As I have read all of the horrible stories listed on the site, I feel the pain for so many people out there, abused by this banking system, and wish everyone well and mention to NEVER GIVE UP!
Our story seems to be a long bad history with Ocwen, that we never planned to be involved with, but were bought out by in 2003. I am not one to bare my soul publicly to people I do not know, but if I can make a difference for someone else, as a HUMAN...I will do it. So here we go:
12/2/2003 Loan opened with Decision One- Interest rate 8.19% ($101,250.00-balance)
Jan 2004 Feb 2004 and March 2004 payments were $884.45
3/3/2004 Notified Ocwen purchased our loan at same interest rate, and payment.
In March 2005, fell behind and entered a forbearance agreement. This raised the payment to $1000.00, after a $2654.00 down payment. During this time late charges still accrued each month at 37.82/month.
We received a letter 11/28/05, the interest rate would be increasing to 11.19%.
Struggled through almost the full year, then hit hard again. Another forbearance agreement, down payment of $1260.00/ and increased payments to the same. And again fees still accrued.
Another letter 5/22/06, new interest rate to 12.19%.
Another letter 11/19/06, new interest rate to 13.19%
January 2007, another agreement. Down payment of $1200.00 and next payments up to $1281.66.
By March 22, 07, the mortgage statement accrued $9213.39 (yes…9 thousand) in outstanding fees?!
May 07, increase in interest rate, yet again, to 13.25%
By Dec 2007, our principle balance was 98,858.51. The interest rate of 13.25%. The outstanding fees up to $9663.02 and late charges STILL accruing at 56.29/month.
We were offered papers to “repair” our credit, from the mortgage company, still Ocwen. They would lower the interest back down to 10.62%, but the payment would increase to $1383.78, due to the adding of ALL of the accruing outstanding fees added to the principle balance, and the rising of the escrow payment.At this point the principle balance went up to $119,297.64 ( That was OVER $20,000 (Yes, 20 thousand) in fees!)
Made payments OK, struggling until June of 08. Payments were late, which I paid the late charges in the payment, which was$1440.32. For some reason the late charges were put into a “suspense balance” and we were credited for the payment, but late charges still accrued?
September 2008, yet another agreement, with a down payment of $1383.78, and payments increased to $1504.26. Late fees still accrue at 56.54/month, yet they are still adding money to a suspense balance?
Paid until Feb 2009, struggled again, and really was frustrated at this point. In March of 2009, I sat down and wrote a letter to President Obama, after hearing on Good Morning America, that he will read letters from struggling homeowners, and thought, why not? I have nothing to lose at this point. Also upon hearing about the HAMP program, I knew being self employed, and losing contracts from the struggling economy, we were going to need help to keep our home. There was no way possible with 2 children, and a small business hanging in semi-limbo, we would be able to keep the house at 1500.00/month.
So, with that, I contacted Ocwen, after doing some research on the modification process. March 31st, I faxed 12 sheets to them, including the hardship affidavit, hardship letter, request for tax info and income information.
April 15th 2009, received a letter from lawyers, that they were retained to initiate a lawsuit againt us. I called immediately and spoke with them, letting them know we were applying for the modification.
April 16, 2009 received a letter saying we did not hand in all of our necessary documents. Because of self employment, they wanted a profit and loss sheet for all of 2008, and YTD 2009. So I faxed another 7 pages, April 17th.
Heard nothing until May 14th. Another letter...we need tax returns and YTD profit and loss sheets. At that point the taxes were not picked up yet. I needed the money to pay the accountant to pick them up, which eneded up to be in the end of May. So, on May 30th, I faxed ANOTHER set of 14 pages.
June 12, packet of paperwork from the lawyers, we are now in forclosure. I called them (the lawyers)again, and explained the situation. At least I go to talk to a human when I called there. Trying to speak with someone at Ocwen through this whole situation was IMPOSSIBLE, unless you wanted to hold on the phone for 45 mins to 1 hour. I inquired about making some type of payment to Ocwen, so we did not lose our home, and was told, they didn't accept payments through out this process, and it would be sent back to me. Now I am really confused??? Send it back???
July 14, I am excited :) I get a letter back from President Obama :) He refers us to HAMP... Then, I get depressed within 5 mins, as we receive more papers from the lawyers, and these are scary...they are the lawsuit!!! So, endless calls again... getting nowhere...but ready to jump the bridge. Ocwen kept saying it takes time...
7/20, 7/22, and 7/27, received papers saying we were missing documents. I can't stand this anymore! I call each of these days, and all of my info is there, I am told, it is in the works. We qualify for a trial modification.
Now, granted the modification papers were dated 7/15, before all of the "missing document" letters???!!!
So, we enter the trial mod. Our payment is near where it originally started in 2004, at 699.61. YAY! We are able to keep our home!!! I won't be forced to the street with 2 kids!!!
The 3 trial payments were Aug-Sept and Oct. Aug 18th, we receive a letter from Ocwen, ssaying YOU DID IT!!! So on and so forth, but you need to go to credit counseling. OK, we make the appointment to go, and pretty much were told what we already knew??!! But, I did what I was told.
Made all 3 trial payments. Things were really looking up.
Received an e-mail on 10/20 saying our signed agreements have not been received. I RE: that as of 10/21 we had not received anything. I verified with Customer service via phone, they were mailed on the 14th, to give it 10-14 days for receipt.
Daily, I received automated messages concerning sending in the agreement. I finally received a call from a human being on 10/24/09. They again were asking for the agreement, which as of that day, we STILL did not receive. The representative told me she was putting in a request for a new agreement to be certified mailed to me, in which up to today, has NOT also been received. Upon speaking to her, she gave me your someone's e-mail address, and told me I needed to e-mail a copy of a utility bill, and our profit and loss sheet for the second quarter. With this I questioned that I had again, ALREADY mailed, faxed, etc these papers several times, but was willing to do it again, so the modification can go through.
Monday, 10/26/09, we FINALLY received the agreement. I immediately called with questions, one being the fact that the agreement was printed on 10/14/09, but the mailing itself was NOT POSTMARKED UNTIL 10/21/09, to which I had saved the envelope for future problems and questions.I was given no response from the representative. I also questioned the balloon payment disclosure, and asked for a figure of what this balloon payment would be. I was told, that there was NO INFORMATION on our loan concerning a balloon payment. I re-asked the question, due to a clause in the agreement that to my understanding, tells me there IS/WILL BE a payment due on 5/1/2034. I questioned that amount again. After being on hold, several times, for almost 30 minutes, I was told the specialist could not access our account at this time, to try back after 3 hours. With that time frame being time for bed for myself, and my children, I called back the next day, 10/27/09, and again questioned the amount of this balloon payment. and WHY I question it is... on 5/1/2034, I would not like to receive some ridiculous amount, that I cannot pay at 65 years of age, and Ocwen THEN looks to foreclose on the house. The representative told me, they can NOT give me a figure, UNTIL the agreement is received and all of the information is updated in our account.
So upon that note, we signed the agreement. We did what is going to be feasible to us NOW, not in 2034. Who knows what it will bring.
I have fought throughout this process, and will continue to do so. Now my final question??!!
Our principle balance NOW turned into 131,722.60... that is ANOTHER TWELVE THOUSAND DOLLARS in fees. PLUS, a balloon payment in some amount they cannot tell me due in 2034.
Is this really considered helping a homeowner???