Owelty and refinance? - Posted by cindy

import · January 14, 2005, 12:10pm

Posted by Adam Figaro on February 13, 2006 at 22:16:19:

Lorelei Stevens at Wall Street Brokers, Inc. 206-448-1160 buys owelty liens. Perhaps you would like to sell the lien - a title report would show for sure if you have a lien or not.

import · January 14, 2005, 12:10pm

Posted by cindy on January 14, 2005 at 13:10:46:

I divorced in 2001, I was given an owelty lien deed of trust against our homestead and new house in the amount of 94,700.
My ex refinanced in 2002 with another lender. I was not notified or consulted.
Am I still safe from getting shafted? How can he refinance with a different lender knowing that I have this lien against the property?
Thanks is advance.

import · January 16, 2005, 10:22pm

Re: Owelty and refinance? - Posted by JohnBoy

Posted by JohnBoy on January 16, 2005 at 23:22:00:

Did he refinance the same amount he owed on the first or did he refinance for more than he owed?

I don’t know how they treat owelty liens, but usually in order to refinance a first where there is any other liens existing the lender refinancing the first would need to have the existing lien holders sign a subordination agreement where they agree to allow the new loan to remain as a first lien and the lien holders agree to remain as a second lien, etc. Without having the second sign a subordination agreement then the second would become the first and the new loan would become the second!

There may be different laws pertaining to this type of lien and would also depend on the State it is in. You didn’t say what State this pertains to.

What does your attorney say?

import · January 14, 2005, 5:53pm

Re: Owelty and refinance? - Posted by chet

Posted by chet on January 14, 2005 at 18:53:31:

Here are 3 causes I thought of.

Was the lien recorded?

Was you address current that the could contact you?

Error by whomever did title search.

import · January 16, 2005, 9:07am

Re: Owelty and refinance? - Posted by cindy

Posted by cindy on January 16, 2005 at 10:07:05:

Yes, Lien is recorded, Yes address is current, (both live in the same small town), Error? I contacted the lien company, “their” lawyer said I still have second lien and new finance company has 1st???

import · January 17, 2005, 12:10am

Re: Owelty and refinance? - Posted by chet

Posted by chet on January 17, 2005 at 01:10:15:

Good question as to what happened. those where some of the immediate questions I would have asked.

I would check w/ your divorce atty.