I have spent the last four months going through a modification with Ocwen, every time I turned around something was wrong with the paperwork. Of course, they have reported to the credit bureau my being late.
What they didn't report, it was due to them not accepting paperwork the actual government accepted, but not good enough for them. After all of this time waiting they finally came back with a term (fake) modification. They have lowered my payment less than fifty dollars and will not give me any information on what the (terms) are! They want me to make a payment for three months with no information on interest rate, what amount they are actually financing, nothing.
When I questioned her about the amount they reduced my payment to she asked me if I thought a loan modification was to reduce my mortgage payment. She said that's not what it's for. And then proceeded to tell me that based on my finances, I could afford the loan. Asked what the problem was since I clearly can afford the ridiculous amount!
This mortgage company is a JOKE! Like so many other's my loan was with GMAC also. Ocwen bought it from them. I truly believe they want to foreclose on my home.
I have a lot of equity built up, a nice chunk for them to keep if they foreclose on me!! What a horrible company!!!
Product or Service Mentioned: Ocwen Mortgage Modification.
Reason of review: Problem with delivery.
I didn't like: Poor business practices.