Remember G.M.A.C. Mortgage they were a major player in the Restate Crumble of 2008 part or the General Motors bail out well they were the parent company of the now defunk Homecomings Financial. A corporation that financed my house. This is to give you a little back ground.
Now part of the great Obama bail out of G.M. was that their financial division was to become an Investment bank, thus G.A.M.C. Mortgage became one as well as it parent corporation "Ally".
What most of us do not know is that during this process that "We The People" in the form of the Federal Government ended up owing 79% of these corporations. Well over the course of the last year or so G.M.A.C. Mortgage filed for Bankruptcy. I posted many comment one of my blogs about how undermining G.M.A.C. is and how stupidly their Customer Care Department operated, meaning it was nearly non-existent. Their Customer Service 1 800 number went to a call center in the Philippines where some poor glad to have a job Filipina lady would take the blunt of customers abusive complaints including mine. Took me 3 years to get my account cleaned up and my credit restored to post G.M.A.C. Mortgage, status.
Back on track as part of the Bankruptcy proceeding G.M.A.C. Mortgage was sold so that that 'We The People" are now stuck with $122 billion in home mortgage loans including mine. Which the had to sell in order to repay us for our investment in them. This was all kept very quiet and the only general publication I have been able to find is at this link http://articles.chicagotribune.com/2013-01-31/business/sns-rt-us-ally-ocwenbre90u0uj-20130131_1_walter-investment-management-ocwen-rescap.
In February 2013 after receiving numerous letters informing me that G.M.A.C. Mortgage was in bankruptcy I learned Ocwen Loan Servicing was now my mortgage lender.
So what has changed, new office for O.L.S. LLc, in Waterloo, IA and a new P.O. Box for written communications. Customer Care well it is that same poor Filipina lady at the end of a 1 800 number;
how did I learn this well after returning to my home after a 4 month away due to the nature of my work I learned that my second mortgage payment was applied to the first a cycle that has continued over and over during the life of the loan or vice-vera which has kept my credit rating like a yoyo on a string.
When I spoke on the phone with the Customer Care person I learned that they received the payment for the 2 loans on different days. I said that could not be possible, she asked why? I said the checks were in the same envelope and the coupons..... they were received on the same day.
Payments in check form are now to a different P.O. Box in Phoenix, AZ same city and state as before. Bank statement show the checks made out to Ocwen Loan Servicing LLc are not electronically cashed but via mail and the statement read GMAC as the bearer.
Was hot able to find much online about Ocwen Loan Servicing LLc but did learn that there was a class action suite filed in federal court on the behalf of 57 customers that was settled out of court.
They are not accredited with the Better Business Bureau and their records indicate a number of complaints filed against the corporation by customers exceeding 1,000 which is not a good sign in my view. http://www.bbb.org/central-florida/business-reviews/loan-servicing/ocwen-loan-servicing-in-orlando-fl-13002055# is the BBB rating page incase you need more information.
Other information indicates that they are buying out many struggling Mortgage Servicing Companies at a considerable rate over the last few years.
They claim that the exist only to help home owners. Time will tell for myself as well as my fellow $122 billion home loan recipients as to weather things will improve.
One last note, I truly hope that the one person who in their structure that was able to correct their sins Denice did not loose her job in the transitions her being an Account Executive Manager.
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