Consumer complaint received 2016-02-10
Company: Ocwen Financial Corporation
State: WA
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I was approved for a HAMP Trial Period Plan on XXXX/XXXX/XXXX after appealing an earlier denial. The initial trial period payment of {$2100.00} was due by XXXX/XXXX/XXXX but was based on incorrect income information. I emailed Ocwen on XXXX/XXXX/XXXX regarding the payment amount and the calculation used. I contacted Ocwen on XXXX/XXXX/XXXX to check the status of my request and was told I needed to talk to my Relationship Manager. I scheduled an appointment with XXXX XXXX for XXXX/XXXX/XXXX and was told to email my information to XXXXXXXXXXXX for review. I emailed Ocwen my information and my questions but did not hear back from them. I called XXXX on XXXX/XXXX/XXXX for an update and he told me there was no update yet. He scheduled an appointment for XXXX/XXXX/XXXX and confirmed that I would not lose my HAMP eligibility while under review. I spoke with XXXX again on XXXX/XXXX/XXXX and he told me to send another email to XXXXXXXXXXXX and to contact him once I received a response from the underwriter. He confirmed that the HAMP plan was still active at that time as well. On XXXX/XXXX/XXXX I sent another email to XXXXXXXXXXXX and waited for a response. I received a letter in the mail dated XXXX/XXXX/XXXX indicating that I had been assigned a Relationship Manager, XXXX XXXX, who I had already spoken too. I then received a letter dated XXXX/XXXX/XXXX stating that Ocwen was unable to modify my loan under the HAMP program because I did not make all of my trial period payments in a timely manner and, as a result, defaulted on the trial period plan. The letter also stated that the XXXX evaluation was not the reason that I was not accepted for the HAMP and that the XXXX inputs were not subject to a dispute process. I contacted Ocwen on XXXX/XXXX/XXXX and spoke with someone named XXXX. I was told there was no update at this time and no follow up appointment was needed. 

In XXXX XXXX I received a letter from Ocwen stating that I may still be able to avoid foreclosure. I contacted Ocwen and was told that I needed to submit a new application for a loan modification. I reluctantly submitted a new application and was offered a Shared Appreciation Modification ( SAM ) in XXXX XXXX. I appealed the decision to revoke the HAMP modification on XXXX/XXXX/XXXX and was informed by Ocwen in a letter dated on XXXX/XXXX/XXXX that they were unable to create a post-modification monthly mortgage payment of principal, interest, and taxes that was between 10 % and 55 % of my monthly gross income. The letter also stated that I was eligible for the SAM and must remit an initial payment of {$2100.00}, slightly higher than the HAMP payment of {$2100.00} that was the cause of my HAMP denial. I contacted Ocwen on XXXX/XXXX/XXXX and told them I would accept the SAM. I was afraid of losing the SAM, like I lost the HAMP. 

I contacted Ocwen a couple of more times in XXXX XXXX requesting a review of my HAMP denial prior to executing the SAM, but did not receive a response. I reluctantly modified my loan in XXXX XXXX and have regretted it ever since. I requested a review again on XXXX/XXXX/XXXX and received a response the same day stating that I was ineligible for HAMP due to excessive forbearance and an inability to create an affordable payment equal to 31 % of my monthly gross income of {$5200.00}. With the forbearance cleared up and an increased income, I reapplied for the HAMP in XXXX XXXX but was denied in XXXX XXXX because I was not at risk of default. I contacted Ocwen in XXXX XXXX in a final attempt to have my file reviewed in its ' entirety and was told nothing more could be done. I decided to look for help outside of Ocwen and found the CFPB website.

Company response to consumer: Closed with explanation