Consumer complaint received 2015-05-29
Company: Ocwen Financial Corporation
State: NY
Product: Mortgage
Sub-product: Other mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
1 ). Applied/Approved for Traditional Mortgage in XXXX ( NEVER LATE ) XXXX XXXX Bank. 
2 ). Convinced by Salesperson 10 years ago to re-finance to a 30 Year Interest Only ( Initial 10 Years Fixed Interest ) through IndyMac Bank3 ). Very Soon After, Market/Economy Crashed4 ). Attempted SEVERAL TIMES to re-finance BACK to a 30 Year Traditional Loan. Although my Credit Score was CONSISTENTLY over XXXX, IndyMac always seemed to have an excuse as to why they could n't refinance back to Traditional 30 Year Fixed Loan. 
5 ). Without Initial Notice, Indymac Bank sold Mortgage to OCWEN. 
6 ). Soon After Ocwen Purchase, I was Laid off from job & forced to change to new company with less income. 
7 ). Worked with Not for Profit Federal Agencies to Submit Loan Modification Paperwork. 
8 ). Although Federal Not for Profit Agencies INCLUDING Ocwen ( Mortgage Servicer for XXXX XXXX XXXX Mortgage ) Stated that according to information submitted, I would QUALIFY for Modification. After repeatedly having to re-submit the same paperwork OVER XXXX times to Ocwen, Ocwen later stated that Investor, XXXX XXXX XXXX, DECLINED Loan Modification because I was NOT OVER 90 Days Due. Ocwen stated that this was a XXXX XXXX XXXX Policy. XXXX XXXX XXXX also CAREFULLY verbally stated that they only consider Modification on Loans that are OVER 90 Days Due. Confused by their Oxymoron response, I submitted a Verbal & Written Request for them to put their ( 90 Day ) Explanation on paper. XXXX XXXX XXXX REFUSED to put their explanation statement on paper as I had requested. 
9 ). In the same breath, XXXX XXXX XXXX stated that if I am over 90 days overdue, they can start Foreclosure Process. ( Oxymoron Statement at best ) XXXX ). On XXXX hand they will ONLY consider even looking at Modification paperwork to those who are OVER 90 Days Due on their Mortgage At the same time saying that if you are OVER 90Days due, they can start the foreclosure process unless I pay up to date all of the Months due?????? 
10 ). I am currently back at work STRUGGLING to catch up with ALL of my Bills. Continuing to try to AVOID going over 90 days. 
11 ). Main Concern : In ADDITION to AVOID going over 90 days on the mortgage : Current XXXX XXXX XXXX XXXX CHANGES on XXXX, XXXX to an even more UNAFFORDABLE increasing interest loan. 
PLEASE NOTE : It is now XXXX XXXX, XXXX I have owned this house since XXXX & HAVE NEVER BEEN late until recently. XXXX XXXX XXXX 's REFUSAL to Consider Modifying my Mortgage Loan to a Traditional AFFORDABLE 30 Year Fixed loan has put me & my Family in an Adverse Financial Position where I am now forced to struggle BEYOND My means, defaulting on certain credit cards & forced to becoming late with XXXX, Car Payments & other Obligations. Now more recently Also decaying my credit rating from a 25 Year Consistent EXCELLENT Score ( Over XXXX ) to a Current POOR XXXX Rating. 
Throughout this entire ordeal, My Monthly Mortgage with escrow has JUMPED from {$1900.00} to {$3900.00}. ( Over 7 % Monthly Interest Loan ) I was told by an Ocwen Representative that when the loan changes in XXXX XXXX expect Increasing Interest with Principal & Escrow Due. My Loan can Increase ADDING an additional {$1800.00} Per Month over & above my Current Monthly due payment of {$3900.00}. 
I had always considered myself a law abiding Tax Paying model citizen always paying bills & obligations on time & living within my means. This experience has left me feeling disenfranchised with a common sense solution being dangled in front of me as a carrot. I would embrace any assistance which would shed light of this challenge to a decision maker at XXXX XXXX XXXX XXXX help resolve it toward amicable solution.

Company response to consumer: Closed with explanation