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.So now we're dealing with Foreclosures to the Second Power. Bizarre, indeed.
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.
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: