Insurance loss Ocwen makes repairs impossible by holding the money
We experienced a horrible hail storm that destroyed our house, the insurance company withholds depreciation until repairs are made. OCWEN is taking the payment from the insurance company which was already only 33% of the overall repair cost and only releasing 10% to us to make repairs.
This is impossible to repair $80k in damages with $9K. We may be forced to let the house go, never missed a payment. Oh, they do call at least once a week to ask me to refinance.
The insurance company said a mechanism was in place to release all of the funds, 33% of the total, which would have given enough to get the ball rolling, but 10%. No contractor will touch it.
Reason of review: Problems with payment.
Location: San Antonio, Texas
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I too am trying to get my house repaired after an insurance loss. And like you, Ocwen gave me just about 7k of the 15k ACV payment.
I am going to have to finance my insurance claim. Owen is the Worst Mortgage Company on the planet !!!!
This is a scam company. Why hasn't this been reported to the authorities or file a law suit to put this company out of business. All these complaints and nothing is being done about it.