Mortgage -- Struggling to pay mortgage -- Complaint #8050005
Complaint Overview
Complaint ID: 8050005
Company: Ocwen Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-Issue: Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-lieu
State: Michigan
ZIP Code: 483XX
Date Received: 2023-12-22T12:00:00-05:00
Date Sent to Company: 2023-12-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I fell behind in making my mortgage payments and have been repeatedly applying for mortgage modifications. I appealed a decision denying my application for a modification back in XXXX. That appeal was denied, but without addressing the primary reason for my appeal. When the XXXX denial appeal came in, I already had another modification application pending and I received that decision dated XX/XX/23 last week. I had until today ( XX/XX/23 ) to appeal and I filed my appeal today via email. The problem is this, and the mortgage company keeps doing it over and over : The mortgage company is performing a XXXX XXXX XXXX ( " XXXX '' ) calculation and the calculation is wrong for two reasons. One, they are not using my income in performing the XXXX calculation, despite the fact that their own explanation of how they calculate XXXX says that they are " required '' to input certain information when performing the calculation including the accountholder 's income. Then they turn around and say, but it you were denied, it may not have required an income calculation as part of the review and approval process. They can't say in the explanation of NPV calculations that they are " required '' to use my income and then turn around and say, well no, it wasn't required. Second, they are relying on a third party XXXX XXXX for the value of the home. The XXXX XXXX is based solely on comparable sales in my neighborhood and nearby communities, and a single photo of the outside of the home. They've valued the home at {$420000.00} which is actually laughable at how inflated it is. Our home would be lucky to sell for {$320000.00}. The reasons for the lower value are explained in my appeal. I have a right to ask for a full appraisal and I did ask for that in my appeal.
Frequently Asked Questions
What is Complaint #8050005 about?
Complaint #8050005 was filed against Ocwen Financial Corporation regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2023-12-22T12:00:00-05:00.
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.