From:http://www.ripoffreport.com/reports/0/298/RipOff0298379.htm
My friend just lost her home because of lies from ocwen. My friend is 67 years old and lived in her home for 55 years. she had got a loan on her home to pay medical bills. one year later she was in a car wreck which was not her fault. my friend was still working and not retired. she was injured and could not work. well it took 5 months to get any kind of income coming in from disability and one year before the insurance company settled wit her about the wreck. in that period of time she fell behind on her home loan.
she explained to ocwen the problem in september that the insurance company would pay her in december.she was 2 month behind then.she was told that would be ok. but ocwen had already started to forclose on her property. she found this out after she was evicted from her home on december 28 the same day she received her money from the insurance company..she received a letter from the court that her home was going to be foreclosed on so she call ocwen they told her to ignore the letter that everything is ok, well that was a bold face lie. my friend would have went to court to explain her problem but ocwen deceived her and told her not to go.
this is a bad company and something needs to be done. i am trying to help her the best way i can.this was not a fancy home it was just a plain home and needed some repairs my friend has no family she has lost her husband and only son in the last 5 years.she is just a country woman that dont understand all those legal words. she needs help.
Thomas499kings mt, North CarolinaU.S.A.
Showing posts with label liars. Show all posts
Showing posts with label liars. Show all posts
Thursday, January 10, 2008
Sunday, December 9, 2007
Ocwen I Will Never go through this Company for Anything.
I have been trying for over a week to get back in contact with the Loan Rep I spoke with last week and spilled out my entire life story to. However, he conveniently does not have his extension in the computer system therefore no one knows how to get a hold of him other than "I can send him an email and have him call you". Of course that's what I think the guy said since no one speaks clear English. I also set up an appointment for someone to call me on Monday at 11:00 and gave the specific phone number. No one called. I then called them and spoke to Ron he told me he would call back on Tuesday and I have never spoke to him since. I have called every day and I have been on hold this week alone for a total of 3 hours. I have documented every last thing. I am about to go in foreclosure and it seems that no one cares unless you are going to make a payment. I will never go through this company for anything.
Ocwen Negative Stars!
Can I give negative stars? I have never dealt with a company that is this bad. We have had nothing but problems with them. My brother in law works with a real estate/bankruptcy attorney and when I called to ask him what he knew about Ocwen - he started to laugh and said they were on their bad list as one of the worst lenders to deal with and they would never recommend them. When you are talking to them on the phone to straighten out the numerous problems - their phones mysteriously disconnect. They kept screwing up our escrow and they said we didn't have insurance. We had sent them proof of insurance multiple times (and so had our insurance agent) and yet they still forced insurance on us so they could make money. When we asked for the payoff amount - they added tons of fees (a convenience fee? Convenience for whom?) and extra interest. Liz G.
Ocwen A Total Scam
I wondered why SusanYi was being so friendly and chatty. In a whole hour long conversation (which with other lenders takes about 10 minutes) she hemmed and hawed and tried to push their own "power buyer" agents, LYING to me telling me they have some secret access to listings I couldn't possibly have (an MLS listing is on virtually EVERY realtors listings website, there are no "secret" listings) and tried to push the interest only thing which I don't want for higher interest rate and a bunch of other garbage.
I'm no newbie, I've owned houses before so I immediately screeched to a halt when she, after an hour of chit chat mixed with lots of hard sell and very little info tried to bully me into giving her my credit card or bank account number so they could take a "deposit" of unspecified amount, for unspecified services to get a preapproval only (not even a real prequalification). NO ONE (no REPUTABLE lender) will EVER ask you for good faith money, EVER EVER EVER. Don't fall for it! Most really good ones won't even ask you for the $25 credit application fee until after they've done all the preliminary work and are ready to actually offer you something, and if they do, write them a check, do NOT give them your credit card or debit card information. This is a SCAM!
I'm no newbie, I've owned houses before so I immediately screeched to a halt when she, after an hour of chit chat mixed with lots of hard sell and very little info tried to bully me into giving her my credit card or bank account number so they could take a "deposit" of unspecified amount, for unspecified services to get a preapproval only (not even a real prequalification). NO ONE (no REPUTABLE lender) will EVER ask you for good faith money, EVER EVER EVER. Don't fall for it! Most really good ones won't even ask you for the $25 credit application fee until after they've done all the preliminary work and are ready to actually offer you something, and if they do, write them a check, do NOT give them your credit card or debit card information. This is a SCAM!
Ocwen: The Mortgage Mafia
I couldn't give them a zero . Two thumbs down is more like it. They are crooks and I have never seen any mortgage company act this way. If you don't have Insurance on your house they will put it on your house for $896.00 for a $ 60,000.00 House.
They will pay up your property taxes, and your one to two months behind and then charge late fees and offer you that great forbearance plan and don't even look for the lawyer fees and they charge you for the property search, who told them any ways they could do that? They stink! I don't want them as a mortgage co. I was sold to them by Ameriquest who also has a class action law suit against them. I say I hope they go under.
They will pay up your property taxes, and your one to two months behind and then charge late fees and offer you that great forbearance plan and don't even look for the lawyer fees and they charge you for the property search, who told them any ways they could do that? They stink! I don't want them as a mortgage co. I was sold to them by Ameriquest who also has a class action law suit against them. I say I hope they go under.
Ocwen Cheated Us
We have the VERY deep displeasure of having Ocwen for my Mortgage company. When you call them on the phone (in India) they do say “We have to inform you that we are a debt collecting agency and any information we collect can be used for that reason”. They do leave out that they will lie, commit fraud and cheat you to do so. Back in August of 2006 my wife had a bad car accident and for the first time in 3 years into our loan we fell a month behind on our Mortgage payment. We received a call from Ocwen (from India ) about our payment being late, we told the agent the problem and that we will get caught up as soon as possible. The agent then told my wife and I about a payment plan that will get us caught up…so called plan was a Forbearance plan. With my wife and I both listening to the agent (from India) on our speaker phone he told us, that if we add on $156.00 a month to our Mortgage payment we can be caught up in 9 months. I asked the agent once again on the phone, so if we pay a little extra each month that will catch us up, he said yes!
The agent was a liar, now that my Forbearance plan is over we are in the same spot we were before we started the Forbearance plan…WE ARE STILL ONE MONTH BEHIND.
The plan didn’t do anything for us, we were lied to , we were cheated and as far as I’m concerned Ocwen committed Fraud ! I tried to explain to the agent (in India) WHY would I get on a payment plan that would to me no good, your agent, 9 months ago lied to myself and my wife. They robbed me of our money, I guess I’m stuck BUT, I’m going to copy and paste my story on EVERY Ocwen Complaint web site I can find, I’m contacting the Attorney General of Missouri regarding the practices of Ocwen and The Better business Bureau of Missouri and Florida.
So, if you EVER have a choice, STAY AWAY FROM OCWEN !!!!!
PS. I’m am Soooo tired of talking to people that can hardly speak English (from India
The agent was a liar, now that my Forbearance plan is over we are in the same spot we were before we started the Forbearance plan…WE ARE STILL ONE MONTH BEHIND.
The plan didn’t do anything for us, we were lied to , we were cheated and as far as I’m concerned Ocwen committed Fraud ! I tried to explain to the agent (in India) WHY would I get on a payment plan that would to me no good, your agent, 9 months ago lied to myself and my wife. They robbed me of our money, I guess I’m stuck BUT, I’m going to copy and paste my story on EVERY Ocwen Complaint web site I can find, I’m contacting the Attorney General of Missouri regarding the practices of Ocwen and The Better business Bureau of Missouri and Florida.
So, if you EVER have a choice, STAY AWAY FROM OCWEN !!!!!
PS. I’m am Soooo tired of talking to people that can hardly speak English (from India
Ocwen Bank Nothing but problems
I had nothing but problems with Ocwen, there customer service is the worst. Every time you call there office you get a person from India and is very hard to under stand them. Do not use Ocwen for anything.
Thursday, January 18, 2007
Mortgage servicer Ocwen's practices raise ire
From: http://www.msfraud.org/Articles/Ocwen.htm
By Jeff Ostrowski, Palm Beach Post Staff WriterSunday, January 18, 2004Michelle Trott got a nasty surprise when she sold her home in Broward County last year to move to Jupiter.Ocwen Financial Corp., the West Palm Beach company that collected Trott's monthly mortgage payments, demanded that she and her husband pay $600 in late fees for monthly payments the Trotts say weren't late.Ocwen also charged her $200 just to tell her real estate agent how much she owed on her loan, Trott says.What's more, she says, Ocwen dinged her credit score by reporting her mortgage payments as late, forcing her to pay a higher rate on the new loan on her Jupiter home.And Ocwen pushed the couple to buy an expensive homeowners insurance policy, even though the Trotts say they already had coverage."(Ocwen) posted our payments late all the time," Trott said in a recent interview. "It's not fair. It was a very unpleasant experience. I wouldn't recommend anybody going with that company."Ocwen President Ronald Faris disputes Trott's claims. She made "dozens" of late payments, he says, and Ocwen forced her to take on a homeowners policy only because she let her policy lapse.Moreover, he says, Ocwen doesn't charge $200 to issue a payoff amount; the company charges $10 to $30 for that service.Still, Trott isn't alone in her gripes about Ocwen, a mortgage-servicing company that collects monthly payments from thousands of homeowners nationwide, most of them "subprime" borrowers with spotty credit histories.Ocwen faces suits from customers in California and Connecticut who make allegations similar to Trott's.The nonprofit National Consumer Reinvestment Coalition says it has 300 complaints about Ocwen, while the Better Business Bureau of Central Florida last year received 146 consumer complaints about the company, up from 42 in 2002 and nine in 2001.Firm: No financial incentiveAs borrowers' attorneys seek to portray a pattern of unfair practices by Ocwen, company officials say they've done nothing wrong.Investors seem to agree.In spite of the lawsuits, the company's stock (NYSE: OCN) recently shot past $10, up from $2.60 a year ago. Ocwen has no financial reason to gouge customers or to post their mortgage payments late, Faris says. He calls the suits against Ocwen "misdirected and baseless.""We don't make money off of delinquent loans," Faris says. "Our favorite customer is someone who gets their bill and pays it. We make a ton of money on those customers."As a mortgage servicer, Ocwen doesn't lend money to borrowers. Rather, lenders hire the company to service their loans.Attorneys and some industry observers argue that mortgage servicers have a good reason to post payments late: They get to keep late fees."Ocwen has a financial incentive to call a payment late so it can collect a late fee," says Jack Guttentag, a professor emeritus at the University of Pennsylvania's Wharton School of Business who runs the Mortgage Professor Web site. "It does not have an incentive to push the borrower into bankruptcy, unless the borrower has so much equity in the property that it will cover all the expenses of foreclosure, including legal and other fees which can be a source of profit to the servicer."Faris denies Ocwen unfairly posts payments late, and he says the seemingly large numbers of consumer complaints sound worse than they are.Ocwen handles 350,000 home loans, so the several hundred complaints lodged by customers represent a tiny fraction of its clients, Faris says."We're not saying we never make a mistake," Faris says. "Mistakes happen on an individual basis."But, he says, the company tries to fix errors quickly. Its customer service representatives are readily available by phone or by e-mail, Faris says.That's not the experience of Trott or of Ocwen customer Eleanor Blackmer, who has three years left on the mortgage on her home in suburban Lake Worth."We've got a three-year sentence with Ocwen," Blackmer says.Both Trott and Blackmer say phone calls to Ocwen result in being put on hold 20 minutes or more, followed by conversations with Indian employees with difficult-to-decipher accents.Ocwen employs more than 1,200 people in India, where it has offices in Bangalore and Bombay."You try to call them and they don't understand and they don't speak English, because they're all in India," Blackmer says.Faris says Ocwen makes a point of hiring Indian employees whose English can be easily understood by Americans. "It's difficult for me to address the accent issue because I can't comment on someone else's experience," Faris says. "I've talked to many, many of our agents in India on the phone and I've never had a problem understanding them."Faris says that Ocwen's customer service is better than it's ever been. As a federally chartered thrift, the company's collection practices are closely monitored by the U.S. Office of Thrift Supervision, he says.The gripes about Ocwen are on the rise, Faris says, because the media have been covering the mortgage industry more closely -- CBS News last year aired a story about complaints against Ocwen -- and because plaintiffs' attorneys are looking for the next payday after Fairbanks Capital.That mortgage servicer last year agreed to pay $40 million to settle allegations it engaged in deceptive practices that victimized as many as 250,000 homeowners."I don't think there's increased complaints," Faris says. "There's increasing attention by the media and by the plaintiffs' lawyers. They saw what happened at Fairbanks Capital and are hoping they can find a situation similar to that."Analysts approveThe barrage of complaints against Ocwen comes as the company pulls off a financial turnaround.Its shares got a boost this month when an analyst at JMP Securities in San Francisco rated Ocwen a "strong buy" with a target price of $18 a share.After posting big losses in 2001 and 2002, Ocwen turned a profit in 2003, in part because it has cut costs by hiring customer service employees and software programmers in India, where wages are cheaper than in the United States.And the company last year won a contract to handle the foreclosed properties of the U.S. Department of Veterans Affairs, a deal that could bring in revenue of $95 million to $125 million over the next five years.Still, the lawsuits pose enough of a threat to Ocwen that Fitch Ratings, a corporate credit rating agency, warned last month it might lower its "servicer rating" on Ocwen."We're concerned," said Kathleen Tillwitz, senior director at Fitch Ratings. "Is it a pattern of mistakes that were malicious? Or is it just the one-off mistakes that happen in the daily course of servicing?"Fitch has yet to lower its ratings on Ocwen, however. In a statement last month, it lauded the company for "successful practices and procedures," "expertise" and "well-trained staff."Meanwhile, consumers' gripes keep coming and Ocwen keeps explaining.Jackson, Mich., homeowner RaeAnn Walker says Ocwen has unfairly posted her payments late and charged her legal fees.And one suit accuses Ocwen of unfairly charging borrowers $95 in legal fees for collection letters.Faris calls the charge a legitimate cost of doing business.
By Jeff Ostrowski, Palm Beach Post Staff WriterSunday, January 18, 2004Michelle Trott got a nasty surprise when she sold her home in Broward County last year to move to Jupiter.Ocwen Financial Corp., the West Palm Beach company that collected Trott's monthly mortgage payments, demanded that she and her husband pay $600 in late fees for monthly payments the Trotts say weren't late.Ocwen also charged her $200 just to tell her real estate agent how much she owed on her loan, Trott says.What's more, she says, Ocwen dinged her credit score by reporting her mortgage payments as late, forcing her to pay a higher rate on the new loan on her Jupiter home.And Ocwen pushed the couple to buy an expensive homeowners insurance policy, even though the Trotts say they already had coverage."(Ocwen) posted our payments late all the time," Trott said in a recent interview. "It's not fair. It was a very unpleasant experience. I wouldn't recommend anybody going with that company."Ocwen President Ronald Faris disputes Trott's claims. She made "dozens" of late payments, he says, and Ocwen forced her to take on a homeowners policy only because she let her policy lapse.Moreover, he says, Ocwen doesn't charge $200 to issue a payoff amount; the company charges $10 to $30 for that service.Still, Trott isn't alone in her gripes about Ocwen, a mortgage-servicing company that collects monthly payments from thousands of homeowners nationwide, most of them "subprime" borrowers with spotty credit histories.Ocwen faces suits from customers in California and Connecticut who make allegations similar to Trott's.The nonprofit National Consumer Reinvestment Coalition says it has 300 complaints about Ocwen, while the Better Business Bureau of Central Florida last year received 146 consumer complaints about the company, up from 42 in 2002 and nine in 2001.Firm: No financial incentiveAs borrowers' attorneys seek to portray a pattern of unfair practices by Ocwen, company officials say they've done nothing wrong.Investors seem to agree.In spite of the lawsuits, the company's stock (NYSE: OCN) recently shot past $10, up from $2.60 a year ago. Ocwen has no financial reason to gouge customers or to post their mortgage payments late, Faris says. He calls the suits against Ocwen "misdirected and baseless.""We don't make money off of delinquent loans," Faris says. "Our favorite customer is someone who gets their bill and pays it. We make a ton of money on those customers."As a mortgage servicer, Ocwen doesn't lend money to borrowers. Rather, lenders hire the company to service their loans.Attorneys and some industry observers argue that mortgage servicers have a good reason to post payments late: They get to keep late fees."Ocwen has a financial incentive to call a payment late so it can collect a late fee," says Jack Guttentag, a professor emeritus at the University of Pennsylvania's Wharton School of Business who runs the Mortgage Professor Web site. "It does not have an incentive to push the borrower into bankruptcy, unless the borrower has so much equity in the property that it will cover all the expenses of foreclosure, including legal and other fees which can be a source of profit to the servicer."Faris denies Ocwen unfairly posts payments late, and he says the seemingly large numbers of consumer complaints sound worse than they are.Ocwen handles 350,000 home loans, so the several hundred complaints lodged by customers represent a tiny fraction of its clients, Faris says."We're not saying we never make a mistake," Faris says. "Mistakes happen on an individual basis."But, he says, the company tries to fix errors quickly. Its customer service representatives are readily available by phone or by e-mail, Faris says.That's not the experience of Trott or of Ocwen customer Eleanor Blackmer, who has three years left on the mortgage on her home in suburban Lake Worth."We've got a three-year sentence with Ocwen," Blackmer says.Both Trott and Blackmer say phone calls to Ocwen result in being put on hold 20 minutes or more, followed by conversations with Indian employees with difficult-to-decipher accents.Ocwen employs more than 1,200 people in India, where it has offices in Bangalore and Bombay."You try to call them and they don't understand and they don't speak English, because they're all in India," Blackmer says.Faris says Ocwen makes a point of hiring Indian employees whose English can be easily understood by Americans. "It's difficult for me to address the accent issue because I can't comment on someone else's experience," Faris says. "I've talked to many, many of our agents in India on the phone and I've never had a problem understanding them."Faris says that Ocwen's customer service is better than it's ever been. As a federally chartered thrift, the company's collection practices are closely monitored by the U.S. Office of Thrift Supervision, he says.The gripes about Ocwen are on the rise, Faris says, because the media have been covering the mortgage industry more closely -- CBS News last year aired a story about complaints against Ocwen -- and because plaintiffs' attorneys are looking for the next payday after Fairbanks Capital.That mortgage servicer last year agreed to pay $40 million to settle allegations it engaged in deceptive practices that victimized as many as 250,000 homeowners."I don't think there's increased complaints," Faris says. "There's increasing attention by the media and by the plaintiffs' lawyers. They saw what happened at Fairbanks Capital and are hoping they can find a situation similar to that."Analysts approveThe barrage of complaints against Ocwen comes as the company pulls off a financial turnaround.Its shares got a boost this month when an analyst at JMP Securities in San Francisco rated Ocwen a "strong buy" with a target price of $18 a share.After posting big losses in 2001 and 2002, Ocwen turned a profit in 2003, in part because it has cut costs by hiring customer service employees and software programmers in India, where wages are cheaper than in the United States.And the company last year won a contract to handle the foreclosed properties of the U.S. Department of Veterans Affairs, a deal that could bring in revenue of $95 million to $125 million over the next five years.Still, the lawsuits pose enough of a threat to Ocwen that Fitch Ratings, a corporate credit rating agency, warned last month it might lower its "servicer rating" on Ocwen."We're concerned," said Kathleen Tillwitz, senior director at Fitch Ratings. "Is it a pattern of mistakes that were malicious? Or is it just the one-off mistakes that happen in the daily course of servicing?"Fitch has yet to lower its ratings on Ocwen, however. In a statement last month, it lauded the company for "successful practices and procedures," "expertise" and "well-trained staff."Meanwhile, consumers' gripes keep coming and Ocwen keeps explaining.Jackson, Mich., homeowner RaeAnn Walker says Ocwen has unfairly posted her payments late and charged her legal fees.And one suit accuses Ocwen of unfairly charging borrowers $95 in legal fees for collection letters.Faris calls the charge a legitimate cost of doing business.
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