The following is a story that was told directly to me by someone I worked with. I have no idea how true all of it is, but this is exactly what he told me (that's all I know):
I knew an engineer I worked with in the past who stopped
/2 paying his mortgage for his home in NJ. He had divorced his wife, and she was living in the house and he had moved out. He told her he was going to stop paying the mortgage.
The bank who owned his mortgage was Wachovia. The bank went bankrupt and was bought out by Wells Fargo
/3 . They promptly got rid of all the toxic assets they could at a steep discount. Sold his mortgage to a debt collection set of folks.
Those folks turned around and sold it to a debt collection agency. Those folks in turn, started to try to call him to collect. He told them in