Consumer complaint received 2020-03-20 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: Ocwen Financial Corporation
State: DC

Complaint narrative:
While the world is topsy turvy due to the Coronavirus pandemic, I have reached out to PHH Mortgage about solutions to help homeowners during this time. While other mortgage companies are pausing mortgage payments and offering forbearance to customers during this difficult time, PHH 's solution to their customers is to offer customers an opportunity to pause their payments for three months, those payments will become due in XXXX, along with the XXXX monthly payment. 

I feel this is irresponsible on the part of PHH and actually outs the homeowner in even more difficult circumstances, which will put homeowners like me on the path to foreclosure. I am XXXX-XXXX  XXXX  XXXX  XXXX   and I anticipate that the next three months are going to be brutal for me ( as well as other small businesses like myself ). Having to come up with four mortgage payments by XXXX is not a solution to this crisis that our nation and world is going through. XXXX  XXXX XXXX and other mortgage holders have paused mortgage payments and evictions and foreclosures have been halted. 

PHH - in its infinite lack of wisdom - is doing a disservice to its customers and should be ashamed of themselves. In the meantime, federal regulators - XXXX  XXXX  and XXXX XXXX - have encouraged lenders to offer homeowners, who have lost income or their jobs because of the coronavirus outbreak, an opportunity to reduce or suspend their mortgage payments Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months. 

Federal regulators who cover about half of all home loans in the U.S. those guaranteed by XXXX  and XXXX - did so expecting that the entire mortgage industry will quickly adopt a similar policy. Unfortunately, most private mortgage companies have not done so - they have been as slow as recognizing the severity of this pandemic as most of the world has. According to XXXX XXXX ( XX/XX/2020 ), several banks have announced plans, some of bad as PHH 's lack of responsiveness, while others, like XXXX  XXXX XXXX are suspending mortgage payments during this time. 

Lenders COVID-19 plans Here 's a rundown of how various mortgage lenders are taking action : XXXX XXXX : Representatives from the bank said help is available for XXXX mortgage customers who have been affected by the virus. The company advised that borrowers reach out as soon as possible to discuss forbearance options. Customers can seek help by visiting its website for additional help, the bank said. 

XXXX XXXX : The bank said it is providing assistance, including fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers. If you need assistance, customers can call XXXX to speak with a specialist to discuss options available for their consumer lending. 

The bank has a number of existing options available to help mortgage customers address short- or longer-term financial changes that may impact their ability to keep up with their monthly mortgage payments. They said they need to talk with customers directly to understand their circumstances and identify the best way to help them. 

XXXX  XXXX XXXX : Borrowers can request deferring their mortgage payments, with payments added to the end of the loan. The bank has also paused foreclosure sales, evictions and repossessions. Clients facing financial hardships related to the virus are encouraged to visit the companys Client Resources website and contact the client services team for assistance. 

XXXX XXXX XXXX : The lender is offering the following programs for our consumer and business customers facing financial hardship related to the virus. They have a mortgage and home equity program where they are offering a 90-day payment forbearance with no late fees. To participate in the programs, customers will need to contact XXXX XXXX. 

XXXX XXXX : Existing mortgage customers will be allowed to defer payment for up to 120 days. No late fees will be charged ; interest will accrue. Contact XXXX XXXX XXXX  Customer Care at XXXX. 

XXXX XXXX  : The bank is working with personal and small business banking customers on a case-by-case basis to provide solutions due to any pay issues, childcare disruptions or those facing illness from the virus. The support includes up to a six-month payment deferral for mortgages. 

XXXX : This regional bank, which serves customers in New Jersey and the metro areas around XXXX  and XXXX XXXX XXXX, will defer some loan payments for a variety of businesses and individuals. Restaurants that have to shut down in the wake of the coronavirus outbreak can defer their payments, both principal and interest, for 90 days. They could also seek additional financing of up to {$200000.00}. 

Please consider this a formal complaint against PHH Mortgage and its practices in the face of this difficult time. 

XXXX XXXX XXXX XXXX XXXX XXXX Washington DC XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation