![Upon reviewing the handling of her mortgage loan Palain was able to find a large list of causes of action due to the improper handling by Ocwen Financial Company. Armed with a securitization audit the client was able to strengthen her foreclosure defense]()
The shifting economy has changed the face of America and consequentially many homeowners have fallen behind on their loans and have been struggling to make their mortgage payments. As foreclosure looms ominously in the distance many fear there is nothing they can do to change their situation.
A California homeowner, Alicia Ibarra, was facing a pending sale date in October 2013. Seeking help Ms. Ibarra approached a law firm to assist her in her foreclosure defense. Her law office immediately hired Paladin to conduct a securitization audit to investigate the potential improper practices in loan servicing by Ocwen Financial Corporation. The results of that audit reflected the lender had no proper beneficial interest in the loan or standing to foreclose. The law offices filed a complaint on September 25th, 2013 and Ocwen Financial Company was served with the following causes of action; Breach of Contract- Third Party Beneficiary, Constructive Fraud, Fraud and Deceit, Violation of California Civil Code Section §2923.5, Violation of California Civil Code Section §2923.6, Violation of California Civil Code Section §2923.7, Promissory Estoppel, Negligence, Negligent Misrepresentation, Violation of Business and Professional Code Section 17 200, Et Seq.
A settlement offer was submitted to Ocwen by Ibarra’s attorney and received by Ocwen on October 29th, 2013. Ocwen proposed the removal of the foreclosure from listing as a sale, a 43% ($202,000) reduction in principal, a 33% (4 point) reduction in rate from 6% to 2% and a payment savings of 48% ($1,636.79) per month. New terms were added to amend the loan to state to state that after five years or 60 months rate steps to 4.28%, which is a 29% reduction in rate from the original terms at 6%. The proposed settlement was accepted on November 6th, 2013. In just a little over a month, Ibarra’s attorney was able to negotiate the cancellation of their foreclosure and won nearly half of their home loan in the settlement.
Take action today and procure a mortgage audit to ensure that your mortgage was handled propertly. Paladin Securitization Auditors is currently offering a free consultation to see if a securitization audit is right for your specific situation. For more information please contact us at (877) 848-8088. Or for more information visit our website at www.securitizationauditservices.com.
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