Ocwen Loan Servicing Escalated payments, failed to credit payments or credited late, refused payments while in forebearance negotiaions, then wants $150,000 extra Orlando Florida

MEG,

If you can write a letter to your State Attorney General's Office with a link to this site so he can see your not the only one having these issues with this company. I am up for a class action lawsuit as well.

Carlos

Meg,

I understand that people out there are tired of hearing about the mortgage crisis and think since they don't have problems noone else should either. I can tell you from personal experience that Ocwen has serious issues that should not be ignored.

You stated to Steve that he should not have signed on with Ocwen and that basically he was at fault for not reading the bottom line.

My response: My mortgage loan was not signed on with Ocwen they purchased the loan after several months of signing the loan docs from another company. This happens when you go through a finance company not a bank. Secondly, Ocwen if you read the research is what is considered a predatory lender by most involved. Thirdly, anyone can read loan documents and find that they are legitimate. What the complainers are saying is that they don't advertise that their customer service is in India and that you can't understand a word they are saying. Nor to they put in their loan documents that they make many mistakes and cannot correct them because one doesn't know what the other is doing in their organization. They also do not advertise that they have so many hidden fee's that the need for a class action from 5 different states had to be started.

All the class action lawsuit will do is bring attention to a company that needs to be investigated by the Government so that this MORTGAGE CRISIS does not continue on a downward spiral. I'm sure you wouldn't tell the folks that invested in Enron that they were dummies and it was their fault now would you?

The point is there are companies that rip people off regardless of their situation and are in the business of making money. Realize that.

Meg,

Although OCWEN is the lowest form of life in the mortgage industry, you brought your problems on yourself. Here's why.

First, you signed for a mortgage that you simply could not afford. The fact that it could/would go up to 11% was fully disclosed on your "truth in lending" statement which is required by federal law to be provided to you within 3 days of the mortgage proposal.

Second, you should NEVER alter any terms of a written contract verbally. They laid a trap for you and you fell right in it. ALWAYS demand EVERYTHING in writing.

I really hate hearing about the alleged "mortgage crisis". There was no mortgage crisis, just a stupidity crisis.

Next comes the uneducated "class action lawsuit" response. This one just kills me. It is the first response of the truly ignorant. Do you know what a class action lawsuit would cost against a company like this? Hundreds of thousands of dollars. And do you know who would pay those fees? That would be YOU. And that cost would be required UP FRONT in a case like this as no lawyer would do cost on contingency.

Still want to file the class action?

There is no way they could put $70,000 in "fees" on a loan! I've seen some bad loans in my day, but that is just impossible. Then you say $150,000 more than your original mortgage. Which is it? At least get your story straight.

The bottom line here is that you took out a loan you could not afford.
Stop making excuses and blaming others.

Dump the house, and move back into your trailer. That way when you can't pay your lot rent, you can just back the truck up to it and move.

Our attorney says Ocwen will foreclose if we don't sign this contract. A company in California, North American Capital, says they can get us a fixed rate on the amount we actually owe, or even a principal reduction. Apparently they deal with Ocwen all the time... Of course they want a$1,000 deposit and $2,500 more to do this. If they are legit, I'm very happy to pay, but I can't find anything except what they give me. At least there's a real address and at least one real attorney (If indeed this attorney is really connected to them - he didn't return my call, but it's the holidays.) Does anybody know anything about this?