Date Received: 2017-09-25T00:00:00
Product: Mortgage debt
Issue: False statements or representation
Consumer Consent Provided to Share Complaint: Consent provided
Consumer Complaint: We Did a Loan Modification with XXXX XXXX back inXX/XX/XXXX to a low interest ( ARM ) Interest only payment. Our Loan was Sold to XXXX XXXX inXX/XX/XXXX. We always paid on time and never had issues.
In XX/XX/XXXXwe were looking to sell our Home but decided not to because we were told repeatedly by Ocwen and also confirmed with the online statements that the rates remained at a low 1.75 % interest only rate. 2 Months ago we received a letter that our rate was increasing in XX/XX/XXXX and would adjust to the current rates so we decided to sell our home.
when we received escrow documents we were astonished to see that ocwen had added an additional $ XXXX in Principal to over original Balance of our loan. They added Interest payments going back toXX/XX/XXXXas well as Principal unpaid.
we have layers involved but have since closed escrow because we could not afford the newly adjusted rates+ principal payments and could not refinance the loan because of the Loan to value based on their new principal amounts.
we are now stuck after the fact trying to dispute with ocwen the amount and their calculations which we feel are agregeous and misscalculated
Company: OCWEN LOAN SERVICING LLC
State/Zip: CA 926XX
Company Response to Complaint: Closed with explanation
Was Company Response Timely: Yes
Did Consumer Dispute Company Response: N/A
Complaint ID: 2684242
The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.
Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.
In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.