Consumer complaint received 2021-04-07 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Struggling to pay mortgage — 
Company: Ocwen Financial Corporation
State: NJ

Complaint narrative:
The purpose of this letter dated XXXX/XXXX/XXXX, was to appeal to the PHH Research Dept., of PHH Mortgage Service, XXXXXXXX XXXX XXXXXXXX XXXX, NJ XXXX Research Dept to exclude the Deferred Principal Balance of {$360000.00} in the final payout. 

In XXXX I was approved for a Mortgage Modification with the Shared Appreciation Modification ( SAM ). At that time the company was owned by OCWEN. However, having followed the guidelines and restrictions dictated by the SAM program, I was able to pay my mortgage without interruption or problems until XXXX, when I had 2 major setbacks ; my mom who I provided care became terminally ill and expired XX/XX/XXXX and in XX/XX/XXXX, my job where I was gainfully employed for approximately 10 years, was outsourced to an overseas company in XXXX. 

As a result of such major setbacks, I was unable to pay my mortgage. I discussed my situation with Ocwen explaining the hardship and interruption in my ability to make payments while I searched for new employment as well as withdraw money from my annuity which was 2 months away from maturing. Fortunately I later found a job and entered into agreement with Ocwen to pay {$61000.00} ; the quote and composite breakdown for the total amount due to reinstate the loan. After reading the breakdown of the total amount required to reinstate the loan, I was motivated to meet ALL of the terms and conditions detailed in the Mortgage Reinstatement Document because I was assured from that document and by the Ocwen representative that the mortgage will be back as to the original agreement and as specified in the Mortgage Reinstatement document. At no point during the discussion with the Ocwen representative nor in the final breakdown of the total amount required to reinstate the loan it was ever stated in the Mortgage Reinstatement document that going forward with this loan the Deferred Principle Balance will be excluded from the final payout once all money was paid and loan was reinstated. Had that been clearly communicated to me at or before reinstatement I would have chosen an alternate solution. Please see Reinstatement Document. 

I used all my savings and previous investments to save my house after being misled deliberately or fraudulently by OCWEN who owned the mortgage at that time. The exclusion of the Deferred Principal Balance of {$360000.00} from the final payout was a devastating lost and a major setback since I used all my savings and previous investments to save my house believing that in so doing the equity would allow me to retire with some measure of comfort.. 

Note that ever since the loan has been reinstated in XXXX, my payments have been in great standings like it were before my hardship. With the reinstatement agreement PHH was able to recover every dollar amount during the time I was out of work. However, even though I met the financial and payment obligations outlined in the Reinstatement document, I was punished by having the Deferred Principal Balance of {$360000.00} excluded from the final payout I tried to settle this matter with PHH without any legal mediation. 

OCWEN/PHH fraudently misled me to choose the path of reinstatement knowing that there were really no future financial benefit to me to reinstate the loan since I would not be able to recover the Deferred Principal Balance of {$360000.00}. Had that been clearly communicated to me I would not have taken the risk to withdraw the sum of {$61000.00} from my Annuity to save my house believing that the equity would allow me to retire with some measure of comfort as oppose to selling the house in a short sale. Having fulfilled my part of the contractual obligation to pay {$61000.00} in reinstatement due, which I used from Aunuity for my retirement, PHH should adhere to their end of the agreement as well. I feel misled and betrayed because it would have better served my future interest to choose the alternative which was to save a total of {$190000.00} in mortgage payments plus interest accrued from XX/XX/XXXX thru present ; only now to understand that I have lost the remaining Deferred Principle balance.

Company response to consumer: Closed with explanation