Complaint / review text:
Just like most people, our mortgage was sold to Ocwen when GMAC went out of business. For the first year or so, we didn't have any issues (that we know of) with Ocwen.in September 2014, our homeowner's insurance company sent us our renewal letter which we signed right away and sent back. A month or so later, our homeowner's insurance company called and stated they have not received payment from Ocwen. We proceeded to call Ocwen many times to straighten this out. We even had Ocwen on the phone with our homeowner's company to make sure they had all the information they needed to make the payment.
To this day, more than two months later, our homeowner's insurance has not been paid and will be cancelled on November 25,2014 due to non-payment. We currently pay $748 per month in escrow alone. That more than covers property taxes, mortgage insurance, and homeowner's insurance. Our escrow account currently has a few thousand dollars in it which covers the homeowner's insurance premium. Every time we call Ocwen, we are told the same thing: they are very sorry, do not worry and they will send the payment within 3 to 5 business days. When we call back to see why it was not sent, they tell us again, "Do not worry, we will send the payment within 3 to 5 business days" in their thick Indian accents.
We understand that an escrow account is required if you owe more than 80% of the value of the property (which we do), but we do not trust this company. We would like to close our escrow account or at least minimize the amount monthly to only cover the mortgage insurance fee. We would like to pay property taxes and homeowner's insurance ourselves. I believe we have the right to do this as we have done nothing wrong and have never been late on our mortgage payments. We also never received an itemized statement of our escrow account which they are required by law to do. Also, per our 10/1/2014 statement, we were charged double for mortgage insurance. Has anyone had any success in closing or at least lowering their escrow accounts? If so, how did you go about it? Any help is appreciated.