Ocwen Mortage Settlement Payments Expected this Year

By: WSAW Staff Email
By: WSAW Staff Email

Attorney General J.B. Van Hollen and Department of Financial Institutions’ Secretary Peter Bildsten announced Friday that 2,446 Ocwen customers from Wisconsin who lost their homes to foreclosure between January 1, 2009, and December 31, 2012, soon will receive important information about how to file a claim for payment under the Ocwen Mortgage Settlement.

The exact amount of individual payments is projected to exceed $1,000 each, but will depend on the total number of borrowers who file a claim. Eligible borrowers do not need to prove financial harm to receive a payment, nor do they give up their rights to pursue a lawsuit against their mortgage servicer. Attorney General Van Hollen and Secretary Bildsten encourage every eligible Wisconsin citizen to file a claim for their share of the payments.

Packets containing a letter from the Attorney General and the Secretary, claim form, instructions, and answers to frequently asked questions were mailed to eligible borrowers this week. The deadline for all claims is September 15, 2014. Payment checks are expected to be mailed in December of 2014.

Borrowers who have questions or need assistance filing their claim may contact the settlement administrator toll-free at: 1‐866‐783‐5382. Information and an online claim form can be found at www.nationalmortgagesettlement.com.

If you believe you may qualify for a payment but have not received a notice in the mail, you can contact the settlement administrator by calling toll-free at 1‐866‐783‐5382 to request an application.

Wisconsin residents who have questions about the Ocwen mortgage settlement are encouraged to contact the Wisconsin Department of Justice (DOJ) at: consumerprotection@doj.state.wi.us, 800-998-0700 or 608-266-1852.

Assistant Attorney General Holly Pomraning represented the state in the mortgage settlement, and serves as the DOJ's Special Assistant Attorney General for Mortgage Foreclosure Mitigation.

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