Ocwen relents, enables retired nurse to keep her house : Loan Modification Key

Ocwen relents, enables retired nurse to keep her house

Ocwen relents, enables retired nurse to keep her house

"A 75-year-old Brooklyn woman won her five-year legal battle with one of the nation’s biggest mortgage servicers after The Post reported on her struggle to save her Brooklyn home.

Eartha Smith, a retired nurse for the New York Fire Department, finally got an e-mail from Ocwen Financial granting her a mortgage modification following several false starts and 16 trips to court, according to her lawyer, Peter Gleason.

Ben Lawsky, New York’s top financial regulator, has accused Ocwen of backdating thousands of time-sensitive letters to struggling borrowers, denying them the chance to rework their troubled loans.

In Smith’s case, Ocwen sent her a letter in 2010 that was dated five months before it arrived, Gleason said.

Smith sought a modification after missing four payments on her $131,000 home loan in 2009. In September of 2014, Ocwen’s lawyers said the company would accept $180,000. Then, in October, Ocwen did an about-face and demanded $205,000.

On Sunday, one day after The Post reported on Smith’s problems, lawyers for Ocwen reached out to Gleason with an offer to accept the lower amount.

“We have authority to accept the 185K payoff,” Seth Weinberg, a lawyer for Ocwen, said in an e-mail. “Please let me know if this is acceptable to resolve the matter.”

While it tries to close the door on Smith’s case, Ocwen is still dealing with regulators over a host of alleged borrower abuses. Lawsky’s office is pushing Ocwen to overhaul management and provide consumer relief for homeowners, according to people familiar with the negotiations.

An Ocwen spokesman declined to comment."

 

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