Complaint Review: Ocwen Financial And First Alliance Mortgage - Orlando Florida

Our probem started in December of 1998 when we were told that we were eligible for a lower interest rate and some cash out of our equity from First Alliance Mortgage. We were working with one officer (a very nice informative lady) the entire two weeks it took to get all the information together. The night before our appointment I called the officers cell phone to confirm our closing when she said she was done with the company and I should call the next day to reset my closing.

I called the next morning and they said come in and close-so we did. Upon our arrival we were told that our loan would immediately be sold to Equicredit/Ocwen Financial and also that the woman who had done our paperwork (the one who left in a hurry) had not included our house insurance or taxes as we had requested. Nothing seemed right - big red flags but being three days before Christmas and needing to refinance we went with it - WRONG, WRONG, WRONG.

Instantly our payments went up but being naive as we were we went with it - lost paperwork, missing payments and unreturned phone calls lasted about one year. I was able to handle that as my payments were made through Western Union and I keep everything!

Then the bottom really fell out. My husband works in the automotive industry and was laid off at the same time I was having a child and encountered major medical problems. I was to stay off work for six months. We got two months behind and were able to come up with it - contact Ocwen and told them it was on the way. We were told to wait. They would draw up a "forebearance agreement" and fax it to us and so they did three days later.

We had one day to make a decision to take their agreement of $3600! The fees and lawyers bills were more than the past due amount. They gave us four monthly payments of $900; the first payment due back with the agreement.

With me not working and him in a new job with three small children and a new baby we took the "we'll do whatever it takes" attitude and signed the agreement and sent it back with the money. We made it thru the second payment but the third was just too much.

We called and they said make it or we start foreclosure proceedings and they did. We talked to so many refinace companys that were interested until they discovered Ocwen was holding the loan.

Finally found one who would take an Ocwen loan and was unable to get a payoff amount. It took two weeks. Finally got it - 76,000 on a 59,000 loan! The house wasn't even worth that much!! We lived for eight years in this house, right across the street from our daughters school.

Rather then deal with the sheriff showing up we contacted the local number on the card that was left in our door. The woman I spoke with said if we would leave in five days she would personally make sure there was no commotion. I fell into a massive depression and took my children and left the state. Fortunatly, my husband is dedicated enough. He followed us and brought us back and we have finally started to re-establish ourselves.

I had no idea Ocwen was doing this. I only discovered this when we did a credit check and found they still have us owing this whole amount and it is listed as an "active foreclosure." The home was sold two years ago for the amount owed.

I called them and they are telling me they still own the house. I have just returned from the county court house with property records to prove otherwise. We'll never get our home back but I've come to the realization that we were done wrong. I traveled half way across this country and back trying to recapture my self esteem and respect. I'm starting to find it but I won't completly recapture it until I watch this company go down in flames.

Angela

Clinton Twp, Michigan
U.S.A.

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