When a mortgage is sold...

[florida]

I have a quick question I hope someone can help me with. We included our home in bk7 and they have yet to foreclose - so I was reviewing our public records.

I'm curious, when a loan is bought/sold - is there a new public record added or is that just something that happens behind the scenes?

Back around 2006 E*Trade took over our 1st mortgage and I see no record entered. Is that normal? The only thing still showing is Amsouth Bank (now Regions) from 2005.

I do see our 2nd mortgage, but I find it so strange that our 1st is still showing under Amsouth. Shouldn't they have released the lien or shown a satisfaction of mortage once E*Trade took over.

Thanks in advance!

[jst4f]

It may be that the mortgage was not sold but that the servicing was transferred.

[florida]

So who would foreclose - E*Trade or Amsouth?

[jst4f]

So who would foreclose - E*Trade or Amsouth?

The owner will foreclosure but it may still be handled by the servicer. This arrangement can also complicate getting a mortgage modification.