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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: 10K a day who wrote (87968)	9/3/2007 1:30:05 PM
From: Jim McMannis	Read Replies (2) \| Respond to of 306849

That's a major problem with short sales. Too many layers of mortgage holders to deal with. All the way from mortgage holders to past HOA dues. OTOH, there are still enough to choose from where there is only the first mortgage holders to deal with.

To: 10K a day who wrote (87968)	9/3/2007 4:38:10 PM
From: Tradelite	Respond to of 306849

<<Wallstreet got their money when they sold the debt. Who really owns that house? Does BearStearns Own that house. I don't think so. Does WellsFargo own that house? I don't think so. Does CountryWide own that house. I don't think so either. Does some shell corp own it? Maybe. >> It's somewhat confusing, but the fact is that when a person buys a house, he signs two different things: a mortgage note and a deed of trust (or mortgage in some states). The note is the debt, which may or may not be sold in the secondary market or held in a lender's own loan portfolio. The title to the house resides with the borrower and will transfer to the lender only upon foreclosure on the note. The debt probably got sold a long time ago to investors at a discount. The lender (bank) is left to dispose of the property after foreclosure.