Wrong, it only takes a trip to the local court house to see who has current legal standing, foreclosure will take 30 to 45 days.
If it was that easy this never would have come to trial. There is a good chance that the company listed in the courthouse documents are not longer in business, or have merged and had their assets sold off to someone who never received the proper records. There were so many shady deals back then with mortgages sold several times within weeks between companies the records are a shambles for millions of loans.
My mortgage has been sold since I refinanced through Countrywide for a lower interest rate. If I was losing my house I sure as hell would want BOA to be able to produce my signature on my mortgage they were foreclosing on and prove that they are the ones who deserve to take my home. I'm not saying I don't deserve to lose it either, but I sure as hell would want records showing why they are the ones that deserve it legally.
P.S. If it turns out that the entity who currently has legal standing to foreclose on the mortgage (say, a local bank) has already “sold” the mortgage to someone else (i.e., Bank of America or an institution that deals in collateralized debt instruments) and has been paid for that transaction, then that entity has no incentive to initiate foreclosure proceedings against the delinquent borrower and therefore won’t even bother doing so.