You are still missing the point the seller is long since out of the equation when it comes to repossessions/foreclosures they release their rights when the contract between the Mortgagor( borrower ) and mortgagee( Bank) is made. Other third parties introduced by the bank without the Mortgagors knowledge are another matter altogether.
AN old Law lecturer once explained that in contract law the ‘ee’ was he that gets it the exception being mortgage law where the ‘ee’ was actually the ‘Or’, I am beginning to think that perhaps the ee’s and ors are the right way around after all the Bank seems to get rather more for rather less don’t you think?
Who are the Winners and Losers in the 100 acre wood said eyore?
Joined: Tue 24th May, 2011 (01:19)”