Mortgage -- Trouble during payment process -- Complaint #5974774
Complaint Overview
Complaint ID: 5974774
Company: Ocwen Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: California
ZIP Code: 902XX
Date Received: 2022-09-12T12:00:00-05:00
Date Sent to Company: 2022-10-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
Our loan is with PHH Mortgage XXXX ( formerly Ocwen ). Back in 2012, we got behind on our mortgage but we were able to do a modification and have been current ever since. As a result of the modification, there was a balloon payment tacked on to the end of the mortgage. Our intention is to pay off the mortgage ( we are actually including additional principle payments each month ) so we can stay here the rest of our lives. I am XXXX and my husband is XXXX. We want to start making payments against the balloon payment so that we are not faced with refinancing when the primary mortgage is paid off ( in 9 years ) or in the position of facing foreclosure because we can't get financing at our respective ages. I asked PHH if we could do this and they said, '' No. '' Why? Because " they are not set up to do that. '' This seems like a perfectly reasonable ask. And I don't see a downside for PHH because they would be getting their money sooner than expected. ( All of which I pointed out to their representative. ) The only downside I can see for PHH is that it would take away their ability to grab the house if we can't get it refinanced or have {$120000.00} ON HAND to pay off the balloon. Obviously I am very concerned about this and would appreciate any help you can give us to get PHH to accept payments against the balloon payment. Thank you.
Frequently Asked Questions
What is Complaint #5974774 about?
Complaint #5974774 was filed against Ocwen Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-09-12T12:00:00-05:00.
How did Ocwen Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Ocwen Financial Corporation?
Yes, visit the Ocwen Financial Corporation company profile at readthecomplaint.com/company/ocwen-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.