Zervos v. ocwen loan servicing, LLC, 2012 U.S. Dist. LEXIS 44869 (D. MD 2012). A husband and wife brought a lawsuit against Ocwen Loan Servicing falsely stating their home had been foreclosed on when it had not. Ocwen is a debt buyer that had bought the couple’s mortgage loan from the original mortgage creditor.
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Complaint / review text: We had our mortgage sold to Ocwen by another company and as soon as Ocwen took over we had problems with proof of insurance and property taxes, after a few months the interest rates started going up every 6 months like clockwork by on whole percentage point every 6 months; till we ended up at 10.25% interest.
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Ocwen Loan Servicing, LLC is a subsidiary company of Ocwen Financial Corporation that is known to provide mortgage loan services to the residential customers in and out of the United States. Its loan servicing includes customer service, collections, investor accounting, escrow, loss mitigation, foreclosure, and property disposition.
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NEW YORK, Oct. 24, 2012 (GLOBE NEWSWIRE) — Ocwen Loan Servicing, LLC, the mortgage servicing arm of Ocwen Financial Corporation (NYSE:OCN), and walter investment management corp. (nyse MKT:WAC) today were jointly awarded the highest and best bid for the mortgage servicing and origination platform assets of Residential Capital, LLC (ResCap) in a Bankruptcy Court sponsored auction.
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We had our loan in 2000 with Aegis Mortgage and they sold our loan to Wells Fargo in one year. So, in 2001, we’ve been with Wells Fargo. I knew mortgage companies had the right to sale your mortgage note whenever they wanted to, but today I’ve been hearing people’s loans being sold every year or every two years, and the change is who is servicing your loan has made the mortgage companies RICHER.
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