Loan servicing, payments, escrow account

Posted on Posted in Mortgage

review

Ocwen has reported me late on a couple of my mortgages on XXXX different occasions, yet I made every single payment. The problem stems from them changing the amounts due. I have my XXXX mortgages, a XXXX, and a full-time job to run, and as such I receive upwards of XXXX pieces of relevant mail every month, so reconciling each and every figure against my automated bill-pay amounts, will occasionally result in incorrect amounts. This is NOT the same as missing a payment. In all bad reporting situations, my payments were more than sufficient to cover the due interest and principal, but there was a shortage on the escrow payment. Escrow payments are projected estimates. When Ocwen overestimates the escrow, they send me a check at the end of the year, without interest. When I underpay my escrow, they report to the credit bureaus that I MISSED a payment altogether! How is this justified that they can overcharge escrow, but when I miss a fractional amount of an escrow payment, they can penalize me like I ‘m completely irresponsible and destroy my credit?? I ‘ve appealed to them but they respond with robotic zeal and refuse to accommodate me. Other banks send ebills to my bank so the payments adjust automatically ; and if you miss a payment with any other lender, they give you a courtesy call to make you aware of the change in payment amount. Not Ocwen, they have nothing but paper bills ( what century is this?? ), and if you ‘re XXXX cents below the amount, they just destroy your credit with not a warning whatsoever. Because of this company, my credit remains damaged to the point that I can not refinance, causing me to spiral out of control in my debt as the ARMs adjust. Ocwen will put me into bankruptcy because I was short a few dollars on my escrow payment! Please help me end this bludgeoning.

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