Consumer complaint received 2016-10-03
Company: Ocwen Financial Corporation
State: IL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
As a result of an IRS claim that I owed many, many {$1000.00} in back taxes ( it was a few {$100.00} ) I was force to refi my home in 2006. I needed to use Delta Funding ( no legitimate lender would ) because the IRS, despite claiming they would not file lean ( damage to credit ), did anyway as I was researching loans. XXXX XXXX was told I needed funds by a concrete date and planned to refi again as soon as I could get the credit matter behind me in a year or so. They structured a loan at an outrageous rate ( 8.75 % ) and sent the loan docs to me for review. As I have since my previous military reenlistment I read all the docs " thoroughly '' and a signing date was set for approx. 3 weeks before my " concrete '' due date with IRS. About a week before that date XXXX contacted me and claimed they had run into issues with the folks that were to manage the signing and asked to reschedule the date to the afternoon of the day before my IRS deadline. I explained the " Date '' issue again and was told not to worry that there was enough time to meet my deadline. What this " rescheduling '' effectively did was to have their person come to my place of business, in the middle of the day, frustrating me & my employer. As a result the paperwork was rather quickly signed without additional review. They managed to sneak by me an additional page that committed me to continue the mortgage for many years or pay a significant penalty. I caught this that evening when I got home and contacted XXXX immediately. They answered none of my calls or emails over the next several days. The funding happened on time. It took a bit of research but I found the only place I could complain about this issue was the NY AG. Nothing ever came of it. I resolved to simply live with it. After all, I signed so it was my responsibility. Over the next few years my financial situation began deteriorating and of course the market meltdown took place. When the mortgage modification business began I attempted to use the process. I made my enormous payments all along but was still working and at least had an income. Rather better off generally than the folks I was hearing about. Anyway, I contacted OCWEN to attempt the mod. It was DECLINED. Upset, but I still made the payments though I honestly considered simply throwing the keys on the kitchen counter and walking away. Well a few more years past and at XXXX yrs. old my 30 yr. employer told me to take a walk. Out of work I had to begin spending my XXXX savings to pay my bills and I decided to try a mod again. ( Declined again. ) It seemed that despite the fact that I was spending my retirement money to merely survive ( I assumed I would outlive it ) OCWEN felt that was OK by them. Well despite reading and hearing that a person could manage a mod without a lawyer, I was desperate and figured I had no choice. Told that OCWEN would likely not foreclose during the process, I gambled and paid an attorney and simply had to stop paying the lender. OCWEN, confronted by lawyers and no payments suddenly became interested in a mod. I finally got one this past spring. It helps, but frankly the lender loses nothing in the bargain. I have no equity, and am essentially a renter with the balloon payment. Anyway, my problem is this. OCWEN, though not required to, reported my delinquency to the credit bureaus. So regardless of their previous unwillingness to modify XXXX identical circumstances ) thus forcing me to stop meeting my mortgage commitment, my credit is ravaged. As a result, other than costing me more if I was interested in additional credit ( likely not XXXX, the reporting is now costing me more for insurances and credit I already have. So here I am jammed up by the IRS, defrauded by XXXX XXXX, helped the lender stay in the " black '' throughout the worst of the meltdown and I find myself a renter with horrendous credit ; does n't seem fair. XXXX.

Company response to consumer: Closed with explanation