Consumer complaint received 2015-10-26
Company: Ocwen Financial Corporation
State: KY
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
In XXXX, my mortgage was sold/transferred from XXXX to OCWEN. XXXX knew that our mortgage was severely underwater ( mortgage balance more than the property is worth ). Yes, we were a victim of a predatory mortgage loan in XXXX of XXXX with an inflated property appraisal that had our home valued at about XXXX XXXX dollars or more over its actual taxable and marketable value at that time. Our home is further underwater as our XXXX office ( XXXX XXXX XXXX ) has us paying taxes on {$140000.00}. Our mortgage balance is still {$280000.00} at todays ' current date. In XXXX and XXXX, XXXX says they did us a favor by doing an in-house modification ( not HAMP ) but increased our mortgage balance to {$310000.00} with a lot of legal fees and other fees we could not get a clear explanation on. Yes, they lowered our mortgage rate to 4 % with an increase in the mortgage rate set for XXXX XXXX, XXXX at 4.375 % which will increase our payment and not allow for faster reduction in our mortgage balance. We have asked OCWEN XXXX times in the past year to lower our interest rate to 2 % to allow more principal to be paid so if we had to sell the property in the future we would be close to its actual value. Our mortgage is a XXXX owned loan and according to XXXX and Ocwen, it did not allow them to reduce our principal balance or that is what they are explaining to us. Ocwen does have a program to allow for interest reduction which would allow us to gain ground faster to reach our home 's actual value in a shorter period of time. We spoke with a realtor about listing our home for sale and he said it would be best to try and work something out with your mortgage servicer as he said our home would only sale for about {$160000.00} on a good day with a desperate buyer. My wife and I are in our mid XXXX 's and can not see that we can continue a 22 year mortgage payment and principal past 8 to 10 years from now at its current value. We can sustain and keep it up if we were paying more towards the principal and reach the actual value within about an 8 to 10 year time period according to an amortization table and the mortgage at a rate of 2 %. We would like to stay in our home instead of having to go through foreclosure or a short sale and we just received notice that Ocwen has transferred our mortgage processing to XXXX XXXX XXXX, in which XXXX adviser XXXX XXXX stated that XXXX has a ruthless nature in an XXXX XXXX, XXXX article published at this URL : XXXX : XXXX advise us as to what we can do as our mortgage gets traded and transferred and we keep witnessing a non win-win situation. 
See this example of service from OCWEN -- -- - According to OCWEN 's mortgage customer website the only statements viewable or obtainable online are from XXXX/XXXX/XXXX on back ... .. Account StatementsMain MenuClick on a date to access an account statement : Statement XXXX this was todays ' date of XXXX XXXX, XXXX when I accessed our account online. I just get transferred from XXXX person to another when calling in at OCWEN 's Mortgage Service Center. XXXX # Again, we would like to continue to live in our home, but can not afford to stay underwater in our mortgage forever it seems with no help since the HAMP and HARP programs have been in existence. 
Thank you, Concerned Homeowners

Company response to consumer: Closed with explanation