Jury Awards $339,642 to Homeowner Against Ocwen for Wrongful Foreclosure

Jury Awards $339,642 to Homeowner Against Ocwen for Wrongful Foreclosure

A federal jury in Bakersfield, California awarded $158,568 in economic and statutory damages and $300,000 in emotional distress damages to a homeowner against Ocwen Loan Servicing, LLC (“OCWEN”).

The homeowners, Frank and Dora Cornejo had applied for a loan modification, but claimed Ocwen was “dual tracking” in violation of California’s Homeowner Bill of Rights, Civil Code Section 2923.6. Dual tracking is against the law and occurs when a mortgage servicer continues to foreclose on a homeowner’s home while simultaneously considering the homeowner’s application for a loan modification, short sale, or other form of loss mitigation. (more…)

California Supreme Court Rules Homeowners Have Right to Challenge Fraudulent Foreclosure Cases

California Supreme Court Rules Homeowners Have Right to Challenge Fraudulent Foreclosure Cases

In the case below of Yvanova v. New Century Mortgage, the California Supreme Court ruled, “A homeowner who has been foreclosed law and orderon by one with no right to do so has suffered an injurious invasion of his or her legal rights at the foreclosing entity’s hands.”

“A deed of trust may thus be assigned one or multiple times over the life of the loan it secures. But if the borrower defaults on the loan, only the current beneficiary may direct the trustee to undertake the nonjudicial foreclosure process.

Only the true owner or beneficial holder of a Deed of Trust can bring to completion a nonjudicial foreclosure under California law.” (more…)