Mortgage -- Struggling to pay mortgage -- Complaint #8463515
Complaint Overview
Complaint ID: 8463515
Company: Ocwen Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Struggling to pay mortgage
Sub-Issue: Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
State: California
ZIP Code: 960XX
Date Received: 2024-03-02T12:00:00-05:00
Date Sent to Company: 2024-03-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Greetings. I believe we were taken advantage of by PHH mortgage by burdening us with a " bad mortgage product '' based on several observations. A. We do not have the income to live and afford a large house payment. And each time that I've asked PHH mortgage rep 's what their income requirements were for a {$1200.00} house payment were, I've been disconnected or have been told, no supervisor available. Seems like a " red flag '' for a predatory lender. We have been here for 7 months now and every month I've pulled money from our savings account to either pay bills and to live! For example to be able to rent in this area you need income approximately 3 times what your rent would be. At the end of the day after bills and inflated house payment are made we have approximately $ XXXX. To live. Better not have anything unexpected happen. B. My wife and I are both XXXX and over XXXX XXXX XXXX. C. We were living out of an RV for two and a half years before purchasing this house. Which mortgage lady, XXXX new. I did explain to her that we were comfortable with a $ XXXX payment, which then would have giving us approximately {$900.00} to survive the month. D. At the time this deal went through, XXXX of XXXX, the market was slow and mortgage people who were involved seemed to be more bent on just making the deal happen verses paying attention to clients actaul specifics, like income evidently. C. Also needed to add we found out about Ca. supplemental property taxes till after the deal was signed, unexpected {$700.00}. cost along with what this area calls the XXXX XXXXXXXX XXXX the house insurance another unexpected {$700.00}. charge! After I pull another {$700.00} From savings will be reduced to a XXXX XXXX XXXX left.
Frequently Asked Questions
What is Complaint #8463515 about?
Complaint #8463515 was filed against Ocwen Financial Corporation regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2024-03-02T12:00:00-05:00.
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.