Foreclosure and Loan Modification Blog

Ocwen Being Sued By CFPB For Mortgage Servicing Failures... Again

You had one job, Ocwen, and you couldn't even do that!

Mortgage servicer Ocwen is being sued by the Consumer Financial Protection Bureau (CFPB) for “failing borrowers at every stage of the mortgage servicing process.”

The lawsuit alleges that Ocwen's “widespread errors, shortcuts, and runarounds cost some borrowers money and others their home.”

According to the CFPB, for years Ocwen has consistently demonstrated an inability to perform the most fundamental duties required of a mortgage servicer, such as sending accurate monthly statements to borrowers, crediting their account for payment, and correctly handling tax and insurance payments.

[fa icon="clock-o"] Saturday, April 29, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] ocwen loan modification, CFPB, Ocwen, mortgage servicing, ocwen foreclosure

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Nationstar

104 months (8 years) and $235,000 past due on their mortgage, our Nationstar client is happy as you please to have a 3 month trial loan modification plan and opportunity to keep their home!

Successful Loan Modification Roundup Week of 4/7/17

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week with PNC, Ocwen, Regions Bank, Shellpoint, and Wells Fargo:

PNC

PNC Bank client was 6 months and $14,015 past due on mortgage, but now has a 3 month in-house trial loan modification plan with $132.69 cheaper payment!

Successful Loan Modification Roundup Week Of 2/10/17

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

SLS

$234,020 past due on mortgage with SLS, our client was in active foreclosure and had three sale dates canceled, now has a permanent HAMP II loan modification with $735 lower monthly payment and 5% lower interest rate!

Successful Loan Modification Roundup Week Of 1/27/17

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

SLS

18 months and $24,516 past due on mortgage with SLS, our client has a HAMP II loan modification with $508 cheaper monthly payment and an interest rate that dropped from 7% to 3%!

Successful Loan Modification Roundup Week of 12/2

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week with SLS, Nationstar, Carrington, Caliber, Ocwen, and SPS:

Caliber

19 months and $60,778 past due on mortgage payments to Caliber, our client now has a final loan modification with $91.24 cheaper monthly payment.

Ocwen Loan Modification Success for Our New Jersey Client

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here is one of their stories.

In 2014 we were retained by a homeowner in New Jersey who hadn't paid her mortgage to Ocwen since 2009, and had been in foreclosure since 2010. I'll call her Diana to protect her privacy.

Diana was a staggering $185,000 past due on her mortgage. She had a good job, but a lot of bills besides her mortgage to pay each month, and Ocwen didn't think she could afford to keep her home.

Diana wanted to keep her home, but was worried that she would lose it to foreclosure, and that she and her young child would have to find somewhere else to live.

[fa icon="clock-o"] Wednesday, November 23, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, ocwen loan modification

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week with Carrington, Wells Fargo, Chase, Nationstar, Ocwen, Bank of America, Ditech, Caliber, one forbearance plan with MGC Mortgage, and one deed in lieu of foreclosure agreement:

Wells Fargo

Our Wells Fargo client was $37,238 past due on mortgage following the death of her husband, but we helped her get an FHA HAMP trial loan modification with $158 cheaper payment!

[fa icon="clock-o"] Friday, November 18, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, ocwen loan modification

Nothing worth having is given away. When you want something of value, it usually takes some work to get it. So when you apply for a home-saving loan modification to avoid foreclosure and have a lower mortgage payment, don't expect the process to be easy.

To get a loan modification, which is a permanent change to one or more of the terms of a mortgage, you have to complete a request for mortgage assistance (RMA). It's a thorough application requiring documentation of income, a debt to income ratio, a hardship affidavit, and more.

The loan modification application must be filed with your loan servicer, and one of the largest mortgage servicers in the country is Ocwen Financial Corporation. Although Ocwen actually has a reputation as one of the better loan servicers to work with when trying to get a loan mod, it's still challenging.

Here are some common complaints of homeowners trying to work with Ocwen for a loan modification:

[fa icon="clock-o"] Wednesday, September 28, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, ocwen loan modification

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Ditech

Our Ditech client was in foreclosure after falling three years and $47k behind on his mortgage, but now he has a loan modification with a $591 lower monthly mortgage payment!

Ocwen Being Sued By CFPB For Mortgage Servicing Failures... Again

Successful Loan Modification Roundup Week Of 4/28/17

Nationstar

Successful Loan Modification Roundup Week of 4/7/17

PNC

Successful Loan Modification Roundup Week Of 2/10/17

SLS

Successful Loan Modification Roundup Week Of 1/27/17

SLS

Successful Loan Modification Roundup Week of 12/2

Caliber

Ocwen Loan Modification Success for Our New Jersey Client

Successful Loan Modification Roundup Week Of 11/18

Wells Fargo

3 Common Ocwen Loan Modification Problems

Successful Loan Modification Roundup Week Of 9/23

Ditech

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