Consumer complaint received 2015-08-20
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account — 
Company: Onity Group Inc. (OR)

XX/XX/XXXX our mortgage was sold off to the servicer Ocwen, the investor is now XXXX and the trustee is XXXX Bank. We spent a year with Ocwen and their consistent run around trying to close on a short sale. A pattern of deceit was starting to show it 's self with every month that passed. Needless to say, with much frustration, the short sale never happened and the buyer walked away. We were strung along with promises by Ocwen that became torture and stressful for our family. But that is not what I am writing about today. We want to do the right thing and we have made the changes and sacrifices we needed to stabilize our situation. As of now, XX/XX/XXXX, we were recently approved for a non-traditional modification. This is a non-traditional modification vs. government approved modification, because our lender does not allow modifications and I am unsure what they do offer as help to homeowners besides a payback with the same failed loan or a foreclosure. You can imagine how happy we were that this nightmare maybe behind us soon. My relation 's manager called my husband to tell us the good news and told him 3.25 % interest rate for the life of the loan. I spoke to her next, after doing some research on this interest rate statement she made and feeling somewhat suspicious, I asked her " Is it only for the first five years? '' She answered, " No, it is for the life of the loan ''. I asked, " Does it end in five years? ", she answered " No, it is for the life of the loan ''. I felt secure that I had asked the right questions and was satisfied that after I sent in my XXXX trial payments I would get, at the very least, loan terms that stated 3.25 % interest rate. Of course not, the term papers documented 6.625 % interest rate. After addressing my relation 's manager on this issue, she stated that they do n't know what the terms will be until the paper work is sent out and apologized for any miscommunication. Could she have told me that before I sent in the trial payments? Yes, she could have. I do n't believe I am her XXXX client to receive a modification. Would I have questioned this agreement if I did not have the information I had asked her? Yes, I would have. I entered into an agreement with the understanding that I would have a fixed 3.25 % interest rate for the life of my loan. Once again, I feel duped by false or vague information by Ocwen. At this moment I am at a crossroad. Do I reject this modification offer and possibly loose my house or do I pursue litigation and possibly renegotiate a deal or be denied anything to still loose my house? The banks hold all the cards and can do whatever they want. All we are looking for and as many homeowners are trying to achieve is help in making things right with the garbage loans that set up home owners to fail. With the banks gambling on our XXXX in XXXX chance of failure. I believe they flat out lied to me. Setting up a bait and hook situation. That is why I write to you today. I am truly tired of the cat and mouse game that Ocwen has been playing with me for 2 years. I want to work this out with Ocwen with a legitimate loan, a fixed interest rate that offers reasonable terms that will not set us up to fail.