Consumer complaint received 2017-04-21
Company: Ocwen Financial Corporation
State: IL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
No surprise, but my issue is wi th Ocwen Loan Servicing.  I was assigned t o Ocwen  by  XXXX  about 3 years ago. In that time, it has been beyond a nightmare to deal with  Ocwen, a nd although there were some mistakes on my part, the experience of dealing with them has left me speechless. In    XXXX   XXXX   XXXX   , I had  XXXX   XXXX  which resulted in a long period of rehabilitation and being off of work. Prior to my  XXXX  I contacted  Ocwen  to see what options existed to avoid an issue with my mortgage. I was told nothing existed and I needed to keep them informed of my situation and catch up payments when I returned to work. I called every  2  weeks to keep them informed, but after 3 months received a letter stating Ocwen was pursuing foreclosure. Another call yielded no results and I was told to get current on my payment or risk foreclosure. I attempted to file a modification. Once the packet was completed and I was told the modification was approved, and to follow the instructions on the paperwork I received in the mail. The paperwork never showed up, s o 3 weeks later I called and was told that the due date had passed and the modifica tion was cancelled. I went through making partial payments as I could, but they were not applied to the monthly paymebt because they werent full payments. So I recd another foreclosure letter in  XXXX   XXXX . Upon contacting customer service I was told I woyld have to go through the modification process all over. I did, and submitted all necessary paperwork. After 3 months of inquirimg I was told there was paperwork missing and the modification would have to be started from the beginning again. In  XXXX   XXXX  I submitted once again the necessary paperwork, and was told it would take a month or  two and once the modific ation was approved I would receive the packet in the mail with instructions. In  XXXX   XXXX  I called to find out about paperwork and was told I should have recd it, but never did. I was also told the modification date had passed and that I would need to go through it even again, from the beginning. I completed the paperwork once again, submitted, and called consistently to see what the status was. After multiple ( o ver 10 ) calls, I fi nally received paperwork. Only to find out that the modification details required me to pay the mortgage note at the same monthly payment as it was ptevious to the modification, for 20 years and also required a balloon payment of  XXXX   XXXX  dollars which  Ocwen was not responsible to finance, at the end of the loan. After talking to Ocwen an d writing them to inform them that these terms were unacceptable, and going through modification paperwork even again, I recd another modification packet in  XXXX   XXXX , which now had still not adjusted the monthly payment, and now made the balloon payment  XXXX   XXXX  dollars. After multiple calls and a letter in writing, I had to complete yet even another modification packet, sent it in. After multiple calls, found out on  XXXX   XXXX  through a customer service person, that my modification had been approved and the first payment was due  XXXX   XXXX , which was  2 w eels prior. After sending an email and calling, I was told once again, the ppwk had been sent and I shouldve recd it. I finally receive the modification packet on  XXXX   XXXX , and there is no change in monthly payment and still a balloon payment of  XXXX   XXXX  dollars. So I emailed, and was told to get the payment in as soon as possible. Being that it is alrea dy 3 wee ks past the due date, Im not even sure that this modification wont be cancelled. So that is where I stand now, and can not get an answer on the balloon payment, or why the terms of the modification hadnt changed from the original terms, or what will happen to the modification seeing as  it is already 3 wks past  the due date and I just received the packet.

Company response to consumer: Closed with explanation