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Former Ocwen mortgage borrowers to begin receiving claim forms

economic-forecast-headerAttorney General Mark R. Herring announced today that claim forms are going out this week to approximately 3,770 Virginia borrowers who lost their homes to foreclosure between January 1, 2009 and December 31, 2012 and who may be eligible for payment under the $2.1 billion Ocwen national mortgage foreclosure settlement.

Eligible borrowers include those who had mortgages serviced by Ocwen Financial Corporation, and two companies previously purchased by Ocwen, Litton Loan Servicing LP, and Homeward Residential Holdings LLC.

“This payment is intended as partial compensation for the mortgage servicers’ illegal conduct and servicing abuse, and further terms of the settlement ensure that Ocwen will abide by more rigorous standards when servicing mortgages or attempting to foreclose,” Herring said. “By participating, borrowers do not give up any legal rights. They’re free to participate in this settlement and also pursue other legal remedies such as filing a lawsuit or participating in a class action, if they so choose.”

Ocwen agreed to a national settlement with the federal government, the Commonwealth of Virginia, 48 other states and the District of Columbia following state and federal investigations which alleged numerous violations in its servicing of mortgages and its foreclosure procedures. The settlement, which was filed in December 2013 and took effect in late February 2014, makes $125 million available for approximately 185,000 borrowers nationwide who lost their homes to foreclosure during that period and had their loan serviced by Ocwen, Litton or Homeward. The exact payment will depend upon the total number of borrowers who decide to participate.

Broad reform of the mortgage servicing process resulted from the settlement, as well as financial relief for borrowers still in their homes through direct loan modification relief, including principal reduction.

Forms mailed to qualified borrowers, must be returned by September 15, 2014
In Virginia, bilingual English/Spanish packets containing a letter from Attorney General Herring, a claim form, instructions and answers to frequently asked questions are being mailed to eligible borrowers through June 30.

Eligible Virginia borrowers should complete their claim forms and return them as soon as possible in the envelope provided, or file online at www.NationalMortgageSettlementOcwenClaim.com.

The deadline for all claims is September 15, 2014. Payment checks are expected to be mailed in late 2014 or the first quarter of 2015.

Free claim form assistance available
The one-page claim forms are simple to complete. However, borrowers who have questions or need help filing their claim can contact the settlement administrator, toll-free, at 1-866-783-5382, or send questions by email to settlementadministrator@nationalocwensettlement.com.

The information line is staffed Monday through Friday from (7 a.m. to 7 p.m. Central Time).

Payment won’t stop other legal claims
Eligible borrowers do not need to prove financial harm to receive a payment, nor do they give up their rights to pursue a lawsuit against their mortgage servicer.

Eligible borrowers may get a payment from this settlement even if they participate in another foreclosure claims process. However, any payment received may reduce payments that borrowers may be eligible to receive in any other foreclosure claim process or legal proceeding.

Eligible borrowers not notified should contact settlement administrator
Borrowers who believe they may qualify for a payment, but who do not receive a notice because they have moved, should contact the settlement administrator directly to provide that information:
Call toll-free: 1-866-783-8352. (M-F; 7 a.m.-7 p.m CT)
Email: settlementadministrator@nationalocwensettlement.com

Beware of scams
Borrowers should not need to pay anyone to file their claim. Herring warns all homeowners to be aware of settlement-related scams. Do not provide personal information or pay money to anyone who calls or emails you claiming that they are providing settlement-related assistance. If you believe someone is conducting a settlement-related scam, call the Consumer Protection Hotline at (800) 552-9963 if calling from Virginia, or (804) 786-2042 if calling from the Richmond area or from outside Virginia.

For more information about eligibility and filing a claim:
Online: www.NationalMortgageSettlement.com
Email: settlementadministrator@nationalocwensettlement.com
Call toll-free: 1-866-783-5382. 1-866-783-8352. (M-F; 7 a.m.-7 p.m CT)



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