Loan With Ocwen? You May Be Entitled to Cash!

In a settlement between Ocwen Financial, Ocwen Loan Servicing and 49 states, Ocwen has agreed to pay financial relief to borrowers totaling $2.1 Billion. This is for violations of various mortgage servicing laws. Of that sum, $2 Billion is for principal reductions to homeowners who are currently in default or in danger of foreclosure. In addition, $127.3 Million in cash payments is to go to former homeowners whose homes were foreclosed upon by Ocwen and its recently acquired other lending firms, Litton Loan and Homeward Residential. The Ocwen liability for Ocwen comes from the alleged violations by these two entities that Ocwen subsequently acquired. The foreclosures covered in this cash settlement were completed between January 1, 2009 and December 31, 2012. SO< if you have a loan from Ocwen, originated by either Litton or Homeward Residential, get on the phone. You may have some cash heading your way, or, failing that, a reduction in the amount you now owe under the mortgage. While I don't have the overall state by state breakdown of the settlement, California homeowners' share of the $2.1 Billion is $268 Million. Not a bad way to spring into Spring, is it? Good Luck!

The Return of Robosigning?

In a lawsuit filed in Federal Court in New York last week, it has been alleged that Wells Fargo, the nation's largest mortgage lender, has come up with something new in robosigning and related issues. The suit claims that the bank has assembled a 150 page manual for its attorneys detailing how to make it look as if a bank has signed over to Wells a mortgage, by autosigning documents related to the mortgage. According to the story run by the New York POST, which reviewed the suit and the alleged manual, the guide shows how endorsements and allonges can be added after the fact to documents from the mortgage when they previously weren't there. Wells, as would any defendant, disavows any wrongdoing. For more details, if you are a Wells borrower having problems with your mortgage, you can contact the attorney filing the suit. Her name is: Linda Tirelli, based in White Plains, NY. For reference, her web site is: www.TheGTCFirm.com . As always, good luck.