Ruth Irvin, Home Buyer in Tamarac, FL

Ocwen - REO bidding

Asked by Ruth Irvin, Tamarac, FL Wed Jul 11, 2012

Placed a bid on an REO property owned by Ocwen on 2/2011 and they have not as of this date done anything with it. The last thing we heard was that the attorney who originally did the foreclosure did not clear the title correctly and is having to reforclose on the property. With that said, he is also looking to get compensated by Ocwen to proceed but Ocwen continue to give him the run around so our file continues to be kicked to the back burner. Has this happened to anyone before & if so, can it be fixed by hiring a lawyer.

You call Ocwen and never get a person that lives in the United States. They've outsourced all their work to India & Uganda.

Thank you in advance for the replies

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Answers

7
Ruth, if the Lawyer that did the foreclosure is not getting paying this just will complicate things even more. just to find somebody at Ocwen that understand the problem could take years and many emails and explanation, it is not easy. Usually to re foreclosure could take 4-7 months and that is if every party understand each other. I do not think that is your case. I will move on or just wait a couple of years until it is resolved!
0 votes Thank Flag Link Sun Jul 15, 2012
Speak with your attorney about a "Quiet Title Action". Foreclosure actions will result in a variety of ownership Deeds and Titles. Not all of them give you "marketable title". QTA may cost as much as 5-6k but it can result in a clear and marketable title.
0 votes Thank Flag Link Fri Jul 13, 2012
Dear Ruth,

You definitelly need to visit your lawyer; however, in this particular case, there is nothing you can do. If Ocwen doesn't have a clear title, it can not sell the property. Depending on your time to move, you should ask your Realtor to look for another home like this one, and move on.

I wish you good luck.

Harry Hyppolite
Realtor Consultant
Keller Williams Properties.
(954) 825-3682

For a FREE and accurate list of all listing for sale in your area visit the following site and request your FREE personal page: http://www.Harry.KellerWilliamsProperties.com
0 votes Thank Flag Link Wed Jul 11, 2012
Ruth,

You really should call a lawyer. Do it today. You need someone to read all the paperwork, and to interpret all the consequences of walking or not walking away. It may cost you money. But the truth is that the market is now well into an upswing, and every month you delay your purchase is costing you more than even a "white shoe" firm would charge you for a couple of hours.

Any advice beyond that you get from this forum will be insufficient, because we haven't seen the documents, and don't know what was or was not signed.

Ann
0 votes Thank Flag Link Wed Jul 11, 2012
At this point I think it's time to move on. Unless this property is beyond fabulous and close to free, who knows how much longer this will drag out.
0 votes Thank Flag Link Wed Jul 11, 2012
I totally agree with Danielle. You may not see this issue cleared up for a VERY long time. Lawyer or no lawyer, This property will be sitting in their inventory for a while.
Flag Wed Jul 11, 2012
It's not a typo at all...we have been waiting since 2/2011. The lawyer is really making this so difficult just because he hasn't received $$$$ for the reforclosure process.

We just don't know what to do???
0 votes Thank Flag Link Wed Jul 11, 2012
Ruth, if the Lawyer that did the foreclosure is not getting paying this just will complicate things even more. just to find somebody at Ocwen that understand the problem could take years and many emails and explanation, it is not easy. Usually to re foreclosure could take 4-7 months and that is if every party understand each other. I do not think that is your case. I will move on or just wait a couple of years until it is resolved!
Flag Sun Jul 15, 2012
Please tell us that is a typo... and you meant to say 2/2012? Because 5 months would be outrageous...What was the expiration date on your offer? Did you use a buyer's agent not affiliated with the listing? If you didn't I think it's time to consult a attorney who can give you some unbiased advice.
0 votes Thank Flag Link Wed Jul 11, 2012
We have renewed our offer and our realtor has been in contact with everyone but don't know what else to do????
Flag Wed Jul 11, 2012
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