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New Contributor
Posts: 63
Registered: ‎02-15-2013
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Ocwen mortgage? or something.. transferred from GMAC

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Has anyone had experience with this mortgage company?  I just got a letter saying they are transferring me to Ocwen (what is that!)  from GMAC. GMAC and it's affiliates are having some bankruptcy problems.  I need to refinance in May 2013 - don't want any problems.

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Registered: ‎03-06-2010
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Re: Ocwen mortgage? or something.. transffered from GMAC

[ Edited ]

They are the worst mortgage loan servicer in the country.

 

Do your due diligence by searching reputable complaint sites about them.  Make sure you have your ducks in a row with all the documentation of your current loan and the transfer to Ocwen. It's an excellent idea that you refi your loan. Is it possible for you to refi before the transfer? (Ocwen is that bad).

New Contributor
Posts: 63
Registered: ‎02-15-2013
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Re: Ocwen mortgage? or something.. transferred from GMAC

omg!!!! I just got the letter. the letter is dated 2/7/2013. They say i'm transferred 2/16/2013. Am I going to be able to refinance? Are they going to give me trouble doing that? I always pay online. What kind of tacky stuff do they do?
Super Contributor
Posts: 8,360
Registered: ‎09-28-2007
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Re: Ocwen mortgage? or something.. transferred from GMAC

If you make your payments on time you shouldn't have anything to worry about - most of the issues arise when payments aren't made.  I have several clients over the years whose loans have been sold to OCWEN and only one of them reported a problem, and that is because the original lender didn't forward the homeowners insurance information to OCWEN so OCWEN tried to force a real expensive homeowners insurance policy on the borrower (called "forced place insurance"), it got resolved by the borrower sending a copy of their insurance policy to OCWEN and then OCWEN backed off.   They shouldn't cause you any trouble when refinancing, because all that is going to be requested of them is a payoff statement.  They allow payments to be made online as well, so just keep copies of all of the payment confirmations.

New Contributor
Posts: 63
Registered: ‎02-15-2013
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Re: Ocwen mortgage? or something.. transferred from GMAC

Can I complain to anyone? I still need to make 3 more payments before I can refinance.
New Contributor
Posts: 63
Registered: ‎02-15-2013
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Re: Ocwen mortgage? or something.. transferred from GMAC

Ok thanks 'Shane' and 'StartingOver.' I was getting worried. Ok, so who do I go to refinance?
Super Contributor
Posts: 8,360
Registered: ‎09-28-2007
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Re: Ocwen mortgage? or something.. transferred from GMAC

Complain about what?  Mortgage servicing rights are sold all of the time, just something people with mortgages have to deal with.  No company can guaranty you the mortgage will never be sold, they can say they have a history of retaining most of their mortgages but even if they go BK (such as GMAC) they have the right to sell your loan's servicing rights.

 

Why do you need to make 3 more payments before you can refinance?

New Contributor
Posts: 63
Registered: ‎02-15-2013
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Re: Ocwen mortgage? or something.. transferred from GMAC

I was afraid when someone mentioned they r awful. Nevermind. I've been paying on time.

I need to make 3 because I missed one. After 3 I will have 12 months. Which company will be decent to refinance? Or is there something else I should know?
Super Contributor
Posts: 8,360
Registered: ‎09-28-2007
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Re: Ocwen mortgage? or something.. transferred from GMAC

It's more about the loan officer than the company themselves.  I'd get recommendations from family, friends, co-workers who have mortgages and talk to several of them to get various opinions on what your options are.

New Contributor
Posts: 63
Registered: ‎02-15-2013
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Re: Ocwen mortgage? or something.. transferred from GMAC

thanks. Nice talking to u.
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