[WSBARP] Need to clear off of title an old (2006) DOT securing Note paid off (in 2010)

[John McCrady]

It may not be feasible for your client to get any of those huge bureaucracies to assume any responsibility to get the deed of trust re-conveyed.  Quiet title might be the only option to quickly resolve the issue and get the deed of trust removed from the record.
On the other hand, Chicago Title may be willing to accept proof of payment from the Title Company  who insured and closed the loan that paid off the 2006 loan.  We will often “insure around”  a deed of trust with proof of payment from the escrow that closed the transaction that paid off the deed of trust.
I would certainly contact that escrow company and insist they get busy procuring the re-conveyance, as it was their responsibility to get one.

John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com<mailto:j.mccrady at pstitle.com>



Beginning July 26, 2021, recording fees for most documents recorded in Washington will increase by $100<https://www.piercecountywa.gov/DocumentCenter/View/105275/Recording-Fee-Schedule-Effective-Jul-25-2021->. Please be sure to collect recording fees accordingly. Due to the above increase, our Reconveyance fees will also be increased by $100.00

WARNING-FRAUDULENT FUNDING INSTRUCTIONS
Email hacking and fraud are on the rise to fraudulently misdirect funds.  Please call your escrow officer immediately using contact information found from an independent source, such as the sales contract or internet, to verify any funding instructions received.  We are not responsible for any wire sent by you to an incorrect bank account.


From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Stephen Crane
Sent: Tuesday, April 19, 2022 7:05 PM
To: WSBA Real Property Listserv <WSBARP at lists.wsbarppt.com>
Subject: [WSBARP] Need to clear off of title an old (2006) DOT securing Note paid off (in 2010)

Good afternoon,Real Property Listserve Members.

My client, before he came to me, started 4 months ago trying to get a refi of a 2005 loan.

The preliminary title report (Chicago Title) shows a 2006 Deed of Trust originally in favor of Decision One Mortgage for $88,000  with Transnation Title as Trustee, and its subsequent assignment to Bank of America in 2010.
The client paid off the loan around 2012, but has no saved paperwork showing it was paid off.

Bank of America told the client that it could not reconvey the DOT without sign off or approval by the (former) loan servicer,  "Ocwen".  The client has been unsuccessful in getting a positive response from Ocwen, because it says that it can not find any records whatsoever that it ever serviced the 2006 loan for either Decision One Mortgage or Bank of America or anyone else.

Meanwhile, the pending refi sits, as interest rates continue to go up.

Has anyone had experience with a similar DOT situation?
What is the best, a/k/a fastest, way to get the DOT removed by the title company when the lender says it requires an ok from the servicing company and the servicing company won't act because it can't find the file?
Who is a contact at Bank of America that might be able to make something positive happen?

Thanks in advance, as always, for your thoughts and suggestions!

Steve Crane

Stephen J. Crane

CRANE DUNHAM PLLC

3600 15th Ave West, Suite 200

Seattle, WA 98119

phone: (206) 292-9090<tel:%28206%29%20292-9090>  email: scrane at cranedunham.com<mailto:scrane at cranedunham.com>

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