BREAKING NEWS —
For those of you who need clarification on Ocwen Loan Servicing’s “financial position” and “mortgage servicing rights”, please pay close attention to WHAT Ocwen acquired from ResCap and why ResCap had to file Chapter 11. Here’s the 11-page update:
You can also read (in the last paragraph of the Report) what the status is on the lawsuit filed by the CFPB.
For those of you that have been following my blog posts, also understand that ALL SERVICERS have to comply with REMIC rules if a REMIC is involved in your mortgage loan … that includes ADVANCES! Please refer to my other article on Ocwen in The Pooling & Servicing Agreement: Why Just Eat Half The Enchilada?
For those of you that need “clarification” on the duties of the Servicer, please pay close attention to the attachments in the referenced article … especially under the area of ADVANCES. This might explain more of servicer fraud, as the servicer, by omission, commits fraud on the court by NOT admitting that it has to make your mortgage payments if you fail to do so, under the 424(b)(5) Prospectus regulations (shown in the article, by Ocwen’s own admission), coming into court in a foreclosure proceeding claiming that the investors it represents (the REMIC’s certificate holders) suffered harm, when in fact (PLEASE PAY ATTENTION TO THE DISTRIBUTION DATES IN THE REMIC’S REGULATIONS), the investors have been getting paid all along, as long as the servicer is able to make the payments. This is even more evident when you read the sentence in the Report issued by the CFPB (attached) which explains WHY ResCap filed bankruptcy! Sorry, you actually should read the Report!
You can learn to fight Servicer Fraud at our upcoming Foreclosure Defense Workshop … this weekend in Orlando, Florida! Servicer Fraud is NOT just Ocwen … it’s all of them!
There are still a few seats left!
We will be sharing information about the differences in “buying time” versus “full resolution” in your foreclosure case!
Learn to attack Assignments of Mortgage and Deeds of Trust the right way!
Learn to attack the other’s side’s Limited Power of Attorney! … and so much more!