twisted collections ?

[Ladynred]

TN.
Ok, I'm confused, so maybe someone here can figure it out.

A little background first, might help to understand my question.

About 1995/96, I took out a 2nd mortgage on my house in SC. The original loan was with First Plus Financial, which filed Chapter 11 in March of 1999.. its basically gone. The account was apparently sold to Countrywide. When I moved from SC to TN in 2000, I tried selling the house, but I eventually had to let it go because I couldn't continue to pay for 2 residences. The primary lender foreclosed and the house was sold this past December. At some point in 2001, I started getting letters from a collection agency for the 2nd mortgage amount, and that's a judgement waiting to happen right now, its just a matter of time. As far as I can tell, the CA bought the account from Countrywide.

When the house sold, I received a notice from the equity court that there were surplus funds that I could claim. Well, I don't realistically expect to get the money, but I filed my claim anyway.

Here's the source of my confusion. On the court documents, which included the sale details, the other 'defendants' are listed as the home owner's association and "First Bank National Association, as Indenture Trustee for the First Plus Asset Backed Securities".

Ok... First Plus went Chapter 11 and the account was sold to Countrywide (I received notices verifying this and a rep at Countrywide confirmed it at the time of the change). Countrywide sold the account to a CA, and the CA has sent it to their lawyers.

So, how is it that First Bank National, as trustee for First Plus, is listed and not Countrywide or the CA ? If the account was sold to Countrywide, why are *they* not listed instead of First Bank ?

I don't pretend to understand the machinations of corporations, particularly banks who sell accounts like they change their socks !

Anybody got any insight as to what's up here ? I've searched SEC filings and corp information and Countrywide is NOT associated with the First Bank behemoth.

Thanks !