It seems that every major mortgage lender has committed fraud against homeowners at this point. There is a lender called Ocwen Financial that just can’t seem to learn their lesson despite all of the fines and penalties they have faced. The lending giant is now being told that they have to pay out $268,000,000 to Californians for illegal loan modification denials and charging unauthorized fees. The compensation issued to each individual homeowner will never make up for the full amount of financial damage that Ocwen has caused. Our firm has been helping homeowners sue Ocwen successfully for years, in order to help homeowners get back what was taken away from them.
Many Ocwen-owned loans were transferred from other mortgage companies, such as Bank of America and Chase. This often occurred once a homeowner had fallen behind on monthly payments and was either close to or already in default on the home loan. During the transfer from one lender to Ocwen, paperwork and documents were often “lost,” resulting in headaches for innocent homeowners. Unfortunately, the headaches only got worse from there…
With the prospect of losing the home to foreclosure, many Californians tried to get loan modifications from Ocwen. The loan modification department at Ocwen has been accused of falsely leading homeowners to believe that they would qualify and be approved for lower monthly payments – only to then push them into foreclosure. Our foreclosure defense attorneys have been helping victims of Ocwen’s predatory lending practices get the compensation they deserve for years.
Will the Payout Cover Your Losses?
Ocwen Financial services thousands of mortgage loans in California, and the most recent payout will help homeowners recover some of what they may have lost. While some compensation is better than nothing, the Ocwen lawsuit checks aren’t likely to provide homeowners with the compensation they really deserve. Filing a private lawsuit against the lender may provide a result that is more fair for the homeowner.
Our foreclosure attorneys have sued Ocwen on behalf of our California clients with great results. We’ve helped homeowners take legal action during every stage of the foreclosure process – from falling behind to receiving an NOD or NTS, all the way through post foreclosure eviction. No matter what stage of the foreclosure process you are in now is a good time to speak with a foreclosure attorney to find out what legal rights you have.
The Top Reason Why You Should Contact an Attorney Today
Keep in mind, that our attorneys offer free legal consultations over the phone and in person for homeowners who are in or have recently gone through the foreclosure process. Don’t let Ocwen take advantage of your investment. We have the history and experience to help you get the results you deserve.
