I don't understand the part about the bank owning the property, usually the bank is only the lien holder and needs to go thru foreclosure proceedings in order to claim ownership.

I would assume that if they are the only lien holder it would not be a subordinate note, rather the primary. 

Is there a generic number we can plug in somewhere as a place holder?

It's a bunch of crap these insurance companies, pay out the nose all those years like a good little policy holder.

Sounds like a simple enough question, but with many complications. I'd like to hear your ideas on what banks, the GSEs and FHA could be doing better in order to unload their REO inventories (faster and while taking r...

What we learn about in college is earning being distributed to share holders.

My attorney has me bring separate checks to the lien holder during the closing and we mail them to ensure payment.

I have also been told I should be the first Lien holder.

I've found it helpful for both my clients and when buying short sales myself for investment to offer slightly below my goal purchase amount because the lien holder will likely come back and want to re-negotiate a higher price (almost every time).

The suit should (but not always) identify any mortgage lien holders.