Consumer complaint received 2016-07-02
Company: Ocwen Financial Corporation
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
My problem is with Ocwen Loan servicing ... 
We are attempting to pay off our loan. The loan will come to maturity on XXXX/XXXX/XXXX. We received a BALLOON LETTER in XX/XX/XXXX from Ocwen stating our loan will mature XX/XX/XXXX and Ocwen would not accept payments after that time. I requested a payoff quote, the quote came back stating we owed {$44000.00}. The information we continue to receive verbally and in written form is incorrect. Ocwen is claiming after paying 30 years on a 9.5 % FIXED rate FHA loan, original principle balance {$60000.00}, after 30 yrs we still owe $ XXXX. Details : We purchased our home in XXXX XXXX from XXXX XXXX co loan amount {$60000.00} thru XXXX XXXX. This was a 30 yr FHA loan 9.5 % fixed rate. After about 7yrs with XXXX XXXX ( {$500.00} monthly mortgage payment ), husband lost his job we got behind, HUD stepped in. For 4yrs we made payments to U.S Department of HUD Loan MGMT ( {$630.00} a month x 4yrs ). On XXXX/XXXX/XXXX the loan was bought or given to Ocwen. Ocwen took over the loan XXXX/XXXX/XXXX. They showed my beginning balance as {$60000.00} which was incorrect. We had been making payment between XXXX XXXX and HUD for 10 yrs. There were no record of those payments. Ten years of paid principal and interest unaccounted for. It seems Ocwen is only giving us credit for the 20 yrs they held the loan instead of the 30 years we have paid. Owen figures are not taking into consideration 10 yrs of prior payments. On XXXX/XXXX/XXXX Ocwen sent us an amortization report showing a breakdown of principle and interest and the projected application of both. Ocwen is not in line with their own report. On XXXX/XXXX/XXXX Ocwen sent a report with a breakdown of payment received and how applied. This report only reflected payments since they took the loan XXXX/XXXX/XXXX. If their beginning balance was incorrect, payment applied toward the principle and interest since Ocwen obtained the loan is incorrect. I was told 4 or 5 ys ago by Ocwen that we were current with our mortgage payment and we no longer needed to be on the forbearance plan. Our payment was reduced from {$730.00} month, to {$700.00} a month. I inquired if the new adjusted payment would be enough to pay off the loan at maturity I was told it would w/the exception an arrearage balance of aprox {$9000.00}. A couple of years ago, I called Ocwen to check the balance still owed ( not receiving monthly statements for yrs ). I was told by Ocwen our aprox bal. due was $ XXXX. On several occasions I disputed that amount. And now about 1 1/2 months before the maturity date, we owe $ XXXX. On XXXX/XXXX/XXXX. I " SCHEDULED '' phone call with my relationship manages, we got nowhere. I had requested the research department to research and give an account of the 10 yrs of missing payment. I did not receive what I had requested. When speaking to the research department I was first told the amount turned over to them was $ XXXX. I reminded the person that I had the Deed of Trust in my hand, later said he made a mistake the balance received was XXXX. He also said per the records they received from HUD it showed we had not made a payment since XX/XX/XXXX. There is no way we could live in our home for 3 yrs and not have paid anything. Ocwen 's records are incomplete and incorrect. We are asking that you look into our dispute/complaint and have Ocwen acknowledge and include the addition 10 yrs of credit not accounted for and to make sure payments were correctly applied to Principle/escrow and interest correctly. I requested payment reconciliation from the origination of the loan in XX/XX/XXXX until now. I feel the majority our money went toward interest ( that we did not owe ) and not disbursed according to the amortization guide they provide in XX/XX/XXXX. We need a correct pay off quote.. We are current on our payment. Can you help us?

Company response to consumer: Closed with explanation