A class action lawsuit against OCW loan servicing is one of the most formidable weapons an individual can bring to bear in their attempts to hold negligent parties accountable for their actions. Class action lawsuits allow a group of similarly situated individuals to file their claims together and receive fair representation under the umbrella of a class action lawsuit. If your lender or servicer engages in any of the following practices, you may wish to file a class action lawsuit against them:
OCW Loan servicing companies are required by law to adequately protect the interest of their borrowers.
For this reason, they must provide proper disclosures of any loan servicing transactions that occur, as well as an itemized accounting of each transaction. The servicing contract itself must also be provided to the borrower and he/she must sign it, if signing to have service done on his/her property. Failure to do so would constitute grounds for liability on the part of the loan servicing company.
The terms of the servicing agreement between the borrower and the servicer must also be carefully examined.
For instance, if the agreement provides for periodic payments by the borrower, the servicing agreement must detail each such payment. Failure to pay these amounts could lead to a lawsuit against the company. Likewise, failure to supply documentation of payment could subject the borrower and the company to liability.
If an individual files a class action lawsuit against OCW Loan servicing companies, there are certain factors which must be considered.
These include: (a) whether or not the lending institution or its agents had notice of the deficiencies cited in the complaint; (b) if so, whether or not such deficiencies are significant enough to cause injury to the plaintiff; and (c) if not, how the negligent act or conduct caused the harm. The court’s reasoning will ultimately determine whether or not the loan servicing company was negligent in providing services. The class action lawsuit must be filed within two years of the date when the negligent act or conduct occurred. If the class action lawsuit is filed after the statute of limitations expires, the plaintiff will not be granted damages.
If you have been injured because of OCW Loan servicing failures, you should consult with a qualified attorney.
There are specialized attorneys who focus solely on providing counsel to people who have been injured via OCW. These specialized attorneys will help you build a case against the loan servicing corporation. If you are planning to sue, you must ensure that your lawyer has sufficient knowledge and experience in dealing with this matter.
There are two class action lawsuits against OCW Loan servicing entities currently pending in the U.S. courts.
If you have been injured because of OCW Loan servicing, it is advised that you contact one of your attorneys as soon as possible. The initial consultation can be free of charge and you may decide to join an attorney based party lawsuit, which would be a cost-based lawsuit. You will be able to learn more about your rights when you contact an experienced attorney.
