“Blackmailed by Ocwen”

 

 

 

I purchased a property recently, that I would renovate and then resell. At the time I signed the agreement, an agreement that was 33 pages long, there was a clause that I didn’t pay much attention to that stated, that I would be responsible for the state conveyance tax, “if applicable by law”.

 

 

Knowing that in the State of Ct, the seller must pay this tax, it never occurred to me, that this would become a problem. Guess what, it became a problem. Their title company sent my attorney a closing statement that had me paying the conveyance tax.

 

 

Before my attorney contact me, he had already contact the other side and explained this was not done in CT, they said they didn’t care and if we didn’t want to proceed they were going to keep my deposit. The conveyance tax is $1,334 and my deposit is $2,500.

 

 

Once my attorney called to go over the situation, I could already see the handwriting on the wall. I was going to get screwed, but a lesson to be remembered.

 

image courtesy of digitalart/freedigitalphotos.net

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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This post has been included in Connecticut Real Estate News
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44 Comments on Blackmailed by Ocwen

20 Most Recent Comments Displayed Show All

MAR
06
811,292 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Sellers always seek the position of advantage.  And they seem to always get their way!
5:13pm • #25
350,550 Points 8 Featured Posts Outside Blog Called Shot Master

Buyer pays transfer tax in NY. I'm surprised that if your contract read "if applicable by law" that it would still be an issue in CT where you said sellers pay this tax.
5:33pm • #26
820,184 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ouch! Sorry to hear they were such pills to go against the law, but the legal fees would probably have cost even more.
5:41pm • #27
1,348,797 Points 38 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Joe

Sounds like your going to be closing on the investment property.

Good luck and success.

Lou Ludwig
6:19pm • #28
813,489 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Joe, I learned something new today since I've never dealt with them...tough lesson!
6:19pm • #29
876,116 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Joe - this is terrible  I always advise my clients to have an attorney read through those lengthy addendums that the lenders supply.  I have heard of this type of thing before and it is not good to get this type of a surprise.
7:12pm • #30
110,376 Points 3 Featured Posts Outside Blog

We are starting to see this more here, too. Very frustrating to be held for ransom like that. 
8:31pm • #31
470,218 Points 50 Featured Posts Called Shot Master

Joe, wow. that's a high conveyance tax. Must be something banks are doing these days. Here it is customary for seller to pay, but it is negotiable. 
9:22pm • #32
363,650 Points 32 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Joe,

WOW! That's a painful lesson to learn. OUCH!!!
9:28pm • #33
7 Featured Posts Outside Blog Hit Router Called Shot Master

At least it happened to you instead of a client of yours. Likely you would have been stuck paying it either way since you didn't catch it in the first place. At least this way you get a property out of the deal! 
9:49pm • #34
1,363,759 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Joe - That was not fun fine print.  Was this part of the numbers from the HUD and the minimum to the bank?
11:10pm • #35
MAR
07
669,014 Points 70 Featured Posts Outside Blog Attended Rain Camp

Hi Joe.  I have had to pay it many times.  Just part of the acquisition costs.
3:07am • #36
651,524 Points 3 Featured Posts Outside Blog Attended Rain Camp

Hello Joe,

Ouch...but, you are getting the property and this will never happen to you again.  And, with this post you have saved others from having this happen to them...well done!
3:47am • #37
543,381 Points 13 Featured Posts Outside Blog Called Shot Master

33 Pages!  There are going to be some land mines in there.  Sorry your Client stepped on one of them.
5:21am • #38
283,516 Points 14 Featured Posts Called Shot Master

Joe,  I am sorry to hear about this. Thats horrible, Ocwen has not been playing fair in the sandbox to their clients and brutal on short sales.
5:27am • #39
188,810 Points 1 Featured Post

Although it's too late now, one way around that is to ask for the seller to pay a dollar amount towards the buyer's closing costs. So, if you know it's gonna be $2500, then you ask for $2500 in closing cost assistance. Of course, they can say no, but they may not.

 
6:21am • #40
2 Featured Posts

Hey Joe, thanks for the heads up.  I haven't had an offer accepted by Ocwen yet but one day soon I'm sure.
10:26am • #41
917,754 Points 21 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master
Joe, another way for them to keep a bit more of the pie. Usually this is disclosed up front so I let my buyers know and it becomes a consideration when making the offer.
6:09pm • #42
453,209 Points 18 Featured Posts Called Shot Master

Hi Joe, I too have purchased a few Ocwen properties, and I would not touch them if they were not so cheap, just have to expect to put a lot more in to them and pay more surprises.  The worst part of it for me, my agent and my banker is dealing with their Indian title company that never answers the phone, and keeps sending back emails that are clearly confused.  We had one with them that stretched out from January until July, we bought it for less than 30% of fair mkt value, but after is was all over with, I would not have paid a penny more to deal with these folks.
9:39pm • #43
MAR
09
492,317 Points 10 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Good Morning Joe,

Sorry to hear that you fell victim to these crooks.  Did you write a post about this firm in the past?
2:51am • #44

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Joe Petrowsky (Joe Petrowsky NMLS# 6869 - Right Trac Financial Group, Inc ) Rainmaker_large

Joe Petrowsky

Manchester, CT

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Joe Petrowsky NMLS# 6869 - Right Trac Financial Group, Inc

Address: 110 Main St., Manchester, CT, 06042

Office Phone: (860) 647-7701 x 116

Cell Phone: (860) 836-9294

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