Published On: December 23, 2013
OCWEN TO provide $2 billion in principal forgiveness relief to homeowners throughout the next three years as part of a settlement agreement.
The other day a caller said “I used a document preparer or bankruptcy petition preparer. Certainly they have obligations to keep my social security number confidential?” Unfortunately I had to say “Oh how wrong you are.”
OCWEN mistreated consumers and committed “systemic misconduct at every stage of the mortgage servicing process,” according to the Bureau.
The mortgage servicer announced a settlement agreement with the CFPB and state officials resolving allegations it mistreated consumers and committed “systemic misconduct at every stage of the mortgage servicing process,” according to the Bureau.”
View the OCWEN consent order.
OCWEN was created in the late 1980s for the purpose of purchasing defaulted loans. At that time their intent was to foreclose and normally become the owner of the property.
I can personally attest that they were horrible for the borrower to deal with. Fast forward 25+ years and they are still abusing consumers. Gee, what a surprise!! As to the settlement – will they pay the $2 billion? Given the history of the fines imposed on the other large lenders I am not holding my breath. What are the chances of the settlement funds reaching those who were damaged? Based on the Bank of America, et al, settlements some of those abused borrowers may receive a few dollars. But, those funds are more of an insult for the pain and suffering the lenders force the borrowers to endure.
We have several videos on this site. This is one “Suggestions on How to Hire an Attorney”
MUSINGS FROM DIANE:
Do I sound impassioned about this issue? Most definitely. On a daily basis I hear about the damage done by these greedy lenders and servicers. They may be completely disorganized, or (this is my fear) they know exactly what they are doing and their goal is pure greed – to make as much money as possible, not matter the cost to the homeowner.About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
“You folks are the BEST OF THE BEST in Arizona.” M.H.
You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
Related Posts
Published On: February 23, 2022
WHAT HAPPENS AT THE END OF A COVID-19 FORECLOSURE FORBEARANCE? Can servicers demand a large balance? Generally, the servicers should not be demanding full payment following a COVID forbearance. There [...]
Published On: July 16, 2021
Arizona Residential Eviction Actions Procedures – effective July 15, 2021 IT IS ORDERED that the following procedures are applicable to eviction actions governed by Arizona Revised Statutes, Title 33, filed [...]
Published On: May 17, 2021
Operators of Student Loan Debt Relief Scheme Banned From Providing Debt Relief Services as Part of Settlement with FTC (Reprint from Federal Trade Commission, May 17, 2021) The operators of [...]
Published On: May 16, 2021
There is so much mis-information about a forbearance of home mortgages during COVID-19. Know your options before making a decision not to pay your mortgage. (11/18/21 UPDATE - see summary of foreclosure alternatives) This [...]
My intention is to put you back in control of your life
Start with $0 down*. We provide affordable payment plans.
