For working age people the backdate period will continue to be 6 months.
For older people the backdate period will continue to be 3 months.
“These borrowers were given 30 days from the date of the denial letter to appeal that denial, but those 30 days had already elapsed by the time they received the backdated letter.
"In other cases, Ocwen’s systems show that borrowers facing foreclosure received letters with a date by which to cure their default and avoid foreclosure – and the cure date was months prior to receipt of the letter. Volatility was so high that trading was momentarily halted around p.m. In the wake of Lawsky's latest letter, each of the Ocwen-related stocks was also down as much as 10% for the day, as of p.m. The other leading nonbanks appeared to be suffering collateral damage from the NYDFS announcement.
The full extent of Ocwen’s backdated letter problem is coming to light as Lawsky negotiates with the company to shake up its leadership and provide relief to consumers, a source close to the probe told The Post.
Borrowers are only allowed 30 days to appeal the denial, so the appeal period had largely passed by the time they got the letter, he wrote.
Due to volatility, trading was briefly halted three times for Ocwen.
The DFS has evidence of backdated letters going back further that it hasn’t made publicly available while the investigation is ongoing, the source said.
Eartha Smith, 75, a former fire department nurse who retired on disability, tried to get a modification on her 1,000 home loan in 2009, according to her lawyer, Peter Gleason.