Ocwen Settlement? When to expect ?

841 of 1127 Ocwen reviews

Hello.I recently (within past year), lost my house to short sale.

I had gone through numerous sleepless nights because of Ocwen. I had 2 little kids at the time, and the daily fear of losing the house almost killed me... Ive been through forebearance plans, loan mods, and more.... Is this settlement over?

What can folks like me expect to receive? When can folks expect anything?

Ive read all sorts of things from $2000 to $1000 to less...I could go on and on about the issues ive had with ocwen, but if you're reading this, you probably already know about the issues....

This review is a subjective opinion of a user.
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Monetary loss:
Product or service
Loan Servicing
Review category
Loans and Mortgages
review #257724 by
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Helpful? 17 Yes 17 2 No 2
Had the same issue 1 Yes 1
841 of 1127 Ocwen reviews
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Dec 09, 2014 #913438 Dallas, Texas, United States

Hey!! Good news! They have begun dispersing payments this month!! dec 6-9th. Website says pymt of approx $1150, give or take and expect it in the mail up to 2 wks(but probably not that long. YIPPEE!

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mary 8/2/2012

Aug 02, 2012 #523075

Mike 66 July 10, 2012 commented that Ocwen stop cashing his checks and returning them, that is the same thing Ocwen did to my sister. They returned her money orders to her every time she sent them a monthly payments.

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Mike 66

Jul 10, 2012 #510251

Dealt with the nightmare of Ocwen "loan servicing"- was in a dire medical issue in 2006 and subsequently went into forclosure in 2008, los my condo becuase of there "helping hand"- I tried to have them steer me to the actual Bank that held title to my home, but instead they foisted a take it or lose it "modification" that was supposed to be temporary - turned out the temporary ( 6 month) mod was considered permenent, and my mortgage went from $1975.00 ,which at the time I could afford, to $3,475.00/ mo.Each time I made a request to know who exactly held my mortgage Ocwen Rep "mrs Rivera" was whom I was referred to. At one point after dealing with her via telephone for nearly 4 months, she STOPPED taking my calls, Ocwne STOPPED cashing my checks and returning them, then claiming I never sent the payments!!

I later found out that JP Morgan Chase( Biggest THIEVEs in the nation) was the actual title holder, and that Ocwen was little more than a service and debt collector- NOT the actual Bank!!!

even after forclosure and moving away- nearly 4 yrs later, Ocwen still bombards me with demands to pay my second mortgage, including daily telephone calls, 7 days a week- when I do attempt to speak to someone , nothing is resolved( I was once "offered" an additional MODIFICATION to "catch up" on the supposedly outstanding 2nd, that would have cost me $1,500)

This is what "deregulation" and big bank bail outs gets you- I am waiting for the
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Apr 04, 2012 #461029

My Lender just sold my loan to Ocwen. After reading the comments, I'm pretty concerned. What should I look-out for. It appears that you're not even safe if you pay on time.

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Feb 23, 2012 #435726

Ocwen got my loan in 2003.Never been late on it at all.So with all of the stuff that ocwen put on me.I did everything to keep my house.In 2009 i sold it.I lost 200,000 I be dam if ocwen was going to get it.It wiped me out,all my money and my credit.Now after the lawsuit they said I get 0 because the paperwork was wrong.That is B.S. :(

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Feb 22, 2012 #435162

Yes ocwen is a real joke and i too am not bothering with short sale attempts or giving them the pleasure of deed in lieu. The will not modify my adjistable rate and believe twenty one percent intrest is okay. All of the obama crappy plans with good intentions get re vamped to suit the lender. Ocwen should be forced to work with individuals. It makes no sense. I paid each month on time and was de.ied three mods. And on the fourth wasnt even notified of the denial. Ocwens investors out lien holders should be mindful of the loss they will be in by so many mess ups. Ocwen will be a real estate efore the market improves. As for now i bank my payments and wait for foreclosure. And i got no check.

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Jo Ann C

Feb 16, 2012 #431561

We tried to sell our home by short sale but Ocwen would not accept the 5 offers sent to them by qualified real estate agents. The last offer was a cash offer but Ocwen demanded the deal close in 7 days ( doomed to fail). They got their wish by foreclosing on us. The $10 check was a joke.....there has to be something more we can do about this company!

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Feb 08, 2012 #425376

The worst company their trick is to take your automatic deduction info and change one number thereby accruing late fees. All you can expect is to speak to someone in India that you cannot understand and will not help you.

1 0 Reply

Jan 31, 2012 #419407

To Chris, so after you wrote to the lawyers, did they say, that their would be nomore money to go out among all the class members, the checks, we did get, that was it.

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Jan 17, 2012 #410875

Still no checking for us....does anyone out there know how to reach somebody??

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Dec 28, 2011 #398722

:( thought that it was $1million per class not total for all. Maybe we should Sue if possible.

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Dec 28, 2011 #398699

So Ocwen screwed over 100,000 customers and the best they could come up with was a settlement that paid each one ten bucks?

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Dec 27, 2011 #398498

This is the responce I recieved after I wrote the law firm about the settlement check

I'm sorry to hear that you are unhappy with the settlement. The $10.39 was a proportional distribution of the $1 million statutory settlement fee penalized against Ocwen for violating state statutes. There were over 100,000 people who made claims to the settlement and disbursement was allocated evenly among those who made claims to the statutory settlement fund.

Unfortunately, you were not eligible to be a full participant. Full participants are class members who were assessed (1) at least two premiums for force-placed insurance, which insurance was not later flat-cancelled with all premium charges reversed; (2) a total of more than $1,000 in default and delinquency fees; or (3) bankruptcy-related costs and fees in excess of $150 if the loan was current at the time of the bankruptcy filing or in excess of $600 if the loan was delinquent at the time of filing.

There were many people who were full participants who benefitted from the settlement by (1) having their entire deficiency balance waived or (2) receiving a Late Fee Waiver of 50% of their late fees up to $1000. In fact, the average deficiency balance being waived by Ocwen is $44,397.50, with 17,906 loans qualifying under the settlement. The average late fee amount being waived by Ocwen is $325.50, with 40,800 loans that qualify.

Finally, the injunctive relief provided in
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Dec 27, 2011 #398207

I guess I should feel priviledged... I got 52.07.

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Angry Bird

Dec 27, 2011 #398024

Can you beleive it 10.39. What a joke, big guy always wins!

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Dec 27, 2011 #398002

Anyone notice that they never even bothered to update the website or phone number? Nice to know that someone can profit from our misfortune with Ocwen.

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Dec 27, 2011 #397918

I sent my $10.00 check back. The whole class action suit was a joke at our cost. So many sad stories about people losing their homes and they have the nerve to send a $10.00 check.

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Dec 26, 2011 #397570

Hey we got a 10.39 dollar check to, but its a joke when it was supose to be 7000.00. On top of it its been four years since we lost our house. The house was sold in sheriff action. We on our credit shows we still own the house. Its still on our credit not as a forcloser.This place is a joke

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Dec 26, 2011 #397567

Hey y'all... Happy holidays.. I started this complaint,
Figure I should report my check amount as well...
I also got an astounding $10.39... Not even gonna
Bother to cash or deposit it.... Unbelievable... I miss
My house.... It's where my kids grew up... Some of the
Happiest memories of my life there.. Just sad... Granted, I did
Get away from a high underwater mortgage when
It's all said and done... And got $10.... So I should be ok
Right? But I miss my house....

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Dec 26, 2011 #397545

I was Full Claimant

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