Some residents in Florida might soon be getting some compensation for having to deal with foreclosure abuse and mortgage servicing misconduct by Ocwen Financial Services. More than 26,000 residents had their homes foreclosed upon from January of 2009 through December of 2012.
Florida came in second for the share amount when the estimated 183,984 loans affected by the settlement were divided by state. This means that qualified Florida residents will be eligible to claim their portion of $17.8 million. The deadline for filing a claim is Sept. 15 and payments will be mailed out starting in December.
The total settlement agreed upon by Ocwen after an investigation by the Consumer Financial Protection Bureau was $2.1 billion. Of that, $125 million was set aside for affected homeowners. It is estimated that claims will exceed $1,000 each, but the actual amount depends on the number of claims filed.
While this settlement doesn’t provide much to the homeowners who lost their home to foreclosure, it does given them some relief. It also provides a strong reminder to the mortgage servicing industry that there isn’t any place for deceptive practices or shortcuts when it comes to dealing with foreclosures.
Those who are going through a foreclosure in Florida should make sure they understand their rights and responsibilities. Doing so can help you to ensure you aren’t the victim of inappropriate practices like those used by Ocwen. There might be legal means possible that could help homeowners to stop foreclosure and keep their home. Learning about these means can help homeowners to make an informed choice about how to protect the home.
Source: Housing Wire, “Ocwen sends mortgage settlement claim forms to 26,000 in Florida,” June 30, 2014