will mortgage companies cause United states of America to buckle?
Banks like OCWEN have too much power over consumers. It's time to tilt the scales! Rise up and fight back!
Is OCWEN a Scam?
Ocwen says they are helping homeowners. But Ocwen is forcing homeowners into foreclosure or making consumers modify their loan. Helping homeowners keep their mortgage is the last thing on Ocwen's list.
Is Ocwen just exercising their rights under homeowner contracts or is it a scam? You decide.
The Ocwen business model:
1. Freeze accounts and reject any payment made in not in full.
2. Provide confusing and conflicting information on payment information.
3. Force homeowners into foreclosure or modification.
4. Profit from the homeowners’ loses.
It seems that if a contractual party offered to make a payment, any payment, the money would be accepted. Money paid to Ocwen would benefit Ocwen Financing. At least that was the way we used to do business.
A. Freeze and Reject Payments
If your mortgage becomes more than 80 days past due, homeowners cannot make a payment to Ocwen unless it is a full reinstatement payment including late fees, etc., which are easily tacked on to the unsuspecting homeowners. See Consumer Complaints. Moreover, delayed notices to the homeowners to inform them that the mortgage was purchased by OCWEN helps escalate the late payments past the 80 "standard procedure" late day freeze. Ocwen does not care if you make your payments. They seem more interested in calculating that 80-day period and locking your account, than trying to help you get caught up.
B. Payment Moving Target
It is very difficult to make a payment (and make the exact payment) when the amount keeps changing. When a payment is delayed in being matched up to an account, more fees and interest are always accruing. If the amount needed to reinstate your loan is short, the funds will be rejected and sent back to the homeowner.
C. Force Ocwen’s Business Model
After 80 days, the reinstatement payment is virtually impossible forcing the Homeowner to take one of two paths: foreclosure or modification. Ocwen is quick to suggest taking the modification.
D. Modifications Benefit Banks
Businesses are set up to make profits. It is sad, however, when Big Banks, like Ocwen financing, turn a law that was created to help homeowners into a profit generating revenue center. What does Ocwen gain from a loan modification?
See article on consumers who challenged the bank and won. Click here.
Ocwen has an F rating with BBB.
Contact William C. Erbey, the Executive Chairman of the Board of Directors of Ocwen. His information can be found here.
Is OCWEN a Scam?
Ocwen says they are helping homeowners. But Ocwen is forcing homeowners into foreclosure or making consumers modify their loan. Helping homeowners keep their mortgage is the last thing on Ocwen's list.
Is Ocwen just exercising their rights under homeowner contracts or is it a scam? You decide.
The Ocwen business model:
1. Freeze accounts and reject any payment made in not in full.
2. Provide confusing and conflicting information on payment information.
3. Force homeowners into foreclosure or modification.
4. Profit from the homeowners’ loses.
It seems that if a contractual party offered to make a payment, any payment, the money would be accepted. Money paid to Ocwen would benefit Ocwen Financing. At least that was the way we used to do business.
A. Freeze and Reject Payments
If your mortgage becomes more than 80 days past due, homeowners cannot make a payment to Ocwen unless it is a full reinstatement payment including late fees, etc., which are easily tacked on to the unsuspecting homeowners. See Consumer Complaints. Moreover, delayed notices to the homeowners to inform them that the mortgage was purchased by OCWEN helps escalate the late payments past the 80 "standard procedure" late day freeze. Ocwen does not care if you make your payments. They seem more interested in calculating that 80-day period and locking your account, than trying to help you get caught up.
B. Payment Moving Target
It is very difficult to make a payment (and make the exact payment) when the amount keeps changing. When a payment is delayed in being matched up to an account, more fees and interest are always accruing. If the amount needed to reinstate your loan is short, the funds will be rejected and sent back to the homeowner.
C. Force Ocwen’s Business Model
After 80 days, the reinstatement payment is virtually impossible forcing the Homeowner to take one of two paths: foreclosure or modification. Ocwen is quick to suggest taking the modification.
D. Modifications Benefit Banks
Businesses are set up to make profits. It is sad, however, when Big Banks, like Ocwen financing, turn a law that was created to help homeowners into a profit generating revenue center. What does Ocwen gain from a loan modification?
- The Home Affordable Modification Program (HAMP) will share with Ocwen the cost of reductions in monthly payments from 38% DTI to 31% DTI.
- OCWEN will receive an up-front fee of $1,000 for each modification, plus “pay for success” fees on still-performing loans of $1,000 per year.
- The HAMP provides one-time bonus incentive payments of $1,500 to OCWEN and $500 to servicers for modifications made while a borrower is still current on mortgage payments.
See article on consumers who challenged the bank and won. Click here.
Ocwen has an F rating with BBB.
Contact William C. Erbey, the Executive Chairman of the Board of Directors of Ocwen. His information can be found here.
Notice
This is not the website of Ocwen Financial Corporation, nor is it endorsed by them, or affiliated with them in any way. The website of Ocwen can be found at ocwen.com.
