Consumer complaint received 2020-07-15 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Problem with a credit reporting company's investigation into an existing problem — Investigation took more than 30 days
Company: Ocwen Financial Corporation
State: FL

Complaint narrative:
I modified my mortgage in XXXX as a part of it make home affordable program. As part of the program {$120000.00} balloon payment was going to be added to the end of my mortgage maturity date in XXXX. I would not of this payment until maturity date of XXXX. It would not be a part of my principal balance that is due, or owed, or outstanding. Not until the year XXXX. Therefore I had a principal balance and then I would have a final balloon payment that would not hit maturity until The year XXXX. For almost a decade with two former mortgage companies homeward residential and Ocwen mortgage servicing, they reported to all the major credit bureaus exactly the way that it was supposed to be reported which would be my principal balance that is outstanding and due. Then it would show that I have a payment of XXXX not due until the year XXXX. It would not go against my outstanding income/debt utilization. All of my payments have been paid on time and are perfect. My credit score reflected as such XXXX me a very good XXXX credit score. In XX/XX/XXXX a new mortgage company PHH bought my mortgage from awkward and for whatever reason started reporting that I owe my principal balance plus my one time balloon payment that is not due yet until XXXX. PHH started reporting to major credit bureaus that both principal and maturity balloon payment were due immediately And instantly grenade in my hard earned almost perfect credit score.  Costing me thousands and thousands of dollars in interest rates from other credit entities based upon my new credit score that PHH is now affecting. PHH is only holds my mortgage for a little over a year but has made my credit score dropped to at one point a XXXX beacon score, from a XXXX beacon score. It is 100 % because PHH is incorrectly reporting that I owe and half outstanding {$210000.00} in principal mortgage payment when in reality you take that XXXX maturity payment off and my principal balance should be in the range of XXXX due at this time. That is exactly how to different mortgage companies prior to PHH reported correctly on how my make home affordable modification should be presented to the credit bureaus. I have spoken to PHH on multiple dates and I have disputed how PHH is reporting what I owe and that it is false and not true and that it is most importantly costing me thousands of dollars in interest fees because of their inconsistent and unprofessional way of doing business. In fact their escalation manager even said to me today XX/XX/XXXX that the prior to mortgage companies since XXXX have gone out of business because of how they did business and that PHH is not obligated to adhere to the modification of my XXXX mortgage and they have every right to combine my principal balance and my balloon payment that is not due yet and consider them outstanding and report the two balances as one even if it is negatively affecting my credit. They even said that I have a choice if I want to hire an attorney which I shouldnt have to because it is their business practices and their bottom line that they are putting that is the problem. I have disputed it multiple times with all three credit bureaus and PHH has put out a statement stating that the dispute has been worked out  and it 100 % has not nor has it even changed. They are reporting the wrong amounts to the credit bureaus. As of right now but they should be reporting is my principal balance that is crewing interest bearing. And they should not be reporting {$120000.00} balloon payment That has not hit its maturity date yet. It is called maturity date because its gon na take time to get to that point where I owe it. In laymans terms it should not be going to get my credit and income to debt ratio until the year XXXX when it will finally be due. All Im asking PHH in regards to this matter is to please report my principal balance that is current just like the previous two mortgage companies for the past decade have reported my principal balance which is the balance not including the one time balloon payment. They should only be reporting my principal balance in and around the sum of {$84000.00} which is what I have been faithfully paying and have not missed any payments. I just want my credit score to be restored to what it was prior to PHH paying my mortgage without my knowledge or consent. I would like PHH to please report the correct way according to the modification.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation