RE:RE:RE:RE:RE:RE:RE:Refi Riskthey also have sold off their complex foreclosures to their former corporate counsel who has was a former Gowling and henderson lawyer who specialized in real estate- they took the crappy loans off their hands and relieved them of tying up a lot money and time for non performing loans.
I have another friend who does the same thing for another Big Six bank- Its not uncommon.
the bank is not in the foreclosing business so let someone who specializes in this area do the foreclosure work
Bottom line- HCG gets all of its money back- it will go to the owner- which in the case of when the bank sells the mortgage to the law firm would be the lawyer but if the bank keeps the title on the foreclosed home they keep any extra on the foreclosure.