Filed: Aug. 05, 2015
Latest Update: Aug. 05, 2015
Summary: ORDER REGARDING COURT'S PROPOSED CLASS NOTICE; PROPOSED ORDER GRANTING PRELIMINARY APPROVAL EDWARD M. CHEN , District Judge . The Court has reviewed the parties joint proposal regarding class notice in this case. Docket No. 59. The Court has attached to this Order a revised version of the first page of the class notice, which changes shall be implemented when class notice is disseminated. The parties are ORDERED to file with the Court a proposed order granting preliminary settlement appr
Summary: ORDER REGARDING COURT'S PROPOSED CLASS NOTICE; PROPOSED ORDER GRANTING PRELIMINARY APPROVAL EDWARD M. CHEN , District Judge . The Court has reviewed the parties joint proposal regarding class notice in this case. Docket No. 59. The Court has attached to this Order a revised version of the first page of the class notice, which changes shall be implemented when class notice is disseminated. The parties are ORDERED to file with the Court a proposed order granting preliminary settlement appro..
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ORDER REGARDING COURT'S PROPOSED CLASS NOTICE; PROPOSED ORDER GRANTING PRELIMINARY APPROVAL
EDWARD M. CHEN, District Judge.
The Court has reviewed the parties joint proposal regarding class notice in this case. Docket No. 59. The Court has attached to this Order a revised version of the first page of the class notice, which changes shall be implemented when class notice is disseminated.
The parties are ORDERED to file with the Court a proposed order granting preliminary settlement approval. In the proposed order, the parties shall include a reasonable schedule for further proceedings, including a final approval hearing date,1 notice and opt-out dates, objection dates, etc. . . The parties shall file their proposed order no later than Monday, August 10, 2015.
IT IS SO ORDERED.
UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA
If you had a loan serviced by Ocwen Loan Servicing, LLC, your rights may be affected by a class action settlement, including your right to money.
A Federal Court authorized this Notice. This is not a solicitation from a lawyer.
• A proposed settlement has been reached in a class action lawsuit concerning whether Ocwen Loan Servicing, LLC ("Ocwen") properly reported mortgage interest payments to the Internal Revenue Service (IRS) for borrowers who had "Option ARM" mortgages or other negatively amortizing mortgages that were serviced by Ocwen in 2013.
• Please read this Notice carefully. Your rights are affected whether you act or don't act.
• Ocwen's records show that you are included in this class action lawsuit and proposed Settlement. You are automatically included in this class action lawsuit and the proposed Settlement if, in 2013, you (1) had an "Option Arm" or other negatively amortizing mortgage loan that was serviced by Ocwen; (2) you repaid a portion of the accrued negative amortization on your mortgage; and (3) your negative amortization repayments were not reported to the IRS on Form 1098 for the 2013 tax year (see "The Settlement Class— Who is Included" below for more details and descriptions).
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT:
DO NOTHING Automatically get $35 for each qualifying loan and receive amended
2013 Form 1098. Give up rights. Give up your right to use.
You should already have received an amended 2013 Form 1098 that includes
your payments that were applied to your accrued negative amortization. This
form will assist you in amending your 2013 Tax Return. If you do nothing, you
will also receive a $35 payment after the Court grants final approval of the
Settlement. You will give up the right to start your own lawsuit, continue with
a lawsuit or join a different lawsuit against Ocwen about the negative
amortization payments you made prior to this settlement.
ASK TO BE EXCLUDED Get out of this lawsuit. Get no Settlement payment. Keep rights to sue.
DEADLINE: If you exclude yourself (remove yourself from the Settlement), you may still
file an amended return with the amended Form 1098 that you have received.
You will not receive a $35 payment. You will keep the right to sue Ocwen in a
separate lawsuit about the claims this Settlement resolves.
OBJECT TO THE Write to the Court. Automatically get $35 for each qualifying loan. Give
SETTLEMENT up rights to sue.
DEADLINE: If you do not like the terms of the Settlement, but do not want to be excluded,
you can write to the Court and state the reasons why you don't like the
Settlement or a part of it. The Court will review what you write and decide if
the Settlement is fair. If the Court approves the settlement will still be part of
the Settlement. You will receive a $35 payment. Unless you ask to be
excluded, you will give up the right to start your own lawsuit, continue with a
lawsuit or join a different lawsuit against Ocwen about the negative
amortization payments you made prior to this settlement.
GO TO A HEARING Ask to speak in Court about the fairness of the Settlement at the Fairness
ON: Hearing.
• If you are a member of this Class, you should have received an amended Form 1098 from Ocwen reporting the accrued negative amortization that you repaid in 2013. This form will help you amend your 2013 Tax Return to claim a mortgage interest deduction for your 2013 negative amortization payments. After the Court gives its final approval of the Settlement, you will also receive a $35 payment as compensation for the inconvenience and potential expense of amending your 2013 Tax Return.
• The Court in charge of this case has to decide whether to approve the proposed Settlement. If you qualify, you will receive a cash payment as compensation for the inconvenience and potential expense of amending your 2013 Tax Return. This process may take several months based upon the Court's scheduling calendar. Please be patient.
