Consumer complaint received 2015-05-12
Company: Ocwen Financial Corporation
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
In a letter dated XXXX/XXXX/XXXX, OCWEN Loan Servicing 's Research Department acknowledged receipt of our RESPA Qualified Written Request ( QWR ) /Debt Dispute Letter and Cease & Desist Notice dated XXXX/XXXX/XXXX ( hereinafter, " QWR1 '' ), stating that OCWEN will provide a written response within 20 days from receipt of our QWR1 Letter. We have not received to date OCWEN 's response specifically addressing our dispute and request for validation of the mortgage debt purportedly owed to XXXX XXXX, XXXX, as trustee for a mortgage-backed securities trust ( MBS trust ) : XXXX XXXX XXXX XXXX, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES XXXX. 
Instead of responding and addressing the issues that we brought up in our XXXX letter with specificity, we received a letter from OCWEN dated XXXX/XXXX/XXXX stating that foreclosure activity has been initiated on our home property, and that a notice of mortgage default has been recorded! Thereafter, we received a copy of a Notice of Default ( " NOD '' ) executed by XXXX on XXXX/XXXX/XXXX and recorded with the county recorder 's office on XXXX/XXXX/XXXX. 
In view thereof, we sent on XXXX/XXXX/XXXX a follow-up QWR2 letter which reiterated again our dispute and request for debt validation. In said QWR2 letter we offered OCWEN a settlement compromise reiterating that despite of our current dispute about the alleged debt, we are willing to conditionally take OCWEN 's claim that they are authorized servicer in our mortgage loan without any further proof - provided OCWEN favorably consider and approve in good faith our request for a reasonable loan modification with a fixed interest rate, forbearance or forgiveness of arrears, if any, and appropriate principal loan reduction that would result to an affordable monthly payment given our financial hardship and current capacity to pay such mortgage. In our mind, this will prove that OCWEN is authorized by the unassigned, undocumented and UNKNOWN true note holder and present beneficiary in our mortgage loan to act as its servicer and agent in approving our loan modification application. 
We transmitted with the QWR2 letter a completed Request For Mortgage Assistance form together with all the supporting financial documents required. We further stressed our willingness to fully cooperate with OCWEN to get the chain of title in our home property in proper and legal order so we may be assured that when the loan is modified and eventually paid-off in full at maturity, OCWEN, on behalf of the real party in interest, can and will provide us clear title - that is, free and clear from any potential claim by another party, thereby eliminating our exposure to a double financial jeopardy situation. As it stands to date, there exists a broken chain of title in our home property because of the fact that shortly after loan closing in XX/XX/XXXX our original lender, XXXX XXXX, had irrevocably sold our mortgage loan, for full value received, in a verified securitization transaction. The multiple sale of our mortgage loan to a securitization sponsor/seller, then to a depositor, and ultimately to the MBS trust ( through its trustee ) without the required intervening assignments of deed of trust and complete chain of concurrent note endorsements resulted to an irreversible break in the chain of title of our home property securing the loan ( because no one can go back to the absolute XX/XX/XXXX " Closing Date '' of the REMIC MBS Trust ). See transmitted herewith is our QWR2 for ready reference. 
We received an acknowledgment letter dated XXXX/XXXX/XXXX from OCWEN that they will provide a complete response within 10 business days. However, we have yet to receive OCWEN 's full response to date. Meanwhile in a separate letter dated XXXX/XXXX/XXXX, which did not address our debt dispute at all, OCWEN proposed a trial loan modification which is unaffordable given our current financial hardship.

Company response to consumer: Closed with explanation