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My mortgage was sold, now it's lost. What do I do?
August 20, 2013 4:31 PM   Subscribe

Our mortgage was sold a few months ago. We were assured nothing would change. This month, no mortgage statement. I went to the mortgage co. website. It says, "This mortgage is closed." No, it's not. I called the 800 number. That got me nowhere. I can't mail the payment to the old address - it won't be received or processed. The website does not recognize our account number. The people on the phone don't know what they're talking about. What do I do?

The loan company is Ocwen. The calls (many) were handled by overseas call centers. They seemed deliberately clueless (they couldn't access our loan by the loan number - they wanted my full social security number). The customer service phone number on our statement no longer works. I spent two hours on the phone getting shuffled from one department to the next. Ours is a fairly expensive house. They assure me they just did an "internal transfer" and the loan is not really lost.

Ocwen raised our monthly payment when it took over the loan - it should have been lowered. They're sitting on a fair amount of our cash in an escrow account - thousands more than we owe.

There doesn't seem to be any way of contacting anyone in the United States to find out what is really going on. This seems like a scam.

When I google Ocwen, it seems they are not legit. They are doing this same thing to a lot of people. The Better Business Bureau has rated them an F.

We have been in this house for ten years. We have never missed a payment or been late for a payment. Our payment is due at the end of the month. So are our taxes.

What should I do next?
posted by clarkstonian to Law & Government (18 answers total) 5 users marked this as a favorite
 
Lawyer.
posted by iamabot at 4:35 PM on August 20, 2013 [21 favorites]


I had an GMAC loan prior to Ocwen buying it and when I went to login to the GMAC website it auto-directed me to the Ocwen website and I was able to login using my GMAC login info. I have refinanced with Ocwen and everything has been up and up for me. I don't believe they are a scam. I am not sure if ocwen.mortgagebanksite.com works for non-GMAC loans but they have links/phone #'s for getting assistance.

I can attest to their amazing ability to lose paperwork/miss faxes though. I had to sign some agreements and they didn't even bother to tell me for 6 weeks that they had not received it.
posted by M Edward at 4:42 PM on August 20, 2013 [2 favorites]


Contact your state attorney general as well. Document everything.
posted by dhartung at 4:42 PM on August 20, 2013 [7 favorites]


This sounds like the kind of thing I'd read about in the local newspaper in a column that would end with everything being fixed after the columnist contacted the company to ask them to explain WTF is going on.
posted by yoink at 4:51 PM on August 20, 2013


Ocwen is the worst, please let us know what you find out. I know people trying to deal with them right now and they are getting _no _where_.

The people I know are getting a lawyer since it's been a year and a half of the run around from them.
posted by bottlebrushtree at 4:58 PM on August 20, 2013


If your taxes are usually paid out of the escrow account, don't count on that happening. You might end up with a late fee, but you probably have quite a while to pay before anything more dire happens on that front.
posted by yohko at 5:02 PM on August 20, 2013


Ocwen moved one of our loans with them to a new site (which is terrible) They did this as a surprise, but they did in fact respond to messages sent by their website.

I hadn't realized the F rating from the BBB. Time to find a new lender I guess.
posted by mkb at 5:03 PM on August 20, 2013


It is likely that the loan was sold to Fannie Mae, with the servicer also changing. The first thing I would do is call Fannie Mae (1-800-7FANNIE) and find out if they hold the mortgage, and if so, who is servicing it.
posted by bensherman at 5:29 PM on August 20, 2013 [1 favorite]


Just another data point: ours was also sold to Ocwen, too, with lots of confusion and worry (and practically no information on the website) but the transfer went through OK. They also had a lot more of our escrow money than they needed, but a few months later we got a check back after they determined that the half-year taxes had been double-paid.

In short, I don't think they are a scam, just a real crappy, bares-bones kind of a place with a lousy website. Not suprised at all to hear of the F rating.
posted by ravioli at 6:01 PM on August 20, 2013


M Edward, our GMAC login info also worked until this month. It does not work now. It sends me to a new web site, but...

Our account number no longer exists - how can I sign up for the new website? Also, it requires that I type my full SSN onto the site. I am not willing to do that.

So I have no way of accessing a statement. I cannot mail a payment without a loan number and an address. They have promised me they will mail a statement, but what if they don't? They would have to mail it today for me to get it in time to mail a payment that would arrive by the 1st. That is unlikely.

I will call the State Attorney General. I will document everything from here on out.

Do I have any rights as a mortgage payer? Do I have to pay the mortgage if they do not pay the taxes?
posted by clarkstonian at 6:12 PM on August 20, 2013


Like M Edward, I had a GMAC mortgage transferred to OCWEN a few months ago - it scared me a bit because I had just refinanced and right after my first payment, the loan was moved. But so far, no problems - just bare bones service. Hopefully, it is just a snafu - tho a scary one. Here are two numbers you may already have tried:
Questions about your current loan with Ocwen? Call 1-800-766-4622
Customer Care Center at 1-800-746-2936

I've only been a homeowner for about 5 years - before the refinancing, my loan was moved 4-5 times in just over 4 years. That's just nuts, I am always nervous about it so I feel for you. I have never had loan terms changed tho - that is strange. I agree with the lawyer and AG advice.
posted by madamjujujive at 6:20 PM on August 20, 2013


Do I have any rights as a mortgage payer? Do I have to pay the mortgage if they do not pay the taxes?

These are exactly the questions that a competent attorney licensed in your jurisdiction can answer for you.
posted by Handstand Devil at 7:04 PM on August 20, 2013 [2 favorites]


I would contact the attorney general's office in your state, and I would put your mortgage payment aside and don't touch it. Continue to do this each month. If you can't do this because you are tempted to spend the money, get a cashier's check made out in the amount and hold on to it. I speak from experience when I say that even when you think what you are doing is right, everything that your mortgage company is doing is wrong and the law is on your side you can still be foreclosed upon.
posted by momochan at 8:56 PM on August 20, 2013 [1 favorite]


I n addition to contacting a lawyer and your state's AG, you should see if you can file a complaint to the CFPB. It's a federal agency, and may be able to help or direct you to a service that can. I haven't filed a complaint there, but I think you can just poke around a bit to figure it out.
posted by annsunny at 8:57 PM on August 20, 2013


Though I'd second talking to a lawyer, as well as state authorities, there is also a Federal route.

I thought I'd identified OCWEN's regulator, but the entry in the FDIC database was stale. Still, if you can nail it down that's another avenue.
posted by snuffleupagus at 8:59 PM on August 20, 2013


First things first, write a letter and send it by registered mail outlining your attempts to pay your mortgage and the lack of response. The (still meager, but better than previous) legal protections available really need documented evidence of your complaint in writing. But if the only barrier to logging into the redirected website is entering your SSN, honestly, I'd go ahead and do that. Their complaints address is Attn: Customer Care, P.O. Box 1330, Waterloo, IA 50704-1330. If you want their published express mail addresses for mortgage payments or their complaint address specifically for TX residents, just MeFi Mail me. I'm also a former GMAC mortgagee dealing with them.

It can be much worse. Mortgage serving companies are, um...let's just say that my opinion of the industry is VERY low based on VERY personal experience, but Ocwen's not an illegitimate company or anything. Customer service number is 1-800-766-4622. If you get someone who is obviously limited in understanding, access to info, or willingness to help, just politely ask to speak to their manager (assuring them that they've been helpful and that you understand that they did their job is not a bad idea while firmly yet kindly insisting on escalation.)
posted by desuetude at 11:18 PM on August 20, 2013 [2 favorites]


You also should contact your local town tax office. Both via registered mail, explaining the situation and call to ask for an appointment. You want to make sure the local tax office knows what your issues are in case they don't get your tax payment, and you need to work something out with them.

As desuetude said, enter your SSN on their website - it's going to be the only way for you to access your information most likely. They'll have some sort of verification session after your SSN, and then probably show you a new mortgage loan number and other details.

I have not dealt with that company, but I stick with the big lenders/banks like Chase, Wells Fargo and BofA. They don't tend to sell their mortgages and other loans.

As far as calling, yes - keep asking for a manager until you find someone competent. But keep your cool.
posted by rich at 5:08 AM on August 21, 2013


Yep, document, document, document. Certified mail to every address you can find, lawyer, etc. You want ironclad proof that you attempted to satisfy your contractual obligations in a timely manner. That way, when this all eventually gets sorted out, they can't say you owe extra fees, interest, or penalties for "non-payment".

Contact your local county Assessor's office to make sure your property taxes are up to date.

If you work with a retail bank, I would go there in person and ask the manager of the loan dept if they have any contacts there. Probably they won't, but you never know. (Do any of your linkedin contacts have a contact there?)

Good luck.
posted by vignettist at 1:03 PM on August 22, 2013


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