In a recent agreement with federal regulators, Ocwen Financial Corporation will reduce struggling borrowers’ loan balances by $2 billion over foreclosure abuse practices. The Consumer Financial Protection Bureau (CFPB) and state attorneys general announced the deal last week.
Ocwen, one of the largest U.S. mortgage servicers, is accused of pushing borrowers into foreclosure through illegal actions, such as failing to promptly and accurately credit mortgage payments. The company also miscalculated interest rates and charged borrowers improper fees, according to regulators.
The CFPB, 49 states and the District of Columbia signed the agreement with Ocwen. The largest share of the $2 billion mortgage relief, an estimated $342 million, is expected to go to Florida. The decision is in alignment with the ultimate goals of preventing foreclosure abuse and helping struggling families keep their homes.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.