San Diego short sale

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Monday, February 11, 2008

Foreclosure-proof homes? - Los Angeles Times

Before you list your home as a short sale -you might want to have a real estate attorney put a little pressure on your lender. We have been doing it for ever since we read about this ruling for the first time.

Foreclosure-proof homes? - Los Angeles Times: "Foreclosure-proof homes?
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Mortgage-backed securities have made many homes legal and financial mazes that put ultimate ownership in limbo.
By Eric J. Weiner
December 3, 2007
Who owns your home?

That seems like a pretty straightforward question. But the answer might not be as clear-cut as you think.

A U.S. District Court judge in Cleveland tossed out 14 foreclosure cases Oct. 31 on the grounds that the bank suing to repossess the properties, Deutsche Bank National Trust Co., didn't actually own them. Deutsche Bank held debt securities that were linked to the mortgage loans on the properties, not the mortgages themselves. And the judge ruled that a security backed by a mortgage is not the same as a mortgage."