Ocwen Mortgage Complaint

Ocwen Mortgage department,

Conventional adjustable mortgage (ARM) Credit decision / Underwriting Oklahoma

My name is - - -. I am representing my parents - - and - - - whom are both senior citizens. They have went through horrific experiences with several different banks throughout the history of their mortgage. Currently, Ocwen Loan Servicing is the holder of the mortgage and the principal balance is at a little over $140000.00. The trustees of the mortgage in question include -, - -, and -. Mortgage servicers in question include -, -, and -. The mortgage was originally purchased by - and - - in - for $71000.00. They acquired the mortgage through 'Toting the Note ' and from the start, when they essentially took over, - and - - were never given fair and reasonable rates by banking institutions, supposedly due to their credit worthiness. However, once their mortgage began, it was paid on time every month, the principle balance seem OK, and therefore, they stop paying attention to it. In -, - acquired the note without their knowledge and it is around this time when the principle balance mysteriously begin to increase ; but - and - - did not become aware of the matter until -. By this time, - and


desperate to get away from them and decided to go with -. The balance of the mortgage at that time was around $88000.00. - advised - and - - that they could pay off the - - mortgages, but the best mortgage to use in order to payoff the balance was a subprime loan ; and the only way they could get it was if the home was appraised at $120000.00. But - removed the normal borrower and lender relationship, by not revealing that this was a high loan-to-rate value, and thus, could possibly lead to a total loss. - also did not follow normal underwriting procedures and ensure that the initial rate of the loan, and the rates that follow, were not too high in comparison to borrower debt-to-rate value. Anyhow, after closing the balance at a little over $100000.00 in - -. - - at the time was on Social Security retirement, and - - had become -. However, they were able to contend with the payments at $880.00 a month and were never late. The adjusted rate went into effect - -, but the problem with that is it went into effect a year prior to the scheduled date on the note which showed - -. - and - -, however, did not realize all of this at the time, and so they did whatever they could to pay the adjusted amount at $1000.00. The amount along with other debts became unbearable and they were forced to file - - bankruptcy in - of -. Although - and - - removed the home from bankruptcy in - of -, upon release they discovered that the mortgage was sold to -, and the principal balance had risen to over $140000.00. - proclaim at the time that bankruptcy did not pay them enough, and therefore, fees and other charges caused the principal balance to balloon. As a result, - - was forced to come out of retirement and go back into the workforce. In - of -, - - became ill and was forced to stop working for two months. At the time, - and - - requested a modification from -. - dropped the mortgage payment slightly, but charged more finance fees which raised the principal amount back up to $140000.00. After the news broke about how the banks had taken advantage of homeowners across the country, I begin