Consumer complaint received 2015-04-03
Company: Ocwen Financial Corporation
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
Hello, I got a loan in 2005 from IndyMac when I purchased our home for {$570000.00} of course at the high of the market. I put down {$200000.00} approximately and took some bad advice and took interest only loan for {$370000.00} approximately with a 10-yr interest only period. That loan was eventually sold and sold again and is now owned by XXXX and serviced by OCWEN. The rate on the loan is 6.5 %. The value of my home is now approximately {$300000.00} to {$350000.00}. 
I have been trying for years to refinance, but because XXXX or XXXX XXXX does NOT own my loan, I am NOT eligible for HARP, which would allow me to refinance above 100 % loan-to-value and NOT charge me mortgage insurance because of what happened in the real estate market with the financial crisis. XXXX participates with HAMP, which is the MODIFICATION program portion sponsored by the government. My income has also declined so that I can not qualify even with mortgage insurance. 
I have applied XXXX to be modified, but OCWEN has denied me XXXX because I am not " delinquent '' according to the INVESTOR 's ( XXXX ) standards and each time they have offered to help me with a short sale. I have always paid my mortgage on time, even though according to qualifying standards I do n't really qualify! My wife and I are hard workers and we believe in paying for our obligations. 
I want to keep my family in our house. I really just want to get a refinance to make the loan a 30-yr loan at the current rate because this loan will now amortize this XXXX for 20 YEARS when the interest only period runs out. 
When they told me I was not delinquent on the XXXX modification request, I had a hard month and became late on the payment, so I re-applied and they denied me again ; I called OCWEN and persisted to speak with a relationship manager who still DID NOT KNOW the details of my file but who finally said you must be 89 days delinquent in order to qualify. This allows them to be one day away from putting a notice of default and a foreclosure notice on your property. That allows them to slow down their paperwork so that you can not have any control and be at their mercy for a foreclosure. 
OCWEN is helping XXXX get rid of loans they do n't want. I have lost {$200000.00} in equity ( and CASH that I put ) in my home and I just want to have a reasonable payment with a regular loan. I have paid my loan consistently for ten years. I am not asking anyone really to forgive any of my principal ; I wrote that on my modification request. I just want a new 30-year loan. Because I do not have a XXXX or XXXX XXXX loan I can not get a refinance, EVEN WITH mortgage insurance. 

OCWEN is being unfair by not offering me a modification without being late for 89 days -- that way they are able to get rid of my loan because they will have a notice of default and then I ca n't control the situation and they will not accept a payment to bring the loan current OCWEN is trying to get rid of certain loans for XXXX by denying me a modification even though I would qualify for a modification because my income is low BUT instead they keep offering me help in doing a short sale. 
I can only guess that maybe they are doing this because I live in a certain area and have a certain surname ( XXXX )? 
Why would I be denied a modification otherwise if I qualify for it? Under the GOVERNMENT rules for HAMP, you do NOT have to be delinquent. 
ALL I WANT IS A NEW 30-YR FIXED RATE LOAN LIKE XXXX OF OTHERS IF NOT XXXX HAVE GOTTEN THROUGH THE HARP PROGRAM WITHOUT PMI. 
XXXX XXXXXXXXXXXX XXXX XXXX, CA XXXX ( I am writing this with the assistance of a financially helpful friend, XXXX XXXX )

Company response to consumer: Closed with explanation