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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Hey Rod Ciferri Posted by Darryle-Ca on August 03, 2011 at 11:08 AM In Reply to: Re: Hey Rod Ciferri posted by 427 on August 03, 2011 at 0:02 AM CRASH COURSE-REAL LIFE EXAMPLE 1. Borrower executes a $100,000.00 note in favor of Long Beach Mortgage Company. 2. Borrower executes a $100,000.00 deed of trust in favor of Long Beach Mortgage Company. 3. Long Beach Mortgage Company sells (on credit) the $100.000.00 note secured by the $100,000.00 deed of trust to Washington Mutual Bank as part of a mortgage pool. 4. Washington Mutual Bank sells the mortgage pool( on credit) containing the $100,000.00 note secured by the $100,000.00 deed of trust to Wamu Asset Acceptance Corporation. 5. Wamu Asset Acceptance Corporation sells the mortgage pool (on credit) containing the $100,000.00 note secured by the $100,000.00 deed of trust to the Wamu Mortgage Trust. 6. The Wamu Mortgage Trust sells all beneficial interest in its self (the mortgage pool containing the $100,000.00 note secured by the $100,000.00 deed of trust) by issuing (selling) “mortgage backed securities” to Chinese investors. Because Wamu Mortgage Trust used the mortgage pool as the collateral to obtain the funds to buy the $100,000.00 note secured by the $100,000.00 deed of trust, the borrower was never obligated to pay Long Beach Mortgage Company or any of its successors. And without the obligation to pay (note) the deed of trust is merely a cloud on title. Economically speaking, the Trust sold the borrower’s asset (note) in order to get the money to give back to the borrower and called it a loan. Hence the property was “free and clear” from the beginning. I hope this helps. Darryl Evans : I would love a crash course but if its not appropriate here that is fine...still struggling with the mechanics of the grant deed, trust deed,reconveyance deed, trustee,seller,seller's bank, buyer, buyers bank, escrow & title. I tried to just sketch out the movements and order of the movements of deeds during a typical property transfer and got nowhere pretty quickly. Follow Ups: Re: Hey Rod Ciferri 427 1:43 PM, 08/03/11 (0) Post a Followup: Name : E-Mail : Subject : Comments: : CRASH COURSE-REAL LIFE EXAMPLE : 1. Borrower executes a $100,000.00 note in favor of Long Beach Mortgage Company. : 2. Borrower executes a $100,000.00 deed of trust in favor of Long Beach Mortgage Company. : 3. Long Beach Mortgage Company sells (on credit) the $100.000.00 note secured by the $100,000.00 deed of trust to Washington Mutual Bank as part of a mortgage pool. : 4. Washington Mutual Bank sells the mortgage pool( on credit) containing the $100,000.00 note secured by the $100,000.00 deed of trust to Wamu Asset Acceptance Corporation. : 5. Wamu Asset Acceptance Corporation sells the mortgage pool (on credit) containing the $100,000.00 note secured by the $100,000.00 deed of trust to the Wamu Mortgage Trust. : 6. The Wamu Mortgage Trust sells all beneficial interest in its self (the mortgage pool containing the $100,000.00 note secured by the $100,000.00 deed of trust) by issuing (selling) “mortgage backed securities” to Chinese investors. : : Because Wamu Mortgage Trust used the mortgage pool as the collateral to obtain the funds to buy the $100,000.00 note secured by the $100,000.00 deed of trust, the borrower was never obligated to pay Long Beach Mortgage Company or any of its successors. : And without the obligation to pay (note) the deed of trust is merely a cloud on title. : Economically speaking, the Trust sold the borrower’s asset (note) in order to get the money to give back to the borrower and called it a loan. : Hence the property was “free and clear” from the beginning. : I hope this helps. : Darryl Evans : : I would love a crash course but if its not appropriate here that is fine...still struggling with the mechanics of the grant deed, trust deed,reconveyance deed, trustee,seller,seller's bank, buyer, buyers bank, escrow & title. I tried to just sketch out the movements and order of the movements of deeds during a typical property transfer and got nowhere pretty quickly. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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