Consumer complaint received 2016-01-26
Company: Ocwen Financial Corporation
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
To Whom It May Concern, I feel I have the need to file this complaint because Ocwen Loan Servicing , LLC, hereinafter referred to as Ocwen, has refused to take the mandatory steps required under the Federal Truth In Lending Act, hereinafter referred to as TILA. After a few of years of going back and forth with my servicers regarding the ownership of my loan, I decided to do some research on my own. During my research, my servicer had switched from XXXX XXXX XXXX to Ocwen. After sending XXXX XXXX XXXX numerous letters, I had to send Ocwen the same letters I sent to XXXX XXXX XXXX. Ocwen never addressed the Qualified Written Request that I sent in its entirety. It eluded some requests and failed to provide other documentation requested. After more research on XXXX XXXX, 2015 I mailed to Ocwen a Notice of Rescission. The Notice of Rescission was mailed on XXXX XXXX, 2015 and received by Ocwen on XXXX XXXX, 2015. Ocwen failed to take the necessary steps mandated by TILA. Pursuant to TILA, Ocwen should have taken the steps to unwind the transaction and provide me with a reconveyance or file a declaratory action against me within twenty ( 20 ) days after receiving the Notice of Rescission. Ocwen chose not to take any of those mandatory steps. Because Ocwen has failed to comply with the mandatory provisions under TILA, they have waived any and all defenses to my Notice of XXXX. Once the twenty ( 20 ) day period has passed, the Notice of Rescission is no longer subject to attack. The facts are clear and undisputed. My loan was rescinded and extinguished by operation of law on XXXX XXXX, 2015. Under TILA and Regulation Z, hereinafter referred to as Reg. Z, delivering notification to the person or address to which I have been directed to send payments constitutes delivery to the creditor or assignee. The Office Staff Commentary clearly indicates that a notice to an agent can suffice as notice to the principal. Rescission rights are equally enforceable against original creditors and assignees. As noted by the Official Staff Commentary, the creditor 's interest in the property is " automatically negated regardless of its status and whether or not it was recorded on perfected ''. The security interest is void and of no legal effect irrespective of whether the creditor makes any affirmative response of the notice. Also, strict construction of Reg. Z would dictate that the voiding be considered absolute and not subject to judicial modification. I have filed this complaint because of Ocwen 's clear and blatant disregard for the law. Because the rescission is suppose to be self-enforcing and because the deed of trust and loan are canceled and void by operation of law the date the rescission is mailed, Ocwen has no legal right to attempt to enforce a foreclosure and demand payment. Pursuant to TILA, once the rescission has been mailed, I am no longer responsible for the debt or any finance charges. Non-compliance is a violation of the Act which gives rise to a claim for actual and statutory damages. By filing this complaint, I am hoping that the CFPB will review this Complaint and take the necessary actions towards Ocwen for their violation of Federal Law.

Company response to consumer: Closed with explanation