Home Mortgage Settlement

Home mortgage settlement

Dec. 19 -- Ocwen Financial Corp. will provide $2 billion in principal reductions to underwater borrowers, as well as refund $125 million to almost 185, 000 borrowers who lost their homes to foreclosure, under a settlement announced Thursday that resolves allegations against the nation's largest nonbank servicer of home mortgages. The proposed consent decree addresses "years of systemic and significant" servicing issues, said Richard Cordray, director of the Consumer Financial Protection Bureau . Struggling homeowners in Illinois will receive more than $91 million in primary mortgage principal reductions, and at least 7, 900 borrowers whose homes were sold in a foreclosure sale from Jan. 1, 2009 through Dec. 31, 2012, will be eligible for cash payments, according to Illinois Attorney General Lisa Madigan . "Similar to the national mortgage settlement, this settlement will provide loan refinancing and direct payments to harmed borrowers, " she said. Overall, the settlement should benefit about 25, 000 former and current Illinois homeowners with Ocwen-serviced home loans, according to the Illinois Department of Financial and Professional Regulation . The proposed order was filed Thursday in U.S. District Court for the District of Columbia by the CFPB and the attorneys general of Illinois and 48 other states and Washington, D.C. It is the latest settlement to address allegations of robo-signing and other fraudulent mortgage servicing practices, and comes 22 months after a $25 billion national mortgage settlement with the nation's five largest banks. Atlanta -based Ocwen is the fourth-largest mortgage servicer in the nation, having made several acquisitions in recent years. Along with its purchase of competitors Homeward Residential Holdings LLC, formerly called American Home Mortgage Servicing Inc., and Litton Loan Servicing LP, it has acquired large mortgage servicing portfolios from some of the nation's largest banks. Investigators found evidence that, among other things, Ocwen gave borrowers false or misleading information, did not honor trial modifications begun by previous servicers, wrongly charged some fees, and denied mortgage loan modifications to eligible borrowers. "Homeowners are stuck with their servicer, no matter how good or how bad that servicer turns out to be, " Cordray said in a call with reporters. "Too often trouble began as soon as the loan was transferred to Ocwen. Ocwen made troubled borrowers even more vulnerable to foreclosure." The company will contact affected borrowers directly but they can also contact the company at 1-800-337-6695, or the Illinois Attorney General's homeowner's help line, 1-866-544-7151. Next month, new rules from the consumer bureau will begin governing how all companies service home loans. While there is some overlap between the rules and the settlement, Ocwen will be subject to higher standards than other companies, Cordray said. mepodmolik@tribune.com -- Twitter: @mepodmolik ___ (c)2013 the Chicago Tribune Visit the Chicago...


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National Mortgage Settlement All But Inevitable

2012-02-08 17:21:07 by haikuwhore

Five of the nation's largest banks forged documents and wrongfully foreclosed on borrowers??
I'm shocked, just shocked
Note, CL Cons have been defending the banks and disparaging home owners...
----------------
New York Attorney General Eric Schneiderman and California Attorney General Kamala Harris are joining the national mortgage servicing settlement, making a deal that includes all 50 states all but inevitable, according to a source who spoke Wednesday evening on condition of anonymity.
"It's hard to see any state staying out of the deal if California is in," said the source

My CH7 2nd Mortgage Settlement Idea good idea??

2009-07-01 20:12:28 by PCN

Would this have a reasonable chance of success? (1st mortgage is more than recent appraisal.) File ch7. After filing, atty contacts 2nd mortgage holder and tells them something like this: "My client has filed ch7. The home is valued xxx less than the first mortgage. We would like to settle the 2nd for x% of the balance, but, if you are not interested, we will convert to a ch13 with a lien strip and you will get essentially nothing along with the unsecured creditors.
Could this give a person a "safety net" to test the waters with the 2nd holder? Per her initial calculations, we would have a very small ch13 payment (~$100/mo) if we were forced to go that route

Losing Home

2007-11-01 10:21:09 by quartermoon51

My estranged has not paid the mortgage in 2 years even thought judge ordered it in pendente lite. My house will be auctioned off in 2 weeks. Tried to save the home. Can not between paying for daycare and everything else he refuses to pay for. Home is going. FYI... he was suppose to pay for a percentage of daycare and CS per the pendente but has not. Basically he refuses.
He told be last night that if I sign an agreement to waved all arears for everything and sign a settlement agreement he will file bankruptcy and this will allow us to stay in the home for 6 months or longer.
I think this is just a ploy to get out of the arears

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