First time dealing with Ocwen- any advice?

Question

I need Ocwen to release a portion of property that I bought from my neighbor 25 years ago.. I have the deed, and I need to know how to get in touch with someone at Ocwen who can release my property off of my neighbor's mortgage. I cannot sell my property without them releasing it and my neighbor is no help at all. If anyone knows of a number I can call to get help or has any advice for me it would be  much appreciated. Thank you :)

Wayne Brooks · Answer

@Lisa L Wegner

To be clear:

This mtg was already in place Before you bought this piece?

If so, the title company didn't have the Power to get the mtg released, the lender would have had to agree to it, and execute the release, which likely would have required the seller to partially pay down the loan.

Did you get Title Insurance when you bought this parcel?  It could have been with or without.  If yes, there may have been an exception for the mtg. If you Did get title insurance, with no exception, the the title Insurer would be responsible.  The title co. may be out of business, but the actual Insurer is still around.

I suspect you did Not get title Insurance.  If this was a preexisting mtg, and is not in default, after this time the balance should be very low.  This will help your chances of getting a release, but it will take persistence, and they they don't Have to give you a release.

You will Have to get to the US based offices of Ocwen, not the overseas people you will initially be dealing with, and it may require some payment to them to make this happen...they are not legally bound to give you this release, regardless of how much you paid the owner, since they have a valid mtg.

You May have to threaten/file an action against the seller to motivate them to cooperate, if they gave you a full Warranty Deed.

If the mtg now with Ocwen was placed After you bought the property, and recorded the deed, it is Not valid.  This would apply to a refinance also, since the original mtg would be eliminated, and replace.

As @Tom Gimer mentioned, Ocwen usually services loans in default.  If this is the case, your task becomes Much harder.  If the loan is actually foreclosed, you would actually Lose this piece of property, as the original mtg is still valid.  Again, this is assuming we are talking about a mtg in place Before you bought, and the Same mtg is still in effect.

Wayne Brooks · Answer

@Jay Hinrichs Yeh, a real joy to deal with.....even if you could understand them reading from their script.

@Lisa L Wegner So, I assume there was a mtg in place before you bought the parcel? If so, there was no guarantee the title co. could get the Lender to execute the partial release, the seller would have had to arrange/negotiate that.

Wayne Brooks · Answer

couple of questions

Was the sale recorded?

Was there any kind of subdivision, was this already a separate lot?

Was the portion sold just simply "described" in the deed?

I assume the sale/deed was Not recorded before the mtg was taken out?

Without cooperation from the neighbor, this will not likely be a quick/easy task.

Tom Gimer · Answer

@Lisa L Wegner

Neighbor's husband died and then she sold her property (known as 1589 S. Huron) in 2012 -- she would have paid off Ocwen or whoever held the note at that time. I don't see your parcel pledged as security for any loan after seller acquired in 1981. Care to post the title report?

Lisa L Wegner · Answer

By any chance do you work for Ocwen? Our neighbors property is 1627 S. Huron Rd. Kawkawlin, Mi 48631 our property is 1639 S. Huron Rd. KAWkawlin, Mi 48631

Wayne Brooks · Answer

@Lisa L Wegner It doesn't matter when the loan was Sold/assigned to Ocwen.

What matters is:  Was this same mtg, that was later sold to Ocwen, originated and Recorded in place Before you bought the piece of property.  The date the mtg was First Recorded against the property is what matters, not when or how many times it was later sold.

This is a very clear cut question, and makes All the difference in how it has to be dealt with.

Since you have a title co telling you there is a problem, I suspect this is the case.

If your county property records and recording information is available online as it is in most places, it would be fairly simple for us to see what happened when, with the address.

Lisa L Wegner · Answer

OCWEN acquired the mortgage in 2004. We purchased the property in 1993. Our title company said that whether or not we have title insurance doesnt matter cause we have the deed since 1993. Their mortgage was sold in 2004 to Ocwen.

Lisa L Wegner · Answer

Well my title company and my attorney and the buyer agree that their is a cloud on that piece. They say it needs to be released. My buyer wont buy it cause the title isnt clean

Tom Gimer · Answer

Not only that, but doesn't it seem like they are only involved with assets in or soon to be in foreclosure...

Tom Gimer · Answer

@Lisa L Wegner

My point was Ocwen's mortgage, if it was recorded after 1993 when you acquired this parcel and recorded your deed, would not encumber your land. It's entirely possible that the current mortgage on title includes a description of your land due to an error in the legal description but it does not actually encumber it.

First time dealing with Ocwen- any advice?

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