Sunday, September 15, 2013


This should never, ever happen. And as this couple never missed a mortgage payment, it can happen to anyone:

Last year, they got a loan modification with Ocwen Financial Corporation. Then they say they got a call, and later a letter, notifying them Ocwen had sold their loan to Nationstar Mortgage. In June, they got a knock at the door.

"They came and knocked on our door. That's how we found out our house had been sold," said Louise Sinclair.

The Sinclairs say although they hadn't received notice prior to that day, the person at the door told them they had two weeks to leave their house because a company called Sage Equities had bought it in foreclosure. They were expected to pay rent in the meantime.

Companies like Nationstar aren't honoring modifications when they buy mortgage servicing rights. They try to steal the home instead.

This on non-bank servicers like Nationstar.

This on how CFPB found abuse like this as a continuing practice.

Private property rights are theoretical at this point.