Conundrum-owner In Foreclosure But Not On Deed

Is it possible that an owner having bought the house in MAY 2007, gets a loan on a house, pays mortgage for a few months, stops paying till served with notice and not be the official owner in the county records?.

The puzzling part: the appraisal district still does not have his name as the owner of the house, yet he had the mortgage on the house. The house was bought for 1 million in May 2007, with 1st lien at 696K, 2nd lien at 174K.

The original note holder bank sold the mortgage to WAMU in October , 2 months after he stopped paying his mortgage. Did WAMU not do a title search?? What is going on. The appraisal district is not this slow. For a large loan amount like this if I were the lien holder I would get a deed recorded.

So what is happening?? I am doing a short sale on this house at the moment.

WAMU is stuck on 680K. Nobody is willing to pay more than 510K to wholesale.

[ Edited by Smagnolia on Date 03/01/2008 ]

[ Edited by Smagnolia on Date 03/01/2008 ]

If I’m reading your post correctly (it is a little confusing), this could be a previous Sub-to deal with the original owner keeping the loan in his name, while deeding the property to another individual. These type of deals happen all the time.

The second issue is your price.

510k is 75% of 680k which is actually 5% higher than the price recommended by many people to purchase a wholesale property for resale.

If the bank won’t cooperate…so what…just move on as I’m sure there are at least a FEW other foreclosures around you to do a short sale on.

John (LV)

get a copy of the TD of the loan in default to see whos name is on it nd what property is pledged.