Ocwen

[Wendy]

Anyone have any experience with this company? Is it legit? I've seen some bad comments online, but they could have come from competitors. My neighbor has had some financial problems and received a phone call & application from them. I told her I'd check it out for her.

Thanks for any help.

Wendy

[SaraEA]

I don't know anything about this particular company, but nonetheless I'd advise your friend to run, not walk, far far away. Go to a place that works with the gov't HAMP or other programs to keep homeowners from foreclosure. Her own bank is the best place to start. Banks have had to pay billions in fines for not cooperating, plus the loss of image, so they are more willing than ever to work with distressed homeowners (plus the law says they have to).

I've had a couple of clients burned by these third-party places (not by the one you mentioned). They take your money, give you bad advice (like stop paying your mortgage), and get you deeper in trouble and much poorer after their fees, plus you still lose your house. I've also had a couple of clients burned by the "pennies on the dollar" places that promise to get you out of IRS debt. Just this week I worked on a return with COD income. The clients went to a place that negotiated with the credit card companies to reduce their debt. They did get it reduced significantly, but the cost was astronomical ($400 + 35% of the debt cancelled + $50 a month for the 24 months they had to pay the agreed amount on their balances + a ton of misc fees). They could have paid off most of their balances in full with what they paid the negotiator.

Tell your friend there is no such thing as a free lunch, that this company didn't contact her because they have her best interests at heart, only their own. There are a number of gov't programs in place to help her. If she doesn't qualify for any ot them she can't keep her house. An expensive third party is not going to help her qualify. It's a facts and figures criteria and you either meet the criteria or you don't. Applications to these programs are free to the best of my knowledge, so tell her to save her money.

[Richcpaman]

Ocwen is a loan servicing company.

Does quite well at it. It has shipped all the processing jobs to Brazil and India.

If your client is not making thier payments, ocwen will contact them, and "try" to get them back into compliance.

They will also try to refer you to HAMP and other programs, but they really suck at it.

And if your client is in a good equity position, I think Ocwen can be very aggressive about the foreclosure process.

Rich

[Guest Taxed]

>>> Does quite well at it. It has shipped all the processing jobs to Brazil and India.<<<

Are there any privacy laws against shipping and warehousing personal data of US citizens outside USA to be viewed by foreigners?

Presumably the privacy laws are much weaker in Brazil and India compared to USA, so what stops a dishonest employee there selling all the personal data to identity thieves?

[Elrod]

Check out the reviews on Ocwen.

http://www.consumeraffairs.com/finance/ocwen_loan.html

[Wendy]

Thank you all for your input. I'll pass it on to my neighbor. Love to see her be able to stay in her home and stay my neighbor!

[Guest Taxed]

I think your neighbor has to be proactive and take all legal measures to protect her rights. In my town Bank of America was forced to pay an average of $1000 to homeowners who were forced into foreclosure with faulty documentation.