law

OCwen Mortgage Lawsuits

OCwen Mortgage Foreclosure Abuse

Ocotillo del Pinche is the name of the village of Ocwen, Texas. Ocwen mortgage lawsuits refers to the legal action taken by the Office of the Comptroller of the Currency (OCCC) against two brokers, Michael Rubens and Raymond Manuel Colon, on suspicion of predatory lending practices. Colon was a principal officer in several mortgage servicing companies. One of these companies, Countrywide had contracted with Ocotillo for mortgage servicing purposes. When these companies refused to expand their operations in Ocwen, the comptroller of the currency fined them.

Ocwen has become the latest target of predatory lending practices.

Several lawsuits have been filed against Countrywide, resulting in the company paying huge fines, agreeing to pay for relief programs, and closing its Countrywide subsidiary. Two other lawsuits were filed against Ocotillo by investors who lost money on the sale of Ocotillo homes. One lawsuit was settled out of court, while the other went to trial.

Colon and Rubens are expected to appear in court soon. Ocotillo’s story is typical of how predatory mortgage servicing companies operate.

They know that foreclosing on homes, or forcing home borrowers into foreclosure, is much easier than trying to refinance or sell homes.

According to lawsuits, homeowners were routinely pressured into selling at “sale prices” even when they were not capable of making such payments.

Ocwen homeowners were pushed into foreclosure despite having poor financial information, when those same homeowners could have easily qualified for government assistance. It seems clear that predatory mortgage companies target low and moderate-income families that have fallen behind on their mortgages.

There are also many lawsuits involving kickbacks.

kickbacks are payments that homeowners receive from mortgage companies that result from a mortgage broker requesting additional fees from borrowers. Other companies require borrowers to “pay down” their interest rate. These are illegal kickbacks. Homeowners can learn more about their rights by visiting the United States Department of Housing and Urban Development website.

If you are a victim of predatory lending and foreclosure, contact a foreclosure attorney today.

The United States Department of Justice is dedicated to protecting American homeowners from abusive mortgage servicing companies and fraudulent mortgage brokers. If you are experiencing foreclosure, contact an attorney today who specializes in housing law. A lawyer can provide you with a free consultation and can assist you in filing appropriate lawsuits against the mortgage company responsible for your mortgage mismanagement.

If you are a victim of OCwen Mortgage Foreclosure Lawsuit Abuse, contact an experienced foreclosure litigator who is well versed in Federal and local foreclosure laws.

You can learn more about your rights as a foreclosure victim by visiting the US Department of Justice’s website. In foreclosure cases, it is important to hire an experienced attorney who can protect your rights while helping you to obtain the judgment you deserve. An experienced attorney will work aggressively to ensure that you receive the maximum compensation for your OCwen Foreclosure Lawsuit Abuse.

For additional information about your rights as a foreclosure victims, visit the official website for The Office of the Comptroller of the Currency.

This office oversees all nationwide mortgage programs, including the programs set up by the Federal Housing Administration and the Federal National Mortgage Association. Each week, the OCC declares new mortgage frauds that will allow homeowners to take advantage of the “flip” and profit from the illegal activity. If you are a victim of OCwen Mortgage Foreclosure Abuse, visit the United States Department of Justice’s website today.

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