Month: March 2015

Zamparo Law Group Mortgage News

Ocwen Transferring Mortgage Servicing to Nationstar, Green Tree, and Others

Upon hearing that Ocwen is selling big chunks of its mortgage servicing portfolio to multiple separate companies including Nationstar and Green Tree, we thought we would take a moment to address mortgage servicing and some of the problems we have seen when mortgages are transferred from one servicer to another. (A “servicer” is a third party to whom the originator of a mortgage assigns the job of taking payments and sending statements, etc., if it is not interested in tending to the loan itself.)

We have seen the following issues adversely affect consumers when the servicing of their mortgage loan is transferred from one entity to another:

  • Mistakes regarding escrow payments such as demanding extra escrow amounts when they were not required before, or incorrectly calculating what amounts are actually due;
  • Mistakes regarding mortgage modifications including refusing to honor modifications entered into by the borrower and previous servicer and failure to complete a pending modification if a borrower is in a trial period; and
  • Failure to provide various federally-mandated notices and disclosures.

When these mistakes are made, servicers may believe that the loan is in default and initiate burdensome and sometimes downright harassing collection tactics. If any of the above describes your situation, we invite you to call us today.

Even if you haven’t experienced problems like the above, stay on the lookout for letters regarding the transfer of servicing of your mortgage, especially if you currently work with Ocwen. Keep correspondence from your present servicer, especially the final statement you receive before the loan is transferred to the second servicer. If you have questions or feel like a mistake has been made, we can offer a free consultation to discuss what avenues for resolution may be available to you.

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Zamparo Law Group - Consumer Law

What Exactly is “Consumer Law?”

When we tell people that we are lawyers, they inevitably ask, “What kind of lawyer are you?” When we say that we are consumer lawyers, they quickly move on to another topic of discussion. We find that few people—other lawyers included!—have an accurate conception of what consumer law is. Even other monikers like “consumer rights law” and “consumer protection law” still leave people at a loss concerning what we do.

It’s true: “consumer law” can be a bit confusing because it encompasses so many areas of the law. Generally, however, it deals with issues arising out of consumer credit transactions and deceptive sales practices. These seemingly simple areas involve a host of laws including federal laws like the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Telephone Consumer Protection Act and the Driver Privacy Protection Act, and state laws prohibiting unfair and deceptive business practices, mortgage foreclosure, and fraud, just to name a few!

1. Defending Debtors’ Rights

  • Stopping harassment, defending collections lawsuits, providing consumer credit counseling, and working to settle and eliminate consumer debt short of bankruptcy.

2. Credit Reporting

  • Fighting the effects of identity theft and employment background check errors, correcting improper credit reporting; advising about bankruptcy, and stopping unauthorized credit inquiries.

3. Mortgage Lending

  • Defending foreclosure suits, fighting foreclosure “rescue” scams; stopping predatory lending.

4. Telephone Consumer Protection Act

  • Stopping abusive patterns of excessive and harassing collection calls to cell phones without consent.

5. Unfair and Deceptive Business Practices

  • Holding businesses accountable for playing fair in the marketplace.

We once met a client who had been searching online for a lawyer regarding a debt harassment issue that had plagued him for over five years. His searches, frustratingly, consistently led him to personal injury attorneys. Finally, a friend told him to look up “consumer” attorneys. He immediately found our firm and found the help he needed. Don’t let this be you! If any of the above describe what you’re dealing with, contact us today.

As consumer lawyers, we are proud to advocate for and protect the rights of everyday people from all walks of life. We look forward to serving you, too.

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