Consumer complaint received 2015-10-12
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 have been trying to reach some type of alternative to foreclosure with my servicer Ocwen Loan Servicing , LLC, herein referred to as Ocwen, for years now. I have had no success despite all of the legal problems and issues Ocwen has had over the past years. After a lot of research, I discovered that the right to rescind my loan was still available to me because my loan had not yet consummated under the definition and laws of California, California Civil Code section XXXX. Due to this revelation, I mailed Ocwen a Notice of Rescission on XXXX XXXX, 2015. Ocwen received my Notice of Rescission on XXXX XXXX, 2015. Since receiving my Notice of Rescission, Ocwen has not taken any steps to be in compliance with the Federal Truth in Lending Act, herein referred to as TILA. Pursuant to TILA, my debt obligation is canceled immediately. It is self-enforcing and it automatically extinguishes the lien and the liability by operation of law. After receiving my Notice of Rescission, Ocwen had XXXX ( XXXX ) calendar days to take all necessary steps to remove the deed of trust from my property, return all monies they received for my home or file a declaratory action against to challenge the rescission. Ocwen chose not to do either. Under TILA, the creditor 's interest in the property is automatically negated regardless of its status and whether or not it was recorded or perfected. Furthermore, the security interest is void and of no legal effect regardless of whether the " creditor '', the entity that actually lent me the money, or Ocwen makes any affirmative response to my notice. Since Ocwen and/or the actual " creditor '' failed to file a declaratory action against me within XXXX ( XXXX ) days after receiving my Notice of Rescission on XXXX XXXX, 2015, they and/or the " creditor '' waived any affirmative defenses to the rescission and have given up any rights to a claim on my property or a claim to the money they alleged they lent to me. The debt is not only unsecured, but it is eradicated starting from my rescission notice and ending with Ocwen 's and/or the " creditor 's '' failure to comply with TILA within the XXXX calendar day period mandated by TILA. Based on TILA, there can be no legal foreclosure on my home. Presently Ocwen is attempting to enforce a foreclosure on a deed of trust that no longer exists. Under TILA, Ocwen is mandated to cease and desist the foreclosure against my home presently set for XXXX XXXX, 2015. There is no question that Ocwen is violating TILA. Given the blatant disregard and disrespect for my rescission rights, I respectfully request that the Consumer Financial Protection Bureau look into this matter, review it with critical detail and determine that Ocwen is in violation of TILA and they are subject to liability under the Act and immediately cancel all foreclosure action against my property and forward me a reconveyance as mandated under TILA. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation