Consumer complaint received 2017-04-24
Company: Ocwen Financial Corporation
State: NJ
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Struggling to pay mortgage

Complaint:
This is a complaint regarding  Ocwen Loan Number :    XXXX . Property address :  XXXX   XXXX   XXXX   XXXX   XXXX  NJ  XXXX  Been having issues with my loan mortgage service company,  Last   XXXX   XXXX  wrote Ocwen say going to the home up for sale, But its still under water because of my mortgage modification over increased what I originally paid for the home, So they suggested I do a new loan modification, and it was much more than I was paying now with even high balloon payment, And I was put on a trial loan modification they failed to look at my income and my monthly expenses as Im now making less money, This new loan modification was more than half my monthly income. So I than say no I do not want the new loan modification because I can not afford to pay more, So than me and my wife decided lets see what options Ocwen has for us, So I call Ocwen fully qualified off shore representative relationship  XXXX , I asked what Options does Ocewn provided to liquidate the property I can no longer afford? certified relationship  XXXX  advised You can do a short sale or a Deed in  XXXX  where you can get $  XXXX  {$12000.00}, So we ok thanks give us time to think about this. So what we did was lower our home price to see if we get any bites or sale and save our credit, Nothing happened, So at this point I said ok lets call back Ocwen confirm we can get $  XXXX  {$12000.00} and apply for the Deed in Lieu, at least this way I can pay the {$7000.00} on the air conditioner and central heating system and have money to move.   So I told this sounds good a least I can walk away with some funds for moving cost a rental and pay off other expenses and the {$7000.00} on the air conditioner and central heating system I have on the house, So I processed had them start the process of the Deed in Lieu, and they asked me for some information and if and how long was married, Gave then the info so they could validate house title was free and clear. But On  XX/XX/XXXX  received a call from  XXXX   XXXX  our specialized HRD Escalation Agent for our account advised we would only get nothing or maybe up-to just {$3000.00} as relocation incentive with Deed in Lieu option. However this is not what their  XXXX  representative said to me when I called on   XXXX   he said Id get the amount of $  XXXX  {$12000.00} with deed in lieu, and that is why I went for it in the first place.   How can  Ocwen  tell me  XXXX  thing and then another?     After all been in this home for 12 years now and owe more that I originally paid for it, plus I paid off  XXXX  equity loans and still owe {$7000.00} on the air conditioner and central heating system.   Is there not a human at the end of my loan with any hart or compassion that can see issue I have, only asking  Ocewn  for the $  XXXX  {$12000.00} with deed in lieu to hand over a close to {$530000.00} dollar investment.   My original loan/purchase amount was for {$360.00} in   XXXX   XXXX  , On top this we had  XXXX  equity loans,  XXXX  with Key bank for about {$30000.00} + equity loan for {$80000.00} with  XXXX  bank.   We settled and had both equity loans payed off clearing title on the house. Until the mortgage modification where new mortgage jumped to {$440000.00}, This new loan also asking me for a balloon payment of {$140000.00} at age  XXXX  .In addition I had the kitchen updated, new in ground pool installed, and last year an entire new air conditioner and central We have on the market over  XXXX  because there no room to sell conventionally because reality and closing cost would not be covered we were willing to do the Deed  in Lieu  option, but was willing to walk away as my income is less and taxes are going up. Even  XXXX  airlines changed its policy, They will now pay customers up to nearly {$10000.00} to give up seats, I 'm giving up my home  XXXX  and  Ocwen  ca n't give me $  XXXX  {$12000.00}? In reality should getting more than $  XXXX  {$12000.00},.     The fact I still owe more on my home than its worth over last 12 years and never refinanced and still have a loan higher than original amount paid makes me feel Ive been renting my home through  Ocwen where all the last 12 years of payments on top of hundreds and thousands of home improvements to the home h ave gone in the trash.   I 'm giving up my home and  Ocwen i s offering nothing.. Now its  XXXX , and now I owe  Ocwen  {$370000.00}, The home could sell today for $  XXXX  so Ocwen stands  XXXX  make a profit.     Ye  sterday I call A HUD housing counselor gave them the information, They even called Ocwen with me on the phone to see if Ocwen can provide relocation over {$3000.00}., But Ocwen said have to call back Monday.
, Today I called Ocwens deed in lieu department, Now again getting conflicting information, Now say if I apply for deed in lieu it will not go in as a settlement, and they will try and ask the investor if they can do better on relocation assistance, This now has me update the Rep from     Ocwen states, You should do a short sale and it will go in as settlement and owe nothing?
I said they told me a deed in lieu would also go in as a settlement, But rep saying NO, only short sale would .. and would still offer {$3000.00} as relocation incentive. Because of this now not sure what to do afraid if I turn now on short sale now the time falling behind will harm my credit further because of Ocwens conflicting information over the phone.
How is Ocwen allowed to overinflate mortgage modifications way past t  he home owners income and mess up Home insurance payments I had to pay myself in   XXXX   as they told me it changed and it homeowners problem to later changing it back to escrow, and steal my funds from  XXXX  on my Principal forgiveness as I did not receive all may payments, and also  XXXX  up my credit report saying im 125 days late, if I were would they have not foreclosed?, Try and sell me another over inflated mortgage that would take generations to pay off, and or send me useless letters in the mail, saying nothing .. but  XXXX  contact Ocwens Customer Care Center at   XXXX   XXXX   XXXX   XXXX   XXXX  or additional information regarding the account ) Tired of the run aroun d, Ocwen should provide us with the $ 10,000- {$12000.00} that was said on the phone the 2 times I called, Now pulling it back calling me today saying that there only offering me and my wife nothi ng or maybe up-to just {$3000.00} as relocation incentive..

Company response to consumer: Closed with explanation