Consumer complaint received 2016-03-24
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: Onity Group Inc. (CA)

To Whom It May Concern, We have been fighting to save our homes for the past four years. It seems like it is a never-ending fight. The way it appears to us is the law is on our side, but the courts and the banks are not and continue to do what they want to do with no regard to the laws. We feel we must take every avenue we can and by doing so we must file this complaint against Ocwen Loan Servicing , LLC, herein referred to as Ocwen. Ocwen has refused to take the mandatory steps required under the Federal Truth in Lending Act, herein referred to as TILA. After a few of years of going back and forth with our servicers ( our loan has been switched quite a few times ) regarding the ownership of our loan, we decided to do some research on our own. During our research, our servicer had switched from another servicer to Ocwen. After sending the previous servicer numerous letters, we had to send Ocwen the same letters and we received just about the same result ... nothing. Ocwen to date has not addressed the Qualified Written Request, herein QWR, that we sent in its entirety. It pretty much ignored some requests and failed to provide other documentation requested. After more research and more frustration, on XXXX XXXX, 2015 we mailed to Ocwen a Notice to Rescind. The Notice of Rescission was mailed on XXXX XXXX, 2015 and received by Ocwen on XXXX XXXX, 2015. Ocwen has failed to take the necessary steps mandated by TILA. Pursuant to TILA, Ocwen should have taken the steps to unwind the transaction and provide us with a reconveyance or file a declaratory action against us within XXXX XXXX XXXX XXXX days after receiving the Notice of Rescission. Ocwen chose not to take any of those mandatory steps. Because Ocwen has failed to comply with the mandatory provisions under XXXX, they have waived any and all defenses to our Notice to Rescind. Once the twenty ( 20 ) day period has passed, the Notice of Rescission is no longer subject to attack. The facts are clear and undisputed. Our loan was rescinded and extinguished by operation of law on XXXX XXXX, 2015. Under TILA and Reg. Z, delivering notification to the person or address to which I have been directed to send payments constitutes delivery to the creditor or assignee. The Office Staff Commentary clearly indicates that a notice to an agent can suffice as notice to the principal. Rescission rights are equally enforceable against original creditors and assignees. As noted by the Official Staff Commentary, the creditor 's interest in the property is " automatically negated regardless of its status and whether or not it was recorded on perfected ''. The security interest is void and of no legal effect irrespective of whether the creditor makes any affirmative response of the notice. Also, strict construction of Reg. Z would indicate that the voiding be considered absolute and not subject to judicial modification. Operation of law is a way in which someone acquires certain rights automatically under the law, without taking individual action or being the subject of a court order. We have filed this complaint because of Ocwen 's clear and blatant disregard for the law. Because the rescission is suppose to be self-enforcing and because the deed of trust and loan are canceled and void by operation of law the date the rescission is mailed, Ocwen has no legal right to attempt to enforce a foreclosure and demand payment. Pursuant to XXXX, once the rescission has been mailed, we are no longer responsible for the debt or any finance charges. By filing this complaint, we are hoping that the CFPB will review this Complaint and take the necessary actions towards Ocwen for their violation of Federal Law and other State Laws.