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.
Showing posts with label Ocwen should be put out of business. Show all posts
Showing posts with label Ocwen should be put out of business. Show all posts
Friday, February 1, 2008
Tuesday, January 29, 2008
Ocwen IS A MONSTER WE NEED TO FILE SUITS NOW TO PUT THEM OUT OF BUSINESS! Orlando Florida
From: http://www.ripoffreport.com/reports/0/303/RipOff0303985.htm
Folks, look at what this company is doing. Horror story after horror story! It is time we banded together somehow and filed a class action suit against these clowns. Especially now, during this political year where 'subprime, predatory lending' is part of the political hot-topics. Especially now, since the subprime crisis in this country has finally opened the ears of legislatures.
For YEARS, Ocwen has been destroying people's lives. It is part of their business plan. Look, right here, on this website alone, we have over 1300 horror stories. What percentage of Ocwen's total customer base do you think that comprises? And what about the thousands of individuals who have been ruined but who haven't come to this site.
I am willing to join ANY legal action against Ocwen. ANYthing!!
They attacked me about 5 years ago. I had refinanced my home in April. Two months later, the lending institution sold the loan to Ocwen. And immediately, the nightmare began. False reporting, service reps living in India taking my calls...and hanging up on me as a regular protocol. I paid on the first of every month beginning the very month Ocwen notified me that they were the new servicers of my loan. 6 months later, it was brought to may attention that they had been reporting the loan deliquent 90 days EVERY MONTH SINCE THEY TOOK IT OVER!! My credit went from 700-someting to the mid-500's. My house started getting threatened with foreclosure!
One day, one of the reps from India called me up at 5 pm and said, 'If you don't pay $8000 by tonight, we are going to foreclose on you.' I panicked! It was too late to go to the bank, but I figured I could do it the next day. He said 'No.' As I was trying to explain the TIME DIFFERENCE to him, he hung up. I called back all night long..and he or other reps kept hanging up on me.
The next day, in an absolute panic, I went to the bank, got $8000, and sent it to them in a Moneygram (the only type of payment they will accept when you're 'delinquent,' by the way).
The nightmare continued long long long after that. For two full years! I finally got a company who understood Ocwen's tactics to refinance me the hell out of there!
But their service and the trauma they put me through I have never forgot.
If there is a lawsuit out there, I will join! I will START one if a lawyer contacts me.
Ocwen needs to be put out of business! They need to be made Public Enemy #1 and ridiculed on the front of every magazine.
Look what a group of New York Legislatures did to Signature Compounding Pharmacy. When the Steroid scare in the major leagues became a household buzzword, these legislatures went into Florida and all but burned Signature to the ground. They have the power to do so. We need to get them doing that to Ocwen. This company has to be made an example of, an example that says, 'THIS IS AMERICA! And the minute it becomes your business practice to harass and terrorize our citizens, your business is going to be hammered into complete non-existence.
I am in! Just lead me in the right direction.
ThomasSaginaw, MichiganU.S.A.
Folks, look at what this company is doing. Horror story after horror story! It is time we banded together somehow and filed a class action suit against these clowns. Especially now, during this political year where 'subprime, predatory lending' is part of the political hot-topics. Especially now, since the subprime crisis in this country has finally opened the ears of legislatures.
For YEARS, Ocwen has been destroying people's lives. It is part of their business plan. Look, right here, on this website alone, we have over 1300 horror stories. What percentage of Ocwen's total customer base do you think that comprises? And what about the thousands of individuals who have been ruined but who haven't come to this site.
I am willing to join ANY legal action against Ocwen. ANYthing!!
They attacked me about 5 years ago. I had refinanced my home in April. Two months later, the lending institution sold the loan to Ocwen. And immediately, the nightmare began. False reporting, service reps living in India taking my calls...and hanging up on me as a regular protocol. I paid on the first of every month beginning the very month Ocwen notified me that they were the new servicers of my loan. 6 months later, it was brought to may attention that they had been reporting the loan deliquent 90 days EVERY MONTH SINCE THEY TOOK IT OVER!! My credit went from 700-someting to the mid-500's. My house started getting threatened with foreclosure!
One day, one of the reps from India called me up at 5 pm and said, 'If you don't pay $8000 by tonight, we are going to foreclose on you.' I panicked! It was too late to go to the bank, but I figured I could do it the next day. He said 'No.' As I was trying to explain the TIME DIFFERENCE to him, he hung up. I called back all night long..and he or other reps kept hanging up on me.
The next day, in an absolute panic, I went to the bank, got $8000, and sent it to them in a Moneygram (the only type of payment they will accept when you're 'delinquent,' by the way).
The nightmare continued long long long after that. For two full years! I finally got a company who understood Ocwen's tactics to refinance me the hell out of there!
But their service and the trauma they put me through I have never forgot.
If there is a lawsuit out there, I will join! I will START one if a lawyer contacts me.
Ocwen needs to be put out of business! They need to be made Public Enemy #1 and ridiculed on the front of every magazine.
Look what a group of New York Legislatures did to Signature Compounding Pharmacy. When the Steroid scare in the major leagues became a household buzzword, these legislatures went into Florida and all but burned Signature to the ground. They have the power to do so. We need to get them doing that to Ocwen. This company has to be made an example of, an example that says, 'THIS IS AMERICA! And the minute it becomes your business practice to harass and terrorize our citizens, your business is going to be hammered into complete non-existence.
I am in! Just lead me in the right direction.
ThomasSaginaw, MichiganU.S.A.
Sunday, January 27, 2008
Ocwen Loan Servicing Ocwen Loan Servicing refused to help me in the past year, now I am bring foreclosed on. Orlando Florida
From: http://www.ripoffreport.com/reports/0/303/RipOff0303805.htm
My experience with Ocwen has been a nightmare. I refinanced my home in August 2004. I went through a company called Lower My Bills, and I worked with a guy who ended up getting a loan for me. The lender was Freemont Investments (aka – Sub Prime Monster #1 “ filed bankruptcy or went out of business). I was aware I had signed an adjustable rate mortgage, but I was assured by the lender I could refinance in two years.
My home was appraised at $342,000. The loan was for a first and second mortgage, for the total amount of $342,000. In the spring of 2005, Freemont sold the two mortgages, one to Ocwen (the first mortgage) the second to Wilshire Credit. In the early spring of 2006, I called Ocwen to talk about the possibility of refinancing my ARM, as I knew the rate would go up in October 2006, just six months from then. I called customer service, and the person I spoke to did not speak very good English, and had no interest in helping me. I was told by this person that Ocwen could not refinance me, because they were not the 'Originator' of my loan, just 'Servicing' my loan.
I then began the long crusade of trying to find someone to refinance this loan. For various reasons, I could not find another lender to re-finance, and I knew my time was running out. I repeatedly called Ocwen, and got the same response, no one who could speak English, and I was told I could not get re-financed or have my loan re-modified, nor was I eligible for any other service from Ocwen.
My ARM started going up October 1, 2006. My rate went from 5.795% to 8.795%, 3 full points, and the payment went from $1669.00 to $2200.00 a month. This was impossible for me to pay, and I found myself juggling all my bills to pay the mortgage. I also had a second mortgage at $583.00 a month to pay. I fell behind, and struggled so hard for the next few months, just trying to pay the mortgage.
I was in default by January, and was told I was going to be foreclosed on, and received notices regarding that. I was able in mid March, to repay the back mortgage in arrears; from a portion of a bonus split I get from my X-husband and our divorce decree court order…I sent a certified bank check for over $10,000 overnight. I called everyday for 4 days to find out if that check was posted to my account, and I was told that just because I sent it overnight it, that it wasn't guaranteed to post the next day. It was 4 days before they posted it, although it was signed for the next day after I sent it. I was so pissed off I told the NON English speaking person off so bad I was crying.
They had no problem harassing me when I was late with a payment, but they let a $10,000 plus payment sit on someone's desk for 4 days, and I got charged 4 days late fees. Having gotten caught up with that, I was able to make the next several payments. Even though the second hit of my ARM went up in April 1, 2007, from 8.795% to 10.795%, from $2200.00 a month to $2500.00 a month.
Again, I called, and pleaded with the NON English speaking customer service person and begged for help. I asked if I could split my payments, to be paid on the 15th and 30th, as this would help me because I had so many other bills. They gave me a number to call, saying this was a department that accepted bi-monthly mortgage payments.
I called the number and the woman who answered said they could help me-if I gave them an extra months mortgage payment in advance, and then there would be an extra 300.00 a month on top of the escalating payment, this was so I could pay off my mortgage sooner! I flipped out. I screamed at the woman and told her that I was calling for help, and what kind of help was that?
I hung up. Feeling defeated, I just kept calling Ocwen, asking for the Forbearance office, they would never transfer me. All they would say is 'when are making a payment' or 'when you get caught up with your payments we can talk. I was told I could do a 'short sale' and that they would send out the information right away, and they never did. I was told different things by different NON English speaking people. I told them that their website boasted of being able to help customers with issues like mine, and I got told over and over again to go find another lender to help.
When I asked them what determines what makes my mortgage go up every six months at the rate it was, I was told to go look on the internet, or 'you signed the papers, it your problem'. I struggled through the summer, making the mortgage payments, but at the cost of my other bills. I fell so far behind, and in order to keep my home for myself and my two children, I filed for Bankruptcy in Illinois. September 14, 2007. I was eligible for a Chapter 7, and was granted a discharge, December 18, 2007.
This only delayed the inevitable for a short time. Ocwen petitioned the court to have the Automatic Stay lifted, and the court date was October 26, 2007. In their petition, they misrepresented me by saying my home was in decline, and I had no homeowners insurance on it. My home is beautiful and well maintained, and I have had, and still have Allstate Insurance on my home. I NEVER received a piece of information regarding if the stay had been lifted or not, even though I was on the service list.
I just received a letter dated January 9th from some law firm in Chicago, telling me they were going to sue me for foreclosure within 30 days. Ocwen used two different law firms for the lifting of the stay and the suing of foreclosure. I am hoping to do a short sale so I don't have to go through this horrible situation. (Foreclosure)
Ocwen has treated me like I was a low life, not wanting to help me, lying to me, and promising me things that never happened. They never let me talk to anyone above customer service. I spoke only to people who most likely read from a script, sitting in a desk in India. I detest this company, and I hope and pray that they are found guilty of all the charges against them. If the court or anyone needs more information, or documentation regarding what I just wrote and sworn to, please let me know.
On a very interesting note, I just received a letter today from Ocwen, telling me that my mortgage payment has gone down from 2800.00 a month to 2500.00 a month. And I also saw online that they have changed their whole entire website, it's pitiful.
CameeNaperville
My experience with Ocwen has been a nightmare. I refinanced my home in August 2004. I went through a company called Lower My Bills, and I worked with a guy who ended up getting a loan for me. The lender was Freemont Investments (aka – Sub Prime Monster #1 “ filed bankruptcy or went out of business). I was aware I had signed an adjustable rate mortgage, but I was assured by the lender I could refinance in two years.
My home was appraised at $342,000. The loan was for a first and second mortgage, for the total amount of $342,000. In the spring of 2005, Freemont sold the two mortgages, one to Ocwen (the first mortgage) the second to Wilshire Credit. In the early spring of 2006, I called Ocwen to talk about the possibility of refinancing my ARM, as I knew the rate would go up in October 2006, just six months from then. I called customer service, and the person I spoke to did not speak very good English, and had no interest in helping me. I was told by this person that Ocwen could not refinance me, because they were not the 'Originator' of my loan, just 'Servicing' my loan.
I then began the long crusade of trying to find someone to refinance this loan. For various reasons, I could not find another lender to re-finance, and I knew my time was running out. I repeatedly called Ocwen, and got the same response, no one who could speak English, and I was told I could not get re-financed or have my loan re-modified, nor was I eligible for any other service from Ocwen.
My ARM started going up October 1, 2006. My rate went from 5.795% to 8.795%, 3 full points, and the payment went from $1669.00 to $2200.00 a month. This was impossible for me to pay, and I found myself juggling all my bills to pay the mortgage. I also had a second mortgage at $583.00 a month to pay. I fell behind, and struggled so hard for the next few months, just trying to pay the mortgage.
I was in default by January, and was told I was going to be foreclosed on, and received notices regarding that. I was able in mid March, to repay the back mortgage in arrears; from a portion of a bonus split I get from my X-husband and our divorce decree court order…I sent a certified bank check for over $10,000 overnight. I called everyday for 4 days to find out if that check was posted to my account, and I was told that just because I sent it overnight it, that it wasn't guaranteed to post the next day. It was 4 days before they posted it, although it was signed for the next day after I sent it. I was so pissed off I told the NON English speaking person off so bad I was crying.
They had no problem harassing me when I was late with a payment, but they let a $10,000 plus payment sit on someone's desk for 4 days, and I got charged 4 days late fees. Having gotten caught up with that, I was able to make the next several payments. Even though the second hit of my ARM went up in April 1, 2007, from 8.795% to 10.795%, from $2200.00 a month to $2500.00 a month.
Again, I called, and pleaded with the NON English speaking customer service person and begged for help. I asked if I could split my payments, to be paid on the 15th and 30th, as this would help me because I had so many other bills. They gave me a number to call, saying this was a department that accepted bi-monthly mortgage payments.
I called the number and the woman who answered said they could help me-if I gave them an extra months mortgage payment in advance, and then there would be an extra 300.00 a month on top of the escalating payment, this was so I could pay off my mortgage sooner! I flipped out. I screamed at the woman and told her that I was calling for help, and what kind of help was that?
I hung up. Feeling defeated, I just kept calling Ocwen, asking for the Forbearance office, they would never transfer me. All they would say is 'when are making a payment' or 'when you get caught up with your payments we can talk. I was told I could do a 'short sale' and that they would send out the information right away, and they never did. I was told different things by different NON English speaking people. I told them that their website boasted of being able to help customers with issues like mine, and I got told over and over again to go find another lender to help.
When I asked them what determines what makes my mortgage go up every six months at the rate it was, I was told to go look on the internet, or 'you signed the papers, it your problem'. I struggled through the summer, making the mortgage payments, but at the cost of my other bills. I fell so far behind, and in order to keep my home for myself and my two children, I filed for Bankruptcy in Illinois. September 14, 2007. I was eligible for a Chapter 7, and was granted a discharge, December 18, 2007.
This only delayed the inevitable for a short time. Ocwen petitioned the court to have the Automatic Stay lifted, and the court date was October 26, 2007. In their petition, they misrepresented me by saying my home was in decline, and I had no homeowners insurance on it. My home is beautiful and well maintained, and I have had, and still have Allstate Insurance on my home. I NEVER received a piece of information regarding if the stay had been lifted or not, even though I was on the service list.
I just received a letter dated January 9th from some law firm in Chicago, telling me they were going to sue me for foreclosure within 30 days. Ocwen used two different law firms for the lifting of the stay and the suing of foreclosure. I am hoping to do a short sale so I don't have to go through this horrible situation. (Foreclosure)
Ocwen has treated me like I was a low life, not wanting to help me, lying to me, and promising me things that never happened. They never let me talk to anyone above customer service. I spoke only to people who most likely read from a script, sitting in a desk in India. I detest this company, and I hope and pray that they are found guilty of all the charges against them. If the court or anyone needs more information, or documentation regarding what I just wrote and sworn to, please let me know.
On a very interesting note, I just received a letter today from Ocwen, telling me that my mortgage payment has gone down from 2800.00 a month to 2500.00 a month. And I also saw online that they have changed their whole entire website, it's pitiful.
CameeNaperville
Tuesday, January 22, 2008
Ocwen Mortgage Loans ruined our credit and caused default West Palm Beach Florida
From: http://www.ripoffreport.com/reports/0/301/RipOff0301012.htm
In Aug and Sept. of 2007 we asked Ocwen to 'defer' those 2 months of payments to the end of our 2 year 'fixed' loan (came went to an ARM Oct 2007) and they stated it was fine, no problem. My husband was not working as he stayed home w/our son who has medical issues and we had difficulty for a few months financially. My husband spoke to someone in their Call Center which we did not realize was in India. As we were getting ready to refinance with my credit union in Oct 2007, we recieved a default notice. Also, the broker I was working with said :' What happened to your credit score?--you have a 60 and 90 day late on your mortgage' . I had no idea what she was talking about. As far as we knew everything was current. I had to research and found that Ocwen Never defered our payments for those 2 months but instead reported them as 'late'. I called Ocwen several times and could not find anyone in the US to talk to , it was all thru their 'call center' in India. Everyone had a heavy accent. I asked several service representatives what had happened and no one could give me an answer. They just told me 'we don't defer payments and I don't think our company would have told your husband that'. Arguing that they DID tell my husband that I finally asked to speak to a supervisor. Well, Call after call , they finally had me talk to someone in their 'research dept' to investigate the complaint. (I also have the names of everyone I spoke with). They told me they could not investigate unless they knew the name of the person my husband spoke with. I told them it doesn't matter---all their conversations are 'taped' and asked that they go back and listen to the conversations during Aug and Sept 2007 and what transpired. They did in fact (after 3wks ) state the representative did not address my husbands concerns regarding deferment and they would try to remove the 'lates' on our credit. This took more that 30 days and I am still not sure if it has been done correctly. Meanwhile, we could NOTt refinance (poor credit), we recieved a second default notice and had to try and come up with $$8,000 by the end of NOV 2007 so we would not go into forclosure. (we had to pay the Aug,Sept,Oct,Nov payments to 'catch up' so we could move forward). I had to borrow from family just to make this ungodly payment which was Ocwens mistake in the beginning. Currently, we are still trying to find someone to help us refinance so we can get out of this ARM that we cannot afford. I also want to pursue filing a suit again this company as they have ruined our credit and creditable reputation. We went through so much mental anguish during this 2 month period, my marriage almost ended and I lost 10 pounds from stress and no sleep. My husband had to 'scramble' to find 'A' job somewhere. We had to borrow money from my mother in laws Nursing Home account (she is in kidney failure after a stroke and diabetes). We need to be able to repay her account by refinancing SOMEHOW...as she is in kidney failure and will pass in the next month or so. We need this money for her funeral. This all stems from Ocwens Mistake from Aug. 2007. I have a letter from them stating they would correct our credit but did not admit fault to the situation...... I want to obtain legal counsel and sue for the MAXIMUM amount I can. They have put my family in such a financial bind and are not willing to work amicably with us. This could not have happened at a worse time--with the housing market the way it is and the economy..My original plans to refinance in Oct 2007 (when my loan expired) was going to go thru just fine. We had papers drawn up, we were getting ready to have my home appraised when all of a sudden I recieved this devestating news from my broker when she ran my credit for a second time.I am astounded that a company can do this to families w/o repercussion. Something has to be done.Marietemecula, CaliforniaU.S.A
In Aug and Sept. of 2007 we asked Ocwen to 'defer' those 2 months of payments to the end of our 2 year 'fixed' loan (came went to an ARM Oct 2007) and they stated it was fine, no problem. My husband was not working as he stayed home w/our son who has medical issues and we had difficulty for a few months financially. My husband spoke to someone in their Call Center which we did not realize was in India. As we were getting ready to refinance with my credit union in Oct 2007, we recieved a default notice. Also, the broker I was working with said :' What happened to your credit score?--you have a 60 and 90 day late on your mortgage' . I had no idea what she was talking about. As far as we knew everything was current. I had to research and found that Ocwen Never defered our payments for those 2 months but instead reported them as 'late'. I called Ocwen several times and could not find anyone in the US to talk to , it was all thru their 'call center' in India. Everyone had a heavy accent. I asked several service representatives what had happened and no one could give me an answer. They just told me 'we don't defer payments and I don't think our company would have told your husband that'. Arguing that they DID tell my husband that I finally asked to speak to a supervisor. Well, Call after call , they finally had me talk to someone in their 'research dept' to investigate the complaint. (I also have the names of everyone I spoke with). They told me they could not investigate unless they knew the name of the person my husband spoke with. I told them it doesn't matter---all their conversations are 'taped' and asked that they go back and listen to the conversations during Aug and Sept 2007 and what transpired. They did in fact (after 3wks ) state the representative did not address my husbands concerns regarding deferment and they would try to remove the 'lates' on our credit. This took more that 30 days and I am still not sure if it has been done correctly. Meanwhile, we could NOTt refinance (poor credit), we recieved a second default notice and had to try and come up with $$8,000 by the end of NOV 2007 so we would not go into forclosure. (we had to pay the Aug,Sept,Oct,Nov payments to 'catch up' so we could move forward). I had to borrow from family just to make this ungodly payment which was Ocwens mistake in the beginning. Currently, we are still trying to find someone to help us refinance so we can get out of this ARM that we cannot afford. I also want to pursue filing a suit again this company as they have ruined our credit and creditable reputation. We went through so much mental anguish during this 2 month period, my marriage almost ended and I lost 10 pounds from stress and no sleep. My husband had to 'scramble' to find 'A' job somewhere. We had to borrow money from my mother in laws Nursing Home account (she is in kidney failure after a stroke and diabetes). We need to be able to repay her account by refinancing SOMEHOW...as she is in kidney failure and will pass in the next month or so. We need this money for her funeral. This all stems from Ocwens Mistake from Aug. 2007. I have a letter from them stating they would correct our credit but did not admit fault to the situation...... I want to obtain legal counsel and sue for the MAXIMUM amount I can. They have put my family in such a financial bind and are not willing to work amicably with us. This could not have happened at a worse time--with the housing market the way it is and the economy..My original plans to refinance in Oct 2007 (when my loan expired) was going to go thru just fine. We had papers drawn up, we were getting ready to have my home appraised when all of a sudden I recieved this devestating news from my broker when she ran my credit for a second time.I am astounded that a company can do this to families w/o repercussion. Something has to be done.Marietemecula, CaliforniaU.S.A
Monday, January 21, 2008
Ocwen, Allegations of Fraud, Malice, Misrepresentation and Manipulation.
From:http://www.msfraud.org/Articles/The%20Ocwen%20Story.htm
Voice of the People
Ocwen, Allegations of Fraud, Malice, Misrepresentation and Manipulation. Ocwen Financial Corporation ("Ocwen") is a vertically integrated multi-billion dollar, publicly traded (NYSE: OCN) financial services holding company, engaged in a variety of businesses related to mortgage servicing, real estate asset management, asset recovery and technology. Headquartered in West Palm Beach, Florida,Within a 12 month period this company has lost two major lawsuits alleging fraud, malice, misrepresentation and manipulation totaling $14.5M. Other allegations have been made by former and current employees including the intentional destruction of information, and document forgery.Why do so many people claim that Ocwen is ripping them off and wrongfully foreclosing on their homes?Is Ocwen really the bad guy?Or are their customers failing to meet their obligations and looking for a quick court buck?This is the first in a series of stories about this company, Ocwen services sub-prime mortgages. This means they service mortgages for people that have had trouble paying their bills in the past. And Ocwen services a lot of these, nearly 400,000 customers. As part of this investigation we decided to review a typical Ocwen customer, and a not so typical Ocwen customer. We will call them Mr. Smith and Mr. Jones (these are real Ocwen customers) who have ask to not be identified because of pending legal action.Mr. Smith just had the loan servicing rights acquired by Ocwen in August of 2005. Mr. Smith has homeowners insurance through Prudential, his premiums are paid and current. In September of 2005 Mr. Smith paid his regular monthly bill to Ocwen with his old account #. Mr. Smith had not received his new payment information from Ocwen and did not want to be late on his payment. Ocwen cashed this payment and on Sept 22nd sent him a letter (to the wrong address), stating he was late on house payment this letter did not contain his new account and payment information.Mr. Smith contacted Ocwen numerous times in writing and on the phone trying to resolve this matter. Many times Mr. Smith would be routed to customer representatives that spoke very poor or unintelligible English or would be disconnected.In October Mr. Smith still had not received his new payment information and again sent another payment to Ocwen, which again they cashed and again sent a letter, this time threatening foreclosure.In November of 2005 Mr. Smith finally received his payment information, the statement showed he was 4 months behind (yes 4 months when he had only been a customer for 3) in his payments and fees had been added that he did not understand, such as homeowners insurance and legal fees and late payment fees, totaling almost $2600. Mr. Smith made another payment in Nov 2005 which was returned by Ocwen stating they could not accept partial payments.Mr. Smith was now receiving nearly daily calls from Ocwen collections, and Mr. Smith responded in writing trying to rectify the situation. In December Mr. Smith received another statement again with a promise of foreclosure and new fees added in order to become current Ocwen now claimed he had to pay a sum of almost $3600.Now these fees were different from the statement he had received the month before for the same items. Homeowners insurance went up $120, legal fees increased by $277 and the house payment itself went down by $38.
Mr. Smith wanted to refinance, but it appears Ocwen has already contacted the Credit Bureaus and reported him being late, he can’t get refinanced.How is this possible?A former employee claims he knows exactly how it’s possible. “The RealServicing software used by Ocwen and the Nightly Processing that reconciles the loan accounts doesn’t work and hasn’t for several years. That’s why customers get different payment information from month to month. It was a running joke in IT on how long the system would be down everyday when it ran. This whole process generated huge error logs that no one ever reviewed and it had been clear to everyone involved in the process that it has major problems”.Ocwen has sued a former consultant that performed a review on this software claiming he has posted confidential information on the Internet and reported this information to Government Agencies and this consultant has already testified in a case against the company in which Ocwen was hit with a $3 Million verdict in Guzman V. Ocwen. This testimony was specific on the problems with Ocwen software and account reconciliation. We contacted this consultant for comment and were informed that because of an Injunction granted to Ocwen he could not discuss the matter, and was prevented from testifying in another case in which he was listed as a witness and the jury awarded the plaintiff $11.5 Million in damages in Davis V. Ocwen. However a hearing was being set to Vacate the Injunction that prevented the consultant from discussing the details of his work at the company. Other former and current employees have confirmed this information and noted that Management has been aware of these issues at the highest levels inside the company. Two employees have even tried to get the company to take action to resolve the problems but have not been successful.WOW. If the company is aware of these problems why haven’t they done something to fix it?Ocwen has not responded to these specific issues yet but has commented and currently claim that they are not intentionally foreclosing on homes. The CEO William Ereby has stated publicly that the company doesn’t make money on foreclosures that their profit comes from servicing the loans themselves.If this is true then why are their an overwhelming number of reports freely available on the internet that confirm the Mr. Smith experience with the company?Why are there so many lawsuits pending against Ocwen?Next month we will continue this series on Ocwen and report on Mr. Jones a very unusual Ocwen customer.
Voice of the People
Ocwen, Allegations of Fraud, Malice, Misrepresentation and Manipulation. Ocwen Financial Corporation ("Ocwen") is a vertically integrated multi-billion dollar, publicly traded (NYSE: OCN) financial services holding company, engaged in a variety of businesses related to mortgage servicing, real estate asset management, asset recovery and technology. Headquartered in West Palm Beach, Florida,Within a 12 month period this company has lost two major lawsuits alleging fraud, malice, misrepresentation and manipulation totaling $14.5M. Other allegations have been made by former and current employees including the intentional destruction of information, and document forgery.Why do so many people claim that Ocwen is ripping them off and wrongfully foreclosing on their homes?Is Ocwen really the bad guy?Or are their customers failing to meet their obligations and looking for a quick court buck?This is the first in a series of stories about this company, Ocwen services sub-prime mortgages. This means they service mortgages for people that have had trouble paying their bills in the past. And Ocwen services a lot of these, nearly 400,000 customers. As part of this investigation we decided to review a typical Ocwen customer, and a not so typical Ocwen customer. We will call them Mr. Smith and Mr. Jones (these are real Ocwen customers) who have ask to not be identified because of pending legal action.Mr. Smith just had the loan servicing rights acquired by Ocwen in August of 2005. Mr. Smith has homeowners insurance through Prudential, his premiums are paid and current. In September of 2005 Mr. Smith paid his regular monthly bill to Ocwen with his old account #. Mr. Smith had not received his new payment information from Ocwen and did not want to be late on his payment. Ocwen cashed this payment and on Sept 22nd sent him a letter (to the wrong address), stating he was late on house payment this letter did not contain his new account and payment information.Mr. Smith contacted Ocwen numerous times in writing and on the phone trying to resolve this matter. Many times Mr. Smith would be routed to customer representatives that spoke very poor or unintelligible English or would be disconnected.In October Mr. Smith still had not received his new payment information and again sent another payment to Ocwen, which again they cashed and again sent a letter, this time threatening foreclosure.In November of 2005 Mr. Smith finally received his payment information, the statement showed he was 4 months behind (yes 4 months when he had only been a customer for 3) in his payments and fees had been added that he did not understand, such as homeowners insurance and legal fees and late payment fees, totaling almost $2600. Mr. Smith made another payment in Nov 2005 which was returned by Ocwen stating they could not accept partial payments.Mr. Smith was now receiving nearly daily calls from Ocwen collections, and Mr. Smith responded in writing trying to rectify the situation. In December Mr. Smith received another statement again with a promise of foreclosure and new fees added in order to become current Ocwen now claimed he had to pay a sum of almost $3600.Now these fees were different from the statement he had received the month before for the same items. Homeowners insurance went up $120, legal fees increased by $277 and the house payment itself went down by $38.
Mr. Smith wanted to refinance, but it appears Ocwen has already contacted the Credit Bureaus and reported him being late, he can’t get refinanced.How is this possible?A former employee claims he knows exactly how it’s possible. “The RealServicing software used by Ocwen and the Nightly Processing that reconciles the loan accounts doesn’t work and hasn’t for several years. That’s why customers get different payment information from month to month. It was a running joke in IT on how long the system would be down everyday when it ran. This whole process generated huge error logs that no one ever reviewed and it had been clear to everyone involved in the process that it has major problems”.Ocwen has sued a former consultant that performed a review on this software claiming he has posted confidential information on the Internet and reported this information to Government Agencies and this consultant has already testified in a case against the company in which Ocwen was hit with a $3 Million verdict in Guzman V. Ocwen. This testimony was specific on the problems with Ocwen software and account reconciliation. We contacted this consultant for comment and were informed that because of an Injunction granted to Ocwen he could not discuss the matter, and was prevented from testifying in another case in which he was listed as a witness and the jury awarded the plaintiff $11.5 Million in damages in Davis V. Ocwen. However a hearing was being set to Vacate the Injunction that prevented the consultant from discussing the details of his work at the company. Other former and current employees have confirmed this information and noted that Management has been aware of these issues at the highest levels inside the company. Two employees have even tried to get the company to take action to resolve the problems but have not been successful.WOW. If the company is aware of these problems why haven’t they done something to fix it?Ocwen has not responded to these specific issues yet but has commented and currently claim that they are not intentionally foreclosing on homes. The CEO William Ereby has stated publicly that the company doesn’t make money on foreclosures that their profit comes from servicing the loans themselves.If this is true then why are their an overwhelming number of reports freely available on the internet that confirm the Mr. Smith experience with the company?Why are there so many lawsuits pending against Ocwen?Next month we will continue this series on Ocwen and report on Mr. Jones a very unusual Ocwen customer.
Sunday, January 13, 2008
OCWEN Mortgage Company Everytime I call I get another loan expert who advises me differently
OCWEN Mortgage Company Everytime I call I get another loan expert who advises me differently.I finally called and requested an appointment stating I would drive the10 hour required to try to resolve issues. Orlando Florida
*UPDATE *UPDATE ..Wrong ABA number for Ocwen. Called to get a correct one after the bank tried to process. FYI Ocwen's new name is ABA -not really
From: http://www.ripoffreport.com/reports/0/294/RipOff0294230.htm
My note was sold to OCWEN Mortgage Company. !) they allege I am not current in my payments. Finally I saw an attorney who got me a copy of my payment history. The bank called me and is getting copies of checks front and back. Hopefully I will have them next week. 2) I called and asked to meet personally one-on-one with them the end of November. they did not show me the courtesy of a call. This means I would have driven 10 hours to keep the appt. but I was willing in order to resolve the mess! 3) When one calls one gets an international who hardly speaks English making it impossible to communicate. 4) I am told by one loan specialist, we will give you a forbearance; how, much can you give us? Not what is rquired. 5) I speak to another loan specialist he states i can't afford a forbearance and there is no need. Just pay by the 14th of the month. when I ask for something in writing I can't get it. 5) The company who sold my contract to OWCEN failed to include taxes (escrow) in my note. One loan specialist tells me they will create an Escrow account. 6) speak to another specialist. He refused to do it because I am not current in my payments. 7) each time one speaks to the company there is another story; another twist - I don't believe them and don't trust themif they reposess my home, they will get $112,000.00 that I put down on it. That is what I call a 'steal' and that is what OCWEN is all about. Their voice mail is to the point of rediculous; they keep you on hold 45 minutes to one hours and then one gets not where with them. They are a terrible company and should be put out of business or investigaged by the proper authorities!What gets me is that they are getting away with it!The U.S. Government is investigating frudulaent, questionable conducts of mortgage companys and financers. Is there is anyone that I can be write to requesting an investigation of OCWEN and their bad possibly bad business practices, lack of knowledgeable personnel and 'their refusal to meet with me one on one' as I requested.In order to pay my taxes current and to bring the 'alleged' back payments up-to-day I am borrowin from my retirement, and You know what, OCWEN does not care.They should be put out of business and should definetely be investigated.I hope other OCWEN customers will add their name to the list - if enough do, something will have to be done.LoisWoodbridge, VirginiaU.S.A.
*UPDATE *UPDATE ..Wrong ABA number for Ocwen. Called to get a correct one after the bank tried to process. FYI Ocwen's new name is ABA -not really
From: http://www.ripoffreport.com/reports/0/294/RipOff0294230.htm
My note was sold to OCWEN Mortgage Company. !) they allege I am not current in my payments. Finally I saw an attorney who got me a copy of my payment history. The bank called me and is getting copies of checks front and back. Hopefully I will have them next week. 2) I called and asked to meet personally one-on-one with them the end of November. they did not show me the courtesy of a call. This means I would have driven 10 hours to keep the appt. but I was willing in order to resolve the mess! 3) When one calls one gets an international who hardly speaks English making it impossible to communicate. 4) I am told by one loan specialist, we will give you a forbearance; how, much can you give us? Not what is rquired. 5) I speak to another loan specialist he states i can't afford a forbearance and there is no need. Just pay by the 14th of the month. when I ask for something in writing I can't get it. 5) The company who sold my contract to OWCEN failed to include taxes (escrow) in my note. One loan specialist tells me they will create an Escrow account. 6) speak to another specialist. He refused to do it because I am not current in my payments. 7) each time one speaks to the company there is another story; another twist - I don't believe them and don't trust themif they reposess my home, they will get $112,000.00 that I put down on it. That is what I call a 'steal' and that is what OCWEN is all about. Their voice mail is to the point of rediculous; they keep you on hold 45 minutes to one hours and then one gets not where with them. They are a terrible company and should be put out of business or investigaged by the proper authorities!What gets me is that they are getting away with it!The U.S. Government is investigating frudulaent, questionable conducts of mortgage companys and financers. Is there is anyone that I can be write to requesting an investigation of OCWEN and their bad possibly bad business practices, lack of knowledgeable personnel and 'their refusal to meet with me one on one' as I requested.In order to pay my taxes current and to bring the 'alleged' back payments up-to-day I am borrowin from my retirement, and You know what, OCWEN does not care.They should be put out of business and should definetely be investigated.I hope other OCWEN customers will add their name to the list - if enough do, something will have to be done.LoisWoodbridge, VirginiaU.S.A.
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