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Lending / Servicing

Roughly 20,000 Florida homeowners go unserved

Ocwen settlement deadline approaches fast

time is money
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Florida borrowers have a little over two weeks to claim their share of the giant Ocwen Financial Services (OCN) settlement.

Despite there being $2 billion on the line, just a third of eligible Florida homeowners have filed claims, with just 10,244 filed claims out of 31,036 possible, an article in the SunSentinel said.  

“We want to be sure people know about the settlement and file a claim,” spokeswoman Jamie Mongiovi said. “It may be that some notices went to old addresses and people don’t know they are eligible.”

In December, Ocwen agreed to a $2.1 billion settlement that stemmed from a Consumer Financial Protection Bureau investigation into its servicing practices.

The consumer relief money was set to help homeowners who lost their homes due to mortgage servicing misconduct and foreclosure abuse. 

Nationally, there were an estimated 183,984 loans foreclosed on by Ocwen during that time.

Florida’s share was the second highest in the county with more than 26,000 borrowers affected. Floridians are eligible to receive $17.8 million of the $125 million set aside for homeowners.

Source: SunSentinel
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