(Presseportal openBroadcast) - Los Angeles, CA - In the wake of the housing crash, nearly every major lender has committed some act of foreclosure fraud against distressed homeowners living in California. One lender specifically, Ocwen Financial, has been charged with millions of dollars in fines and penalties for committing fraud against homeowners facing foreclosure. Currently, Ocwen has been ordered to pay $268,000,000 to Californian’s for illegal loan modification denials and charging unauthorized fees. The compensation issued to each individual homeowner will not make up for the full amount of financial and physical damage that Ocwen has caused. Law firms throughout California have been helping homeowners sue Ocwen for fraud for many years.
Many loans are being transferred to Ocwen from other mortgage companies such as Bank of America and Chase. Usually during the transfer to Ocwen, paperwork or documents are often considered “lost” resulting in headaches for innocent homeowners. Unfortunately, the headaches only get worse from there. Once a homeowner has fallen behind on monthly payments, it is often difficult, if not impossible, to get an accurate payment history and accounting from Ocwen. That fact alone makes it very difficult for a borrower to obtain an accurate payoff amount when the loan is delinquent.
Many homeowners in California apply for loan modifications from Ocwen to stop the process of foreclosure. However Ocwen’s loan modification department has been accused of falsely leading homeowners to believe that they would qualify for lower monthly payments, later pushing them into foreclosure. Fortunately, the California foreclosure laws protect homeowners from illegal foreclosures and there are foreclosure defense attorneys can help borrowers who fall victim to predatory lending practices and help save their homes or recover damages.
Will the Payout Cover the 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 deserve. Filing a private lawsuit against the lender may provide a more beneficial result for the homeowner.
California foreclosure attorneys have sued Ocwen on behalf of the homeowners and received great results thus far. An experienced foreclosure defense attorney will take legal action at any stage of the foreclosure process – from the moment that a borrower falls behind, to receiving an Notice of Default or Notice of Trustee Sale, up to eviction. No matter what stage of the foreclosure process, homeowners should speak with a foreclosure attorney to discuss their legal rights.
There are experienced California foreclosure attorneys that have committed their time in helping borrowers get great results in the foreclosure process. Borrowers facing foreclosure should call immediately for free legal advice. For more information about foreclosure help visit http://blog.consumeractionlawgroup.com/ocwen-foreclosure/
About Consumer Action Law Group
Consumer Action Law Group is a law firm dedicated to help consumers in consumer-related matters or consumers that experienced fraud and scam. Attorneys in the team are knowledgeable and experienced in the areas of eliminating debt, mortgages fraud, auto fraud, and foreclosures. They have direct experience in consumer fraud matters and helping consumers who are facing financial crisis, foreclosure, issues with employers, and problems with auto dealers.
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Contact Person: Lance Nguyen
Telephone: (818) 254-8413
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