Saturday, June 28, 2008

Bizarro World Strikes Again...

...yes, just when we thought things couldn't get weirder in the housing economy comes this story where a condo association is actually foreclosing on the lenders--who themselves had previously foreclosed on the property:
The Residences at the Bath Club Condominium Association in Miami Beach is pressing a foreclosure action against Wells Fargo as trustee for an investment pool that owns the mortgage on a unit that isn’t paying its maintenance fees.

The lender owes $32,252 in late maintenance fees on the unit it took back more than a year ago.

Determining exactly who is on the hook is itself difficult. The original mortgage was issued by Mortgage Loan Specialists of Irvine, Calif. A spokeswoman for Wells Fargo said it was only the trustee for the bondholders who invested in a securitized mortgage pool. The servicer of the loan is Impac Funding Corp. of Irvine, Calif., which shares the name with the company that issued the mortgage-backed securities and is also named in the foreclosure suit, Impac Secured Assets Corp.
So now we're dealing with Foreclosures to the Second Power. Bizarre, indeed.