Consumer complaint received 2016-04-13
Company: Ocwen Financial Corporation
State: WA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
In my original claim, CFPB and Ocwen addressed my complaint by focusing on the paper work and what the loan modification read. The deferred principal and loan modification are key parts, but this is about errors, lies and deception by Ocwen Loan Servicing LLC, to keep us in a house that was underwater. We relied on the deceitful information Ocwen sent us, upon which we made financial decisions, that damaged us financially. This is a claim and a complaint against Ocwen Loan Servicing LLC, not against the loan or a question of what is written in the modification documents. The original loan servicer, XXXX, convinced us to go into foreclosure in XXXX to get a loan modification and in XXXX, XXXX that happened, which increased our loan over {$40000.00} from an original amount of {$330000.00} to over {$360000.00}. We filed bankruptcy in XXXX XXXX and the loan became non-recourse. Ocwen took over the servicing and in XXXX, XXXX told us in writting that {$85000.00} of the loan could be forgiven, not deferred. The house was about {$90000.00} underwater, needed a lot of repair and we would have given it back, non-recourse and started over. Their own attorney stated " the statements were intended to encourage you to continue to make timely payments, which is exactly what you did '' and stay in the house and spend money on it, thinking we had {$85000.00} in equity, at a time there was negative equity in the house. Two years later, upon my request for paper work, Ocwen told me the {$85000.00} was not forgiven and since that time they have been delaying and passing us around in an apparent attempt to get us to go away, get frustrated or get more value for the house in an improving market. They also were very eager to provide documents for a deed-in-lieu of foreclosure. 

We lost everything in the recession, had to go through a loan modification that increased our loan over {$40000.00} from the original amount, filed bankruptcy, my wife was given XXXX, my father-in-law was going through a divorce at XXXX, our house needed a ton of work and I am XXXX XXXX XXXX with no XXXX. There were other opportunities out there for us to start over, rather than be at least {$90000.00} underwater, which this house was. 

In terms of financial damages, in XXXX XXXX our house was still about {$90000.00} underwater and it made sense to give it back if the {$85000.00} was not forgiven. Ocwen confirmed that the {$85000.00} was forgiven in the letter dated XXXX/XXXX/XXXX. We have spent over {$50000.00} on the house with the assumption the {$85000.00} was forgiven and it still needs about {$60000.00} more spent on it to get to what Ocwen claims is the fair market value. Then we would still loose about {$60000.00} plus opportunity cost of a new house of at least {$140000.00}, without the {$90000.00} loss. My math says that is about {$250000.00} and damages. 

Is there any program with CFPB or the regulators, that can help me pursue this claim or do I need to involve my attorney? 
Thank you for your time, XXXX XXXX

Company response to consumer: Closed with explanation