Ocwen Mortgage Complaint

Ocwen Mortgage department,

Home equity loan or line of credit Loan modification,collection,foreclosure Maryland

In -/-/-, my wife and I took a home equity loan of approximately $130000.00 through - -. We - clearly remember being told that after - years, the loan would convert from a variable-rate, interest-only loan to a 30-year fixed rate, fully amortized loan. During closing, we were rushed through the process and encouraged to sign a large number of documents without the opportunity to fully read and understand them. Several years later, the loan was sold to another company, Ocwen. We have made all payments over the - years in a timely fashion. In -/-/-, we were informed by Ocwen that a balloon payment of approximately $130000.00 was due on - -. We were shocked and devastated. We are - seniors ( I am - ) and unable to make this balloon payment. I asked for a copy of the loan document and it said that a balloon payment would be due after - years. I began discussions with Ocwen, seeking a loan modification. I spoke with a - -, who was identified as our


he advised us to complete a request for loan modification '' document and to send it to him. My wife and I were both on the line at the time when he clearly told us that, in the case of an inability to make a balloon payment, in nearly every case the loan would be modified to a --year, fixed rate, fully amortized loan. He sounded very knowledgeable and confident in this regard. He encouraged us to keep in touch with him after the loan modification papers were submitted. On - -, we received - via - mail - a denial of our request. The document stated that we were being denied because we had the ability to make our monthly payment. We were stunned. We knew ( and admitted ) that we could make the monthly payment on the loan, but we had submitted our request for loan modification based on the fact that we could not make the BALLOON payment. I immediately called - -. He was unavailable, but I was promised a callback within - hours. When I did not receive a callback, I submitted an appeal ( via email ) to Ocwen 's Escalated Cases unit. In that email, I emphasized our inability to make the balloon payment. I restated our ability to make the monthly payment, and I asked that our case be reevaluated based on our inability to make the balloon payment. On - -, we received an email from - - denying our appeal based on the same criteria our original request was previously denied : That we were able to make the monthly payment on the loan. It was as if no one had even bothered to read the appeal to the Escalated Cases unit. I immediately called supervisor - and was again told that he was unavailable. I was promised a callback within - hours. To date, I have received no such phone call. I then sent an email back to the Escalated Cases unit and - - in yet another attempt to get Ocwen to be responsive to our problem. I have not yet received a response to that email. I seems no one at Ocwen - except - - - whose ID number is - ) seems to understand - or even wants to understand our dilemma. We feel threatened with foreclosure on our home which would be devastating. As -, we have limited options in that regard. To make matters worse, we were forced to file a bankruptcy - years ago, and we were unable to find anyone to refinance this loan. I have found that Ocwen has quite a history of questionable dealings with consumers, many of which have been reported to the CFPB. Please intercede on our behalf in resolving this issue which is so critical to us. Many thanks!