Consumer complaint received 2016-07-28
Company: Ocwen Financial Corporation
State: GA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
My Servicer is OCWEN. I wish to stop a foreclosure scheduled for XXXX XXXX, XXXX re property at XXXX, GA XXXX. This is a companion complaint with # XXXX filed today requesting a 90 day moratorium on foreclosures due to NATURAL AND MAN-MADE DISASTERS which have plagued this house in the last 60 days including lightening damage, fires, environmental issues, XXXX, water & sewer line issues foundation cracking, pestilence flooding, brickwork, cement walls, bushes and trees collapsing into the XXXX, and many other problems caused by the disasters. 
In the unfortunate event the FC XXXX is not possible there are numerous reasons the XXXX XXXX, XXXX FC should be stopped. 
( 1 ) Borrower ( " B '' ) sent a payoff/loan mod/sale offer to OCWEN over 60 days ago to which there has been no response ( Exhibit A ). The law requires that FC be withheld if such measures are submitted and being negotiated. This was a buyout-payoff offer not an unfulfilled loan mod documentation case. With the recent disasters or plagues thrust upon B 's house, time is obviously needed to assess the worth of the house, the repair and reconstruction costs, the City 's involvement, insurance coverage or the lack thereof, and if the house can be repaired or condemned. The letter and expected settlement negotiations are serious enough to forestall any FC as per the law, and general mortgage servicing practices. 
( 2 ) The demand letter from OCWEN 's counsel was not sent the appropriate 14 days prior to the FC notice as required by the XXXX XXXX order covering OCWEN, RESPA and state law. Thus the pre-FC requisite notice requirement is 45 days not the 30 days notice utilized. The FC letter was dated XXXX XXXX, received over the XXXX of XXXX for an XXXX XXXX, XXXX FC ; or 30 days notice rather than 45. The last demand letter being relied on was XXXX XXXX, XXXX, nearly 2 years ago and certainly over 180 days. As will be shown below the numbers in the demand letter were wrong then and now so using a two year old demand letter to try to short circuit the legal mechanism is inappropriate and illegal. Thus the insufficient notice provided B should cancel the FC because the requisite number of days notice were not given to B for the XXXX XXXX FC ( Exhibit B ). 
( 3 ) The property involved here is underwater with respect to the B owing more than the property is worth. The XXXX County Tax Assessor 's office has again put a market value on the property of {$890000.00}. ( Exhibit C ). With the recent natural and man-made disasters that have befallen the house the value of the property is considerably less than the tax assessor 's valuation, since XXXX dollars are needed to repair and reconstruct the house and property. The amount owed by whichever calculation is considerably more than the market valuation. The Servicer 's working with B as requested would serve a much better purpose for investors, B, and the community than to continue this FC process. 
( 4 ) The major contention Borrower has had with Servicers is the failure of OCWEN, XXXX, etc. to credit B for most of {$120000.00} B paid to Servicers including {$10000.00} B paid tax authorities to prevent a tax sale of the property. These figures were established in court cases and communications with XXXX years ago but OCWEN who took over servicing from XXXX on XXXX XXXX, XXXX has not acknowledged receiving B 's money and not crediting the funds to B 's account. 
( 5 ) Under RESPA Reg X places a duty on both transferor and transferee during a transfer of servicing for each to identify documents or information that might have been transferred by the transferor and obtain such documents from the transferor servicer. In particular the servicer is required to maintain inter alia a schedule of all transactions credited or debited to the mortgage loan acct, including ( COND )

Company response to consumer: Closed with explanation