Consumer complaint received 2016-04-12
Company: Ocwen Financial Corporation
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Loan modification,collection,foreclosure

Complaint:
We have been dealing with Ocwen Mortgage for approximately 10 months regarding an equity line that matured in XXXX XXXX. They have been sending correspondence for payment of the entire line. Unfortunately we did not realize that we had to pay the entire amount of the line in ten years so we were surprised to get a payoff letter. However, the balance owing was very high and we questioned it. We asked numerous times for copies of the checks written against the line. We requested on the phone and we requested in writing. Sometimes we were told on the phone that they could n't provide that. Other times we were told to contact their Research Department. We did contact the Research Department by phone and mail and all we ever received from that department was letters in the mail saying we have received your request and will get back to you. They never got back to us addressing the issue or providing copies of the checks. We just continued to get the same form letter saying that they received our request and it typically takes 10 days to respond but if not, they would respond within 30 days. Never once did they reference the reason for our request nor address our request. We received numerous calls from Ocwen from different people and they all say the same thing and they never addressed the specific concern we had. Finally, about XXXX of this year we received a call from Ocwen and this woman was very nice and seemed to be interested in what we were saying. I advised of our many attempts to get copies of the checks written on the account. This woman said she could do that and put me on hold. She came back and said it was XXXX pages and she was sending them to me. She did send copies of the checks. We added up the checks more than once and they amounted to {$100000.00} ( $ 500+ ). The amount showing owing at maturity was $ XXXX. We asked for a reason for the discrepancy and after a number of requests they finally responded and advised that the loan was transferred to them from XXXX Mortgage XXXX XXXX XXXX in XXXX and the amount of the loan at that time was {$190000.00}. I do not know who XXXX Mortgage is.. We never withdrew money on the account from a bank or ATM. We only wrote checks and when the checks ran out, we did not order any more. The same woman we had spoke to before at Ocwen happen to call again and she confirmed that that was all the checks written on the account. We made monthly payments on the account, as required, and thought that we would be making the payments for 30 years and that was all we had to do. After XXXX XXXX Ocwen advised that we not send any more payments and that the loan had to be paid in full. Now my husband and I are XXXX and Ocwen is threatening foreclosure. Somehow, we did not understand clearly what we were getting into when we were offered the line of credit by XXXX XXXX, who is the original lender. When we contacted XXXX XXXX they advised that they had none of the files and that everything had been turned over to XXXX Now that we understand that the entire amount has to be paid off, we can not get Ocwen to explain why we are being charged {$190000.00} for the {$100000.00} that we used. This has gone on almost a year now. We have been in our house 43 years and are fearful that XXXX day they will just foreclose on it and there will be nothing more we can do. They have recently added a foreclosure fee and title search fee along with other amounts to our loan. I 've been told that I better find an agency that can help me get this resolved because Ocwen says it 's nothing they can do about the issue. They said that they would send us mortgage documents and what they sent us was the original agreement for the line of credit that said we had a {$200000.00} line of credit that we can draw on at any time. I desperately need help with this.

Company response to consumer: Closed with explanation