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26K Floridians to get Ocwen foreclosure rebate

 

TALLAHASSEE, Fla. – June 30, 2014 – Florida Attorney General Pam Bondi announced that claim forms will be sent to all Florida borrowers eligible to receive payment under the $125 million portion of the total $2.1 billion Ocwen national mortgage foreclosure settlement, which a court approved in February.

Eligible claimants had mortgages serviced by Ocwen, Homeward Residential Holdings LLC (formerly known as American Home Mortgage Servicing Inc.) or Litton Loan Servicing LP who lost their homes to foreclosure between Jan. 1, 2009, and Dec. 31, 2012. The deadline to apply is Sept. 15, 2014.

"This settlement fund provides Floridians who lost their homes to foreclosure some financial relief for mortgage servicing misconduct and foreclosure abuse," says Bondi. "I strongly encourage all eligible Floridians to submit claim forms."

An estimated 183,984 loans were foreclosed nationwide, and Florida's share of the payment is the second highest in the country with an estimated 26,000 Floridians eligible to receive a combined payout of more than $17.8 million of the total $125 million fund.

The payment to individual claimants will depend on the number of claims filed but is projected to exceed $1,000. Payment checks should be mailed starting Dec. 3, 2014.

Ocwen Financial Corporation and its subsidiary, Ocwen Loan Servicing, agreed to the $2.1 billion joint state-federal settlement to resolve allegations of mortgage servicing misconduct resulting in premature and unauthorized foreclosures, violations of homeowners' rights and protections, and the use of false and deceptive documents and affidavits. In addition to the $125 million payment fund, the settlement also provides for $2 billion in the form of first lien principal relief with an estimated $342 million being provided to Florida homeowners.

Packages including a cover letter, claim form, and instructions are being mailed to eligible borrowers beginning this week. A reminder mailing will be sent out the week of Aug. 11, 2014. However, since claimants lost a home to foreclosure, mailing addresses could be incorrect.

Claimants who have questions can call (866) 783-5382 for assistance in either English or Spanish. Claimants can file their claims electronically at the National Mortgage Settlement website or submit claims to:

National Ocwen Settlement Administrator

P.O. Box 1917

Fairbault, MN 55021-7172

© 2014 Florida Realtors®

 

Related Topics: Foreclosures