SHAME ON OCWEN FINANCIAL - "STEALING" FROM HOMEOWNERS

By
Real Estate Agent with Pacesetter Properties 586143

Ocwen Financial Services is the worst of the worst when it comes to loan servicing! They have this little ditty on their website:"Helping Homeowner's is what we do!"  I'm not buying it.  They seem to do everything possible "not" to help the homeowner.  In fact it is almost impossible to even get a phone number out of their customer service department for anyone in the United States who could possibly help. 

Here is the story!!   The homeowner was recently divorced and  is self-employed.  He runs a local residential construction company and has seen better days,  even here in Austin.  Last year,  his business took a nose-dive and he is just now starting to recover.   His priorities have changed.  This is now a one  income family and he has to pay child support.  Right after the first of the year, he tried to do a loan modification.  Seven months later he is still trying with no success.  He has a relationship manager who has been less than helpful during this process.  His most recent request for a loan modification was turned down July 17, 2012.  She wasn't even aware that it had been turned down.  Of course,  what they want is new documents filled out and they will not stop the foreclosure.  Their average turn-around time on a modification is 2-3 months, so there is no time left to start over.   The only options offered were foreclosure or reinstatement of the loan by paying back $32,000. 

 Let's get something straight here.  This homeowner is not my client.   His property is listed with another agent.   It isn't even a listing in my office.  I have nothing to gain financially by helping.   The agent is a friend,  and we've worked together before.     She just knows that  I have helped her clients in the past and she asked if I could please look at this case to see what I could do.  So far I've invested about 5 hours and haven't gotten anywhere.  Yesterday I faxed in my third party authorization and started doing my due diligence on this property.  The homeowner owes approximately  $250,000 and has $200,000 in equity.  The home was reduced in price today down to $450,000. 

I have spoken to the Ombudsman for Ocwen but they suggested that I do a "short sale."   I've explained that this is not a "short sale" and that the homeowner has almost as much equity in the property as Ocwen does.  By foreclosing on the homeowner,  they are stealing his equity.    Isn't there something we can do to help this homeowner?  They are telling me that they never stop a foreclosure.   I've asked about a forebearance agreement and they told me that they never do a forebearance agreement beyond 3 months.  I told the relationship manager and the Ombudsman   "You've told me what you can't do for the homeowner,  what can you do to help him?  Their  only suggestions were  to bring the loan current or to apply for a HAMP modification.  This loan is not a Fannie Mae or a Freddie Mac loan.  I've asked for the name of the investor and I've been told to put in a fax request to the "research department."

So far,  I've emailed every email I have found for Ocwen managers and executives.  This company goes to great lengths to protect their internal phone system  and email system from prying agents.  I'm about ready to write an expose on their business practices,  their despicable  overcharges and their whole scam of GoHoming.com  and RHSS.com which is run out of India  on Ocwen servers.  They input listings at night and don't pay for access on our MLS.  The Better Business Bureau rates this company as "F."   Does anyone in the Active Rain community have any suggestions or have an email address or phone number of someone who may be willing to help?

Posted by

 

 

 

Click Here
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the eye to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Mortgage / Finance
Groups:
Short Sales Specialists
Short Sale Support Group
Short Sales Pro Forum
Realtors®
Short Sales and Forclosures ONLY
Tags:
ocwen bloodsuckers
ocwen overcharges
ocwen stealing
ocwen unfair practices
foreclosure
fraud
ocwen sucks
ocwen

Comments 26 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the key to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
605,541
Pamela Seley, REALTOR®
Menifee Lakes California Real Estate
REALTY EXECUTIVES OTF

It sounds like the homeowner wants to keep their home. If the bank forecloses, they are stealing the equity. I've heard of this practice that banks will be quick to foreclose on a homeowner in default where there's equity than a homeowner in default with zero equity. Just sayin' maybe don't do business with Ocwen in the future.

July 22, 2012 02:28 PM
Rainmaker
529,870
Gary Frimann
California Broker and REALTOR
Eagle Ridge Realty / Signature Homes & Estates

They won't steal his equity if he does a regular sale, which it sounds like he can do.  I suggest a regular sale, although I can see what you are trying to do in helping this poor guy down on his luck...

July 22, 2012 03:25 PM
Rainmaker
145,657
Carol Pease
CRS, Broker-Associate 512-721-6320
Pacesetter Properties

Thanks for all the replies. 

The seller didn't choose Ocwen,  Bank of America sold the loan to them.  One of the biggest problems I have with this file and with Ocwen is the practice of "Dual Tracking."  This is where the foreclosure and the modification are being processed at the same time.  The seller is lulled into thinking there is hope and then the loan modification is denied and BAMM the foreclosure is right there.  That is the case here,  the homeowner was denied on the 17th of July and hasn't even received the denial letter and he has already received his Notice of Substitute Trustee Sale.  When all these banks took bailout money (and Ocwen did take the money!!!)  they were supposed to  change the their evil ways.  Ocwen states that they will not stop the foreclosure scheduled for August 7, 2012.  Texas is a non-judicial state, and things happen very quickly here.!!!

July 23, 2012 10:22 AM
Rainmaker
248,394
Jeff Pearl
RE/MAX Distinctive / LIC in VA

That is what I was afraid of. I had heard TX moves fast when it comes to foreclosures. Ocwen isn't the only one that does that. Sounds like he needs to drop price 350 or less to get a quick sale if he hopes to salvage any of his equity, unless he can find someone to borrow $32,000.00 from, or sell to an investor that will rent it back to him.

July 23, 2012 06:06 PM
Rainer
9,534
Scott Allen
Scott Allen Realty

Wait until you pull up infront of a home to take a picture for a BPO and this is what the homeowner has been through.......happened to me and the homeowner came charging out of the house. Mad as hell and started in on me, said they were calling the police.......I said I wish they would for my safety. Now I find out that 3 days after I do an interior..........they list with a company that isn't in my MLS or even located on my side of the state.

August 07, 2012 02:56 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
145,657

Carol Pease

CRS, Broker-Associate 512-721-6320
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Carol Pease has been selling Real Estate for 14 years. She is now affiliated with Keller Williams Realty and works out of the Cedar Park / Leander Market Center in Cedar Park, Texas. dfbde523c11f709b968ad91a777de39f07e34f&style=0" /> Realtor ratings and reviews of Carol Pease