So Bank A Coutrywide made a mortgage loan to Mr. Jones and before the ink was dry they busted the whole thing up shreaded most of the paperwork and they sold the if with out legal transfer to International Mortgage Investors or World Wide Mortgage Money Managers or who ever (but they really aren’t sure and besides the think has changed hands unregisted a couple times since then), but they countinue servicing the loan, Now BOA buys Countrywide, but they could not have brought the mortgage as Countrywide has already sold it they did by the right to service the loans as well as the obligation to pay those whose money Countrywide took when the sold it them (who every that is)Now explain to me where BOA has the right to foreclose.
That was one heck of a run on sentence! Under your scenario:
1) Countrywide made a mortgage with Mr. Jones,
2) Countrywide then sold the mortgage, but when they sold it they did not sell the right to foreclose they just sold the cash flow,
3) then BofA bought Countrywide...
Then BofA retains the right to foreclose. BUT they don’t seem to have cause to foreclose since they have not be harmed. So they cannot foreclose. They need to sell/transfer the right to foreclose (not sure if that is the title or the lien or what) to the person/investor who bought holds the right to the cash flow from the mortgage. Presumably the buyer and seller both wanted to sell that right, they just a) screwed up or b) could not figure out how or c) legally could not. If a or b, they can fix it by moving the title/lien to the current holder of the mortgage.