Consumer complaint received 2017-03-14
Company: Ocwen Financial Corporation
State: FL
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
A loan modification is SUPPOSED to be 30 % of my monthly income. My monthly income is {$6000.00} and Ocwen 's loan modification to me is {$3000.00} per month ( 50 % of my income ) which I must begin paying XXXX XXXX or lose my home. See details below. 
2. Desired Resolution : Make payment adhere to federal guidelines =30 % of monthly income= {$1800.00} per month. 
( a ) Reduce principal to reflect current market value of the home. 
XXXX. My information ***My loan has been transferred many times and is now securitized in a XXXX Trust XXXX It appears that XXXX does NOT have an unbroken chain of ownership and lacks standing. 
Facts of Case : From : XXXX XXXX Case Number : XXXX Ocwen ID : XXXX XXXX XXXX XXXX, Fl. XXXX Ocwen Loan Number ( XXXX ). 
Loan : American Home Mtg. ( XXXX XXXX ) = {$690000.00} Ocwen Mortgage : ( XXXX XXXX XXXX XXXX XXXX Ocwen Pay off : ================= {$820000.00}, 00 Ocwen Appraisal ( XXXX XXXX XXXX XXXX {$260000.00} XXXX Appraisal ( XXXX XXXX XXXX XXXX {$220000.00} ( requires $ XXXX in repairs ) Current Monthly Payments======= ===== {$3000.00} ( To begin XXXX XXXX per Loan Mod ) Ocwen, states that : " Helping home owners is what we do '' How is Ocwen helping " this homeowner '' by giving me a " Loan Mod '' of {>= $1,000,000} on a property that Ocwen appraises at {$260000.00}? AND requiring payment of {$30000.00} per month which is more than 50 % of my monthly income? 
Ocwen is shackling me with a debt ( {>= $1,000,000} ) that is 4 times greater than the property is worth ( {$260000.00} ) based on a loan that was conceived in Fraud and predicated upon Predatory Lending. Ocwen continues to perpetrate this Fraud by its failure to facilitate an Equitable solution with the Home owner, XXXX, who was a victim of Predatory Lending. Further, Ocwen is Unjustly Enriching itself with a Mortgage in the amount of {>= $1,000,000} when Ocwen 's Appraisal is only {$260000.00}. 
In XXXX a broker and his appraiser approached and represented to XXXX that they could arrange a loan to him from American Home Mortgage. This was based on the appraisal from the broker and his appraiser in the amount of {$1.00}. XXXX XXXX. The broker then consummated the loan from American Home Mortgage in the amount of {$690000.00}. 
It turned out that this loan was conceived in fraud and predicated upon Predatory Lending to entice me to take the loan based on my belief -- manipulated by the Broker and his Appraiser- that my property was worth {$1.00} million vs. a {$690000.00} loan leaving me a " safety-net '' of {$400000.00} in equity. Ocwen 's current appraisal : {$260000.00}. 
The broker and HIS XXXX had, in fact, colluded in providing an inflated appraisal. Further, the broker/appraiser did NOT include the fact that the property is in a flood plain.and has suffered numerous floods ; the property requires a minimum of {$150000.00} improvement to secure it from Flooding and further damage by the XXXX River. 
**Unconscionable Inducement " affirmative misrepresentations or active deceits. '' if lender tells lies, you may be able to sue XXXX v. XXXX, No. XXXX ( 4th Cir. 2016 XXXX : : XXXX ... Federal Courts Courts of Appeals Fourth Circuit 2016 Plaintiff filed suit against XXXX, alleging claims of " unconscionable inducement '' Should not Ocwen be compelled to negotiate a Loan Modification based upon Current Market Value??

Company response to consumer: Closed with explanation