Massachusetts sues Ocwen for “abusive” mortgage servicing practices

Ocwen fought back against Massachusetts’ regulations, asking a court to restrain the state’s cease and desist order because it would “cause significant harm” to its customers in the state.

But, the Division of Banks isn’t the only Massachusetts governmental entity that is now targeting Ocwen.

Recently, Massachusetts Attorney General Maura Healey announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.

According to Healey’s office, Massachusetts’ lawsuit claims that Ocwen charged homeowners in the state for “unnecessary and expensive force-placed insurance policies, imposed excessive fees on delinquent borrowers, and failed to properly process escrow and insurance payments.”

Massachusetts’ complaint also claims that Ocwen failed to respond to borrower disputes about their accounts and to correct account errors.

Healey’s office alleges that Ocwen’s “servicing failures” increased Massachusetts’ borrowers’ mortgage and insurance payments, put borrowers at risk via lapses in insurance, and pushed borrowers into delinquency and foreclosure.

According to details from Healey’s office, Ocwen “has consistently fallen short” in its servicing operations in a number of ways, including (charges directly from Healey’s office):

  • Funneling fees and commissions: Ocwen arranged for commissions and other fees to be paid to companies related to Ocwen, even though those companies did little or no work, resulting in higher charges to Massachusetts borrowers
  • Improperly administering insurance premiums: Ocwen failed to disburse borrowers’ escrowed insurance premiums to insurers, causing their insurance policies to lapse, leaving them exposed to serious gaps in insurance coverage. The force-placed policies that Ocwen then puts in place are very expensive, carry high deductibles, and do not provide critical liability and personal property coverage
  • Unnecessary flood insurance: Ocwen force-placed borrowers in expensive flood insurance policies for time periods when properties were not in special hazard flood area and did not require flood insurance
  • Duplicative insurance policies: Ocwen force-placed certain borrowers who already had insurance coverage, either through their own homeowners’ insurance or through other policies that Ocwen itself had acquired on behalf of the borrowers
  • Charging inflated and duplicative default-related fees: Ocwen took advantage of struggling borrowers by ordering unnecessary and duplicative title search, property inspection and landscaping services and then passing the costs on to the borrower

Healey’s lawsuit also accuses Ocwen of overcharging borrowers and failing to give them the necessary information to understand or dispute inappropriate charges.

Read on.

 

If you are in foreclosure or you have lost your home to foreclosure and you want to sue for mortgage fraud or foreclosure fraud, FRAUD STOPPERS PMA can help you save time and money, and increase your odds of success, with a court ready Quiet Title or Wrongful Foreclosure lawsuit package. If you have received a Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) and you want to know how to respond to the Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) call FRAUD STOPPERS PMA today because our prove system can help you fight to save your home from foreclosure fraud and/or mortgage fraud. Our court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Packages includes a turnkey complaint (petition for damages), Bloomberg Securitization Audit, Expert Witness Affidavit, Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to cloud the marketability of the title to the real property), and Pro Se education material that can show you how to win a Quiet Title Lawsuit or win a Wrongful Foreclosure Lawsuit. This entire court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package is only $1495 and can help you save thousands of dollars in legal fees and help you increase your odds of success. For payment options or more information on this court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package please contact FRAUD STOPPERS PMA today at 844.372.8378 or open a case file for a Free Mortgage Fraud Analysis and Bloomberg Securitization Search to see if your current mortgage loan situation qualifies for a Quiet Title or Wrongful Foreclosure lawsuit here: https://www.fraudstoppers.org/free-mortgage-fraud-analysis/

 

 

For information on foreclosure defense call us at 800-459-1215. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.

 

 

 

DON'T LET THE BANKS TRICK YOU!

Get the FACTS & Evidence to win the legal remedy that you deserve today.

get-started-now

 

 

 

FRAUD STOPPERS Can Help You Stop Foreclosure and Mortgage Fraud

If you or anyone you know is facing foreclosure, or has already lost a property to foreclosure, and want to sue for mortgage fraudforeclosure fraud, wrongful foreclosure, or quiet title to your home FRAUD STOPPERS PMA can help you save time and money and increase your odds of success getting the legal remedy that you deserve. If you have received a Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) and you want to know how to respond to the Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) join FRAUD STOPPERS PMA today because FRAUD STOPPERS has a proven system to help you fight to save your home from foreclosure and sue for mortgage fraud. FRAUD STOPPERS turnkey Quiet Title Lawsuit package or Wrongful Foreclosure Lawsuit package includes a court ready complaint (petition for damages), Bloomberg Securitization Audit, Expert Witness Affidavit, Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to cloud the marketability of the title to the real property), and Pro Se legal education material that can show you how to win a Quiet Title Lawsuit or win a Wrongful Foreclosure Lawsuit. This entire court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package can help you save money in legal fees and help you increase your odds of success. Join FRAUD STOPPERS PMA today and get mortgage fraud analysis and the facts and evidence you need to get the legal remedy you deserve at www.fraudstopper.org/pma

 

 

FRAUD STOPPERS PMA

Feel free to connect with us . . .

Address: Birch Tree MO 65438
Phone: 800-459-1215
Email: Info@FraudStoppers.org

 

 

 

Fraud Stoppers Logo

DISCLOSURE: NOTICE OF Copyright © 2019  FRAUD STOPPERS, FRAUD STOPPERS PMA. Disclaimer: Any information or answers are provided for informational purposes only, does not constitute legal advice, and does not create PMA-Member relationship. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Legal Information is NOT Legal Advice: This site provides “information” that is only designed to help users safely cope with their own general legal needs. Legal information is NOT the same as legal advice — the application of law to an individual’s specific circumstances. FRAUD STOPPERS is a National Private Members Association (PMA). PLEASE TAKE NOTICE OF THE FOLLOWING MARS Disclosure[s] 12 C.F.R. 1015.: (1) FRAUD STOPPERS PMA is NOT Affiliated with any Government Agency or Any Bank Lender; (2) Even if YOU Accept any of  FRAUD STOPPERS PMA Products or Services Your Lender May Choose to NOT Change Your Loan.  FRAUD STOPPERS products and services are only available to Active Members of the FRAUD STOPPERS PRIVATE MEMBERS ASSOCIATION. To join FRAUD STOPPERS PMA click here: https://www.fraudstoppers.org/members-only/

 

 

close

Enjoy this blog? Please spread the word :)

Visit Us
Follow Me
Tweet