Contact Denbeaux & Denbeaux Law To Discuss Your Rushmore Loan Management Services Foreclosure In Nj
Are you a homeowner going through foreclosure and ready to fight back against Rushmore Loan Management Services? At Denbeaux & Denbeaux Law, we cover many foreclosure practice areas including foreclosure mediation, forbearance, loan modifications, and loss mitigation. We explore everyones unique situation and help you decide the best course of action.Dont give up without a fight! Contact us today for a free consultation and find out how Denbeaux & Denbeaux Law can help you fight foreclosure.
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Who Is Rushmore Loan Management Services Why Are They Foreclosing On My Home
A mortgage servicing company, also known as the mortgage servicer, is the company that handles your mortgage loan and often gets confused with the owner of the loan.
The owner of your mortgage loan is the bank or mortgage company that originally gave you the mortgage loan that allowed you to purchase your property. Some owners will also be the mortgage servicer of your loan, but some owners hire a second party to act as the servicer of the loan.
If you have received a Notice of Intent to Foreclose or other notices from Rushmore Loan Management Services, they may or may not own your mortgage loan. However, failing to act when you receive a notice of foreclosure from Rushmore Loan Management Services immediately may result in a foreclosure in as little as 6 months.
In most cases, the foreclosure process can be time sensitive and require that homeowners communicate with their servicers as soon as possible in order to get the best results. Its important to know who your mortgage servicing company is from the beginning so you know who to reach out to for important information regarding your foreclosure and loan modification options.
Customer Help And Tools
Pay online, by phone, auto draft, overnight mail, and many other ways. .
- COVID-19 Assistance: Were here to assist customers impacted by COVID-19. .
- TheHomeowner Assistance Fund is a federal assistance program that helps homeowners who have been financially impacted by COVID-19 pay their mortgage or other home expenses. Learn more about the program at . For additional information about states and jurisdictions offering mortgage assistance programs visit .
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Special Note On Payment Processing
Our standard business days are Monday Friday. Electronic payments received after 8:00 pm PT will be posted the following business day. We extend our business hours to take payments on the last Saturday of the month for ONLY those months that end on a Saturday or Sunday. Rushmore does not process payments on Sundays or Federal holidays.
Select Portfolio Servicing To Acquire Rushmore Loan Management Services
Select Portfolio Servicing, Inc. has announced that it has entered into a definitive asset purchase agreement with Rushmore Loan Management Services LLC to acquire certain Rushmore assets, including hiring Rushmore servicing personnel and assuming Rushmore servicing contracts.
The closing of the transaction is expected to occur in the fourth quarter of 2022, subject to various regulatory approvals and other customary closing conditions. After the transfer, Rushmore will operate as a division within SPS, led by the current President of Rushmore Servicing, Jocelyn Martin-Leano, who will report to SPS CEO, Randhir Gandhi.
“We believe that this combination of two highly rated and well-recognized brands will create a stronger company to better serve our customers, clients, regulators, and associates,” said SPS CEO Randhir Gandhi. “I believe that we are like-minded with very similar cultural values, which should result in a strong and successful future together.”
“Rushmore Loan Management Services is honored to be joining the SPS team and proud to be part of the legacy SPS is creating,” said Rushmore Servicing President, Jocelyn Martin-Leano. “As we enter into this new era, we are well-positioned to build something truly special together and provide unmatched service to our customers and clients.”
Houlihan Lokey served as financial advisor and Mayer Brown served as legal advisor to Rushmore. Alston & Bird served as legal advisor to SPS.
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Recent Loan Transfer Details
There are a few options: If you have already received an introductory letter from Rushmore, you can use the interim payment coupon provided.
If you have not received a letter and payment coupon from Rushmore, you can mail the payment to:
Rushmore Loan Management ServicesP.O. Box 514707 Los Angeles, CA 90051-4707.
Please include your Rushmore loan number on your check or money order.
If you already sent your payment to your prior servicer, thats okay, as your prior servicer will forward your payment to Rushmore and the payment will be applied to your account. This could take a couple of weeks but rest assured you will not receive a late charge as a result of this process.
To find out if your automatic monthly payment will transfer to Rushmore, please check the transfer notice that was sent by your prior servicer. The notice will indicate if your automatic payment will be transferred.
Automatic Payment Not Transferring:
If your automatic monthly payments are not transferring to Rushmore, once you have your new loan number, you can set up automatic payment online. Learn more in our Making Online Payments video.
Automatic Payment Transferring:
Generally, the terms of your loan will not change as a result of a transfer of servicing. Rushmore will honor the terms of your loan that were in place with your prior servicer, including any existing repayment plan or loan modification to which you agreed with your prior servicer.
To Update or Cancel Online:
This Is The Settlement Website For The Class Action Lawsuit Known As Fernandez V Rushmore Loan Management Services Llc Pending In The Us District Court Central District Of California
A $1,645,840.00 settlement has been reached in a class action lawsuit alleging that Rushmore charged borrowers convenience fees to make mortgage payments by phone. The Action asserts that Rushmores practice of charging such fees, among other things, violated the Fair Debt Collection Practices Act and the Rosenthal Fair Debt Collection Practices Act, and breached the terms of the borrowers loan agreements. Rushmore denies the allegations asserted in the Action.
The Court has determined that every person with a mortgage loan serviced by Rushmore from whom Rushmore collected a Convenience Fee from January 1, 2013, through September 19, 2021, is a Class Member:
If you were a borrower with a mortgage loan serviced by Rushmore Loan Management Services from whom Rushmore collected a Convenience Fee from January 1, 2013, through September 19, 2021, you may be entitled to a payment from a class action settlement.
| Receive a Payment | As long as you do not exclude yourself from the Settlement, you will automatically receive relief and do not need to take further action. |
| Exclude Yourself from the Settlement | The deadline to exclude yourself from the Settlement passed on January 24, 2022. |
| Object | The deadline to object to the Settlement passed on January 24, 2022. |
The Court held a Fairness Hearing and approved the Settlement on February 14, 2022, at 8:30 a.m. at the United States District Court for the Central District of California.
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Homeowner Rights In Foreclosure
As a homeowner in New Jersey, you have the right to:
- Challenge the foreclosure
- Loss mitigation
- Get up-to-date on mortgage payments
Banks and mortgage servicers are notorious for making mistakes that violate the law and your rights. These violations could lead to financial compensation and/or leverage for homeowners but often get swept under the rug.
If Rushmore Loan Management Services is falsely claiming that you missed payments, not correctly communicating with you, or denying you loan modification services, contact us today. They could be violating your homeowner rights. By taking the right steps and with the right legal representation, you can protect your rights and your home.
Sharma V Rushmore Loan Mgmt Servs
OM SHARMA, et al., Plaintiffs, v. RUSHMORE LOAN MANAGEMENT SERVICES, LLC, et al., Defendants.
GEORGE J. HAZEL United States District Judge
MEMORANDUM OPINION
Plaintiffs Om Sharma, Vaughn and Diane Riffe, Virginia Brown, and Susan Geiselman filed this putative class action on March 5, 2018 against mortgage servicer Rushmore Loan Management Services, LLC and the trustees of two New York common law trusts that own Plaintiffs’ mortgages: Wilmington Savings Fund Society, FSB , doing business as Christiana Trust, sued solely in its capacity as trustee for the trust BCAT 2014-4TT and U.S. Bank, National Association , sued solely in its capacity as trustee for the trust RMAC 2016-CTT . ECF No. 1. Plaintiffs assert a variety of federal and Maryland statutory claims premised on alleged violations of mortgage lending and servicing laws by Rushmore, Wilmington, and U.S. Bank . Plaintiffs filed an Amended Complaint on October 9, 2018, ECF No. 25, which Defendants have each individually moved to dismiss, ECF Nos. 38, 39, 41. No hearing is necessary. See Loc. Rule 105.6. . For the following reasons, the Court will grant the motions to dismiss by Wilmington and U.S. Bank and grant in part and deny in part Rushmore’s motion to dismiss. I. BACKGROUND
Unless otherwise stated, these facts are taken from Plaintiffs’ Amended Complaint, ECF No. 25, and are presumed to be true.
A. Defendants and General Allegations
B. Plaintiffs and Specific Allegations
1. Virginia Brown
2. Om Sharma
C. Claims
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Ii Standard Of Review
To state a claim that survives a Rule 12 motion, “a complaint must contain sufficient factual matter, accepted as true, to ‘state a claim to relief that is plausible on its face.'” Ashcroft v. Iqbal, 556 U.S. 662, 678 ). The “mere recital of elements of a cause of action, supported only by conclusory statements, is not sufficient to survive a motion made pursuant to Rule 12.” Walters v. McMahen, 684 F.3d 435, 439 . To determine whether a claim has crossed “the line from conceivable to plausible,” the Court must employ a “context-specific” inquiry, drawing on the court’s “experience and common sense.” Iqbal, 556 U.S. at 679-80 . The Court accepts “all well-pled facts as true and construes these facts in the light most favorable to the plaintiff in weighing the legal sufficiency of the complaint.” Nemet Chevrolet, Ltd. v. Consumeraffairs.com, Inc., 591 F.3d 250, 255 . The Court must also “draw all reasonable inferences in favor of the plaintiff.” Id. at 253 ). “ut need not accept the legal conclusions drawn from the facts, and . . . need not accept as true unwarranted inferences, unreasonable conclusions or arguments.” Id. ).
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Sps To Acquire Rushmore Loan Management Services Assets
Last week Rushmore shuttered its correspondent channel business
Select Portfolio Servicing Inc. has struck a deal to acquire certain assets of Texas-based Rushmore Loan Management Services LLC.
The deal, announced Monday, will result in Salt Lake City-based SPS acquiring Rushmores servicing personnel. The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals. Terms of the deal were not disclosed.
Should the deal close, Rushmores servicing division, led by Jocelyn Martin-Leano, will operate as a division of SPS. Martin-Leano will report to SPS CEO Randhir Gandhi.
We believe that this combination of two highly rated and well-recognized brands will create a stronger company to better serve our customers, clients, regulators and associates, Gandhi said in a press statement. I believe that we are like-minded with very similar cultural values, which should result in a strong and successful future together.
With Rushmore as a subsidiary, SPS would employ over 1,600 workers that service roughly 1.4 million loans. SPS is owned by Credit Suisse, and like Rushmore, one of the nations largest subservicers.
In addition, the company continues to promote a continuous improvement culture across the business, investing in significant technology enhancements and operational improvements.
