tell us, they don't know ) Oh, and also $12.95 a month for insurance. This was something that was tacked on a year or 2 after the original mortqage payments began. It took 5 years to get it stopped. By the way it was for flood insurance that we didn't even need. And there were payments that were not posted on the date they were recieved, even when we sent the payment through Western Union.They started foreclosure preceedings. Anyway, after all of the expenses that we never could get caught up on, we had to file for bankruptcy. And that was a nightmare. We would make a payment and they would send us a statement saying we did not owe a payment for the next month. I kept all the statements and notes on all of the people I spoke with. They were actually trying to tell us that because the bankruptcy trustee was sending payments that we didn't need to make payments. This cost us another $6000.00 in fees. So now they don't send us any statements telling us how and where our money goes.These people are crooks. They don't care about anything but getting your property. They were already trying to sell our property before they started foreclosure preceedings. We actually had people riding by and looking at our property. The worst thing is they way they wreck your credit, no one will even consider a new mortgage, thats why they do it. You are trapped and they have you by the -----!MarkSouth of the Border, South CarolinaU.S.A.
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