Consumer complaint received 2015-09-18
Company: Ocwen Financial Corporation
State: NJ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
We currently have a mortgage loan with OCWEN XXXX in North Carolina. The original balance was {$800000.00}. and is now approximately {$770000.00}. This mortgage was placed on this property as a short term way of raising cash to purchase a piece of property on which to build a " build to suit '' building for a major cable company. Our intent was to pay back the loan in full as soon as we built the building and closed on permanent financing and thus we were not concerned about the very high interest rate. This seemed like a very secure project and a number of banks competed over the financing of the construction loan. 
As the building neared completion the cable company changed upper management and decided to cancel the building. We had no choice but to give the building back to the bank in lieu of foreclosure. My husband was happily making a very good income and we were able to carry the mortgage with OCWEN ( never late on a payment XXXX Now, my XXXX husband has mobility issues and can no longer work very many hours. I contacted OCWEN and told them that we were down to our last {$100000.00}. in savings and could not carry the mortgage as it stood much longer and needed to restructure it. They offered a possible modification. 
For over four months, despite our giving them a complete package of information they continued to ask for additional information and would schedule a phone conference for 3 weeks in the future. After my numerous complaints, they spaced the calls 2 weeks apart. In the meantime, they collected the $ XXXX on the mortgage. 

In addition to always needing an additional piece of paper they also claimed ( sometimes as many as 4 times ) that they did not receive the documents I had emailed despite my computer telling me the documents were received. I began to send the documents to several OCWEN email addresses but they would still claim no receipt. After 4 times of sending my husband 's SocialSecurity benefits statement they asked for 2 months checking statements to verify this. I sent them numerous times only to have them say the documents were now out of date and I needed more recent ones. 

I told XXXX OCWEN that I was on to the game where they intended to draw out the process as long as possible, collect the many months of mortgage payments, and perhaps never produce. 

An appointment was moved up to only one week away for a final decision. That decision was negative. The reason -only reason given- was that the loan amount was too high and they do n't do mortgages for that much. Excuse me but this is the same company who held the mortgage when it was higher still! 
Additionally, they knew the dollar amount from Day One and never ever indicated they could n't finance a loan for that amount. 

Clearly, they did not deal with us in good faith and used very deceptive practices. 

We are left with little to no options. The house is worth less than the {$770000.00}. balance of the mortgage which needs to be covered by insurance so they insure it as well. The land has more of the total value of the property but land is not insurable. Therefore, since we ca n't purchase conventional insurance we can not get a loan from a conventional bank. Property sales are way down so selling at the moment is not an option. Our request was for financing for 3-5 years. We would then sell the house and repay the loan. With OCWEHN aware of this, it is clear they knew they could keep us on the hook for many months and eventually take the house. It has only now come to a conclusion because I became adamant that I would not go beyond this week with the situation. 

I do not know if you can help me personally but I feel you need to fine OCWEN heavily for their practices and perhaps putting them into bankruptcy. Their history is abysmal and I was dismayed to read XXXX article on their past illegal practices. Thank you.

Company response to consumer: Closed