Consumer complaint received 2017-01-02
Company: Ocwen Financial Corporation
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
I bought my house XX/XX/XXXX. I was making good money. The economy was starting to show signs of distress, but I do n't think that anyone knew just how much it would deteriorate. The loan was 100 % financing, and was sold several times. By XX/XX/XXXX I was struggling to keep up as the economy had really taken a plunge. The loans were about to go adjustable and my commissions had been reduced drastically. I was able to get a loan modification from the first mortgage, but took an additional 9 months to work out a modification with Ocwen Loan Servicing. 
XX/XX/XXXX I moved to a town that was closer to my daughter 's new high school, because I could not afford to drive ( up to XXXX round trips per day ). I rented the property to an out of state contractor who was working in the area, for 6 months. Once he moved out I hired XXXX XXXX XXXX XXXX to place a new tenant. I have never been able to rent it for the house payments and all this time I have been paying out of pocket to cover the house payments. 
XX/XX/XXXX I bought a new car, as the car I was driving has XXXX + miles on it. 
On XX/XX/XXXX, after 11.75 years of service, I was laid off my job. 
On XX/XX/XXXX, my tenant ( who always paid his rent late ) moved out. He had totally trashed the property and took my spa. I took the money that he had left as a deposit and cleaned it up as much as possible, but with so much more to do, and no paycheck, I could not afford to do any more to improve the property. 
I listed it for rent again with the property management but due to the condition of the property, I could not get enough to cover the house payments. 
The first mortgage went up XX/XX/XXXX and the second mortgage is due to go up XX/XX/XXXX. 
I immediately put it on the market, but due to the condition of the property it was listed as a short sale. I have had XXXX offers. We have been waiting on Ocwen since XX/XX/XXXX to give us an answer to the proposed sale. They said that we did not provide the documents, which we did, then they lost the documents, then and still, they say that it is with the investor and there is nothing that they can do, meanwhile they continue to call me regarding the payment. 
The XXXX buyer canceled because they were tired of waiting. The XXXX buyer is tired of waiting and has threatened to cancel. The back-up offer is lower than the XXXX offer that is on the table. 
Every day / month that goes by, my credit is affected more and more. I have tried to make my payments at least 15 days in advance of the payment due date in order to have good credit. 
Ocwen denied my request initially as I was given a severance which has since run out. 
If it goes into foreclosure, Ocwen will get nothing. 
I am a XXXX year old single mom. I have a daughter that is graduating XX/XX/XXXX and will be going to college. My child support will stop then. I can not afford this house any longer. 
Ocwen promised an answer in 45 days. This has been going on since XX/XX/XXXX. It is now XX/XX/XXXX.

Company response to consumer: Closed with explanation