Robosigning by Big Mortgage Servicers? Stop the Presses!
Posted on Apr 4, 2012 in Foreclosure - Saving Your Home, Illinois, Mortgage Foreclosure Defense, Mortgage Modifications, Wisconsin
In what has come to be a weekly rite of passage, another big mortgage servicer is being investigated for its faulty servicing practices and “robo-signing”. You probably heard about the Bank of America/Chase/Citigroup/Wells Fargo/GMAC (Ally) settlement from the attorneys general of 49 states. You may have heard the less publicized news of a settlement with Litton Loan Servicing last year (they were a subsidiary of Goldman Sachs, a huge Wall Street firm – Ocwen services most of these loans now).
Now we have news of another suit by the Federal Reserve, this time against Saxon Mortgage Services, a company under the Morgan Stanley umbrella (yes, another major Wall Street Firm). The same practices that all the other major services are being accused of emerges once again, with only the name of the servicer changed.
It’s worth noting that for all of the poor homeowners here unfortunate to have Ocwen Financial servicing their loans: you’re in the same boat as a lot of people. Ocwen is not only servicing the lousy loans of Litton, but Saxon as well. Good luck trying to work with them and get a straight answer on a loan modification or other request.
If you were in a foreclosure from 2009 through 2010 and Saxon was the servicer, chances are you may be getting correspondence soon from somebody – either a government official or a representative of Ocwen. If you have any concerns about such a loan or any paperwork you have received from these parties, please call us at Lakelaw to discuss further.