Consumer complaint received 2015-12-10
Company: Ocwen Financial Corporation
State: NC
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
I entered into a SAM with Ocwen in XXXX XXXX. In early XXXX I received a XXXX stating that Ocwen had cancelled the SAM Waiver amount of my loan. On XXXX XXXX, XXXX I had a call with my Customer Relationship Manager from Ocwen, which is noted in my file. I asked her XXXX - XXXX times to confirm that the XXXX was correct, and that the only principal that I am responsible to payoff is the interest bearing portion of principal of my loan. She confirmed this each time I asked her. So, based on this I borrowed funds and took our personal funds to fix up our home so that we could sell it for as much as possible. The house went on the market in XXXX, XXXX. By the end of XXXX we had a buyer. We went to close on the sale of our home at the Title company where the seller and his broker, my broker and the title company personnel moved forward to execute the closing. We had requested a payoff from Ocwen on the XXXX of XXXX. On the XXXX of XXXX at the Closing, we finally received the payoff quote from Ocwen. The payoff amount included the amount that the XXXX had reported as being cancelled! Obviously we could not close because this immediately put us underwater again by {$65000.00} plus the money we borrowed and invested to get to a sale. Ocwen continued to run us around their merry go round of departments - XXXX, Escalation, Payoff, and Research until the XXXX of XXXX. Their research department came back and stated that we were 3 days late on a payment in early XXXX and that this nullified the cancellation of the SAM principal. Out of XXXX payments made to Ocwen from the start of this SAM, there was XXXX payment made per month. The payment that they claim was 3 days late was mailed to them on the XXXX of XXXX, XXXX. It did not get processed by Ocwen until the XXXX of XXXX, XXXX - 36 days after it had been mailed to them. I was never notified that my SAM was cancelled. I was never given a new payment reflecting that the SAM was cancelled. My XXXX never advised me that the SAM was cancelled. 
I have had to further reduce the price on my home with the XXXX buyer that we have been able to secure in order to keep him interested. My date that he walks away is XXXX XXXX, XXXX. We reviewed the CFPB suit filed in late XXXX against Ocwen and noticed immediately that the number one item that they were found guilty of was the POOR performance of their payment processing and all of the additional fees that this enabled them to collect. In our case it is over {$200000.00} for a 3 day delay. We are extremely underwater in this transaction and will probably be forced into a foreclosure basis if Ocwen is allowed to add the SAM waived principal back into the payoff. We have serious financial damages that have occurred and are continuing to occur because of our failure to close the sale of this home. Ocwen 's slogan of " Helping Homeowners Is What We Do '' is wrong! They do their Best to frustrate the homeowner in the hope that they will just go away and drop any further questioning on their behalf. I am confident that Ocwen took full tax advantage of the Cancellation of Debt in XXXX that they reported to me on the XXXX. There are probably other benefits that they have received by doing this also. Ocwen has Gained and We have been damaged severly by their actions to date, and stand to be further damaged financially if we have to let our home go into foreclosure. XXXX actions are NOT right and WE NEED YOUR HELP to help us with this mess! The XXXX suit against Ocwen clearly stated that they were Not to do this kind of action any longer, but they continue to be the Winner and the Consumer Continues to be the Damaged Loser when dealing with them. PLEASE HELP!!

Company response to consumer: Closed with explanation