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Ocwen Loan Services Complaints - Unauthorized charges

USA USA-52303
Feb 23,2009
Ocwen Federal Bank was assigned my mortgage after a forbearance program agreement with HUD in 1997. They send us a letter stating that we were going to be on the program for one year to continued paying $668.31 a month at fix rate of 6%. In 2000 they went up to $866.00.

Since my property is a town house condo I was also paying $146.00 in condo fees and sending Ocwen $308.31 for the escrow account also, the entire mortgage payment was $ 1166.44 which it was more than what I was paying before the forbearance program. In 2001 I was behind on my condo payments because I lost my job and my wife was the only one working and paying all the bills. The condo association send me a letter advising me that they were going to take me to court because I was behind $900.00 in condo fees, they also a letter to Ocwen and after the condo association foreclosure on me Ocwen used my escrow account to pay the association and charge me the $2, 800.00 which I put back into my escrow accounts and without knowing I continued paying my mortgage. In February 2008 I run into another problem and I left my job to care for my 26 year son who was dieing, I fell behind 2 payment and I requested a loan modification from Ocwen and they agreed to let me pay them $1540.00 to start and $1, 157.44 for one year, I signed the paper and send them the first 4 payments. On November 2008 I received a letter from LASALLE Bank asking me to move out that my lease canceled, They also send me a letter to appear in housing court. I did not know that my property was foreclosure by Ocwen in 2001, now that I have a lawyer they agreed to sale me the property back for $140, 000.00 which is about $35, 000.00 more that what I pay for the property which was $109, 000.00 what happened with the 14 years of payments that I made. Ocwen Loan Services LLC are crazy if they think I am going to buy the property for than what I pay for in the first place. Someone need to have this people investigated because they are taking property away from people without law involvement.

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Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.

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