Consumer complaint received 2019-02-21
Company: Ocwen Financial Corporation
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I would like to file a formal complaint and request assistance is resolving the issues with my mortgage company Ocwen XXXX XXXX. 
On XX/XX/XXXX I was forced into filing XXXX XXXX Bankruptcy in order to prevent my home for being sold at auctioned. I had previously submitted a mortgage modification package, which was denied, according to Customer Service Representative the paper work was received too late. No where within the package was there a time frame specified with the instructions regarding date of submission. I retained a professional service to assist me with the Bankruptcy and to negotiate with Ocwen. Strangely enough the same modification information package which had been deemed denied due to lateness was effectively used. I was informed by Ocwen and the professional assistance service that the modification was accepted. I was placed upon a 3 month trial payment plan for XXXX, XXXX and XX/XX/XXXX ; which I successfully completed. When I attempted to make the XX/XX/XXXX payment through Ocwen 's automated system, the system did not allow me to complete the transaction. When I spoke with a Customer Services Representative at Ocwen, I was informed that my modification had been cancelled because they did not receive final signed agreement back from me. I never received any such documentation from Ocwen via the postal service. On numerous occasions I have made numerous Ocwen representatives aware that there is difficulty receiving mail via the postal service and to please send communications via my e-mail address. I received that final signature pages via e-mail on about XX/XX/XXXX and returned it via express mail on XX/XX/XXXX. On XX/XX/XXXX I received a scheduled update call from Ocwen, I was informed that my loan modification was still under review by the Underwriting Department ; however the foreclosure procedure had been placed on hold. First time I heard of a foreclosure procedure was XX/XX/XXXX ; even though since XX/XX/XXXX I have had at least 6 conversations with various Customer Service Representatives. The representative further informed me that it could take up to XX/XX/XXXX for them to make a decision. 

The second issue involves cancellation of my home owner 's insurance policy due to Ocwen not paying my premium on time. I can not receive a new home owner 's policy because of the age of the roof ; I must replace the roof before I can get another policy. In the mean, Ocwen has secured only liability coverage on the property, for which I have been paying at a much greater expense than my former home owner 's policy. 

The third issue involves my payments. I purchased this home in XXXX ; refinanced it in XXXX or XXXX. The only option that Ocwen offered was a reduction in my interest rate, pay {$510.00} for 17 more years with a balloon of approximately {$78000.00} due at the end of 17 years. With the substantial decrease in the interest rate why is a balloon even necessary? 

In the past I received Court mandated compensation as a part of Class Action law suite involving Ocwen poor business practices. I think we are back at that same place again, regarding Ocwen 's business practices.

Company response to consumer: Closed with explanation