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:
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.