Who has Countrywide's portfolio?

Question

I punch the parcel number in voila the records come up on the clerk's website. I scroll down to the bottom and gasp: ASSIGNMENT - countrywide.

I spent one day trying to find the owner of a home that belonged to countrywide some time ago. I was bounced, transferred, referred to, and ended up on the desk of a portfolio manager of every major bank and even got to the desk of some government agency.

What was really funny was, the portfolio managers were so intrigued that I got to them. I know they are normally in some ivory tower. They were really stunned by my Chinese phone number.

However, they couldn't help me. One suggested that I buy an entire asset book of countrywide... we're talking millions.

Who actually owns these assets of countrywide now? off the top of your head, if you happen to know.

Wayne Brooks · Answer

"buy any lien..."  sounds simple, huh?  You may could foreclose on a lien/mtg (depending on the lien and state Homestead protections) and send it to an auction perhaps, but that auction would be public any you'd be bidding against everybody else in the world.  Your only advantage would be in whatever discount you got when you bought the lien, depending on what position it's in.

Kevin Cardinale · Answer

Thank you all. I do have info about the deed. Now to find the owner :)

Kyle Hipp · Answer

I purchased an investment property in July of 2007. It was underwritten by Paragon and shortly after close it was sold to Countrywide financial. Then bank of American purchased the distressed countrywide and my mortgage along with it. About a year ago, the servicing rights were sold to green tree. I have since refinanced with green tree.

This information shouldn't help you much but the actual mortgage can be sold as well as the servicing rights with ownership remaining with another company. You need to find who the owner is not who the financer is. Your local register of deeds or a local title company should be able to do this pretty easily for you.

Account Closed · Answer

One West Bank and Bank of American bought Countrywide mortgages.

Joe Gore

Wayne Brooks · Answer

An Assignment is the sale of a Note and Mortgage.......Not the deed to the real estate.  The real estate is never transferred by an Assignment.  Sounds like the borrower still owns it, assuming you have found everything in the public records.

Account Closed · Answer

Recorded deeds of trust (loans) and assignment of loans have nothing to do with ownership of the property.  Lenders can make loans, and then assign and reassign the mortgages all day long with no effect on title. Change of ownership happens through deeds, court orders and foreclosures.

If the last transfer of the property was a deed, and there has been no foreclosure or court order, the party on the deed owns the property. Send me the address and I'll tell you who the last owner of record is.

Kevin Cardinale · Answer

That's just it, finding the borrower. I'm assuming at this point with countrywide taking assignment, that that means they own it?

I'm basing this, on that last house I tried to run around looking for the owner, the clerk's office had the same thing just deed, trust of deed, and assignment to countrywide. Noone knew who owned it after that.

Account Closed · Answer

So is the property owned by the borrower? How much do they owe?  Find the borrower and buy it from them.  If they owe more than it's worth, they'll need to do a short sale. So where's the owner/borrower? Or did CW/BfoA already foreclose and they now own it?

Don't go after notes until you know what you are doing. You can't just buy a note and foreclose.  It has to be in default, you have to follow foreclosure law, etc.  If you buy the note, all you are entitled to is a payoff.  Even if you foreclose, someone else can buy it at foreclosure sale

Kevin Cardinale · Answer

way to rain on my parade, i'll just be in the corner crying.

I'm assuming i'm just as good as a company that charges to run skiptraces. I literally have all the time in the world, since I work at home and know my way around documents and following paper trails.

So what should I really be doing?

Kevin Cardinale · Answer

I'm trying to buy the property. Someone said, buy any lein on the property and then foreclose on the property to force a sale to me.

Am I even saying that right?

Why is this so ridiculous? I thought Obama said he was taking care of this 4 years ago? (not to get political, but sheesh)

Who has Countrywide's portfolio?

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