The dollar figure is somewhere in the $700 to $600 billion mark according to recent reports issued by the Federal Reserve Board of Governors for residential real property.Banks are not the largest holder of mortgages in the United States, have not been for some time.

I have the property under contract and it's a good deal (not a great deal) and the mortgage holder (old RE Agent) doesn't want to be paid off.

Can't the 1st mortgage holder foreclose on the property, take ownership…and cut me out completely?

Buying from private note holders you're looking at 20%+.  

If yes, is there any way we can get the process slowed with ensuring to the certificate holder that the money will come to pay him back?

I am using them for another property, though, that's a new purchase, and they are pretty easy to work with vis a vis Wells!

My buyer has asked me how the mortgage company will respond and/or reconize the new buyers insurance policy as the note holders insurance is dropped.

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The problem with the property manager is by the time that bill becomes delinquent enough for the city to send the property owner rather than the account holder notice it would be past the deadline to return the tenant's security deposit.

Servicers take collateral and sell it, such as with a deed in lieu if the note holder accepted or approved it, it could also have been a note purchase by the servicer. lots of options