Consumer complaint received 2017-06-28
Company: Ocwen Financial Corporation
State: OR
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
I will attach two documents that I think will explain most of what we have gone through. This process has been over 1.5 years and very stressful. For over a year we could not get a reason as to what the issue was, I thought I was paying the payments, the payments went up ( I knew they would some ), but went from under {$500.00} to almost {$3000.00}. The company took a few month money, applied to a payment and then returned, when I figured out something was wrong and called they wanted me to send $ XXXX or something. When I said we could n't they said they would help me with a refi ( which I had wanted to a long time since we had an interest only loan, we filled out forms on the phone, made a follow-up appoint time and I thought all was well. At follow up was told was sent to another department and would have to wait for something mailed, then received info about foreclosure mediation program. What a joke. I am normally a huge fan of mediation but this companies idea of mediation apparently is that their part is to agree to accept an entire loan package that they will look at and evaluate to see if they will be able to " approve '' you, just as a new person. So after two session of mediation we did not have all required papers. This wasted 14 months and the minimum acceptable amount became forty some thousand I think ( the loan amount was less than {$130000.00}. The entire time they would accept no money on the loan and still could not tell us what the amount owed was for ( MITI, but we pay the taxes and insurance ), we could reapply for mediation again, but I lost my job so I do not have the monthly income they require, my husband is on Social Security so would do no good. Because of health reasons I have wanted to retire anyway. Finally in XXXX ( 2017 we received notice of why the balance was the amount it is ). The part to me that seems nuts is that this has been our home for 30 years, we have no other bills, my husband has over {$75000.00} in his retirement account and I 've wanted to file my retirement but have postposed because they have my house in foreclosure. I have several choices of how to take my retirement payment, such as in a monthly amount, but there are others also. I am lucky because one choice is a lump sum, so while they will not accept that I have over {$350000.00} in my retirement it is an amount that I can take as a lump sum to pay the loan ( and taxes ) which is a terrible burden to do this way, but at least will likely be able to keep the house timing wise. Others do not have those options. We also have a option of paying somewhere around {$46000.00}, but I can not get an answer as to what we would owe if we paid that amount. What would be the balance, what would the payments be? Tax wise may be better but not if we pay {$46000.00} and still owe the same amount after. I am angry at the over a year with no answers, the company does not work with mediation, I filed a complaint with the DOJ but they have no authority in that area. They walk all over people and take, take, take.

Company response to consumer: Closed with explanation