WASHINGTON (7/7/14)--A settlement website has been set up for borrowers who were affected by alleged abuses specific to foreclosure proceeses conducted by Ocwen Financial Corp. and Ocwen Loan Servicing.
Last December the Consumer Financial Protection Bureau, along with attorneys general from 49 states and the District of Columbia announced a settlement with three mortgage servicers that will provide approximately $125 million in direct payments to borrowers.
State and federal investigations claimed Ocwen Financial Corp. and Ocwen Loan Servicing signed foreclosure-related documents without the presence of a notary public and without personal knowledge that the facts contained in the documents were correct. In addition, investigators claimed that Ocwen committed various errors and abuses in their mortgage servicing processes.
A National Ocwen Settlement administrator has been appointed and is responsible for handling settlement claims. The administrator has contacted foreclosed borrowers and mailed notice packages. Borrowers are eligible to submit their claims online once the materials arrive and can submit claims online before Sept. 15.
Borrowers need a personalized claimant ID number, located on the form received in the mail, to complete a submission. Claims can also be submitted by mail, postmarked before Sept. 15.
All eligible borrowers who submit valid claims will receive an equal share of the $125 million. Borrowers who receive payments will not have to release any claims and will be free to seek additional relief in the courts.
The CFPB reminds consumers that filing a claim is free, and that scammers may be contacting borrowers claiming to help with claims. The scammer may charge a fee or try to steal personal information.
Use the resource link below for more information.