We really liked one house, which we could pick up for a song. The problem is that it’s a short sale, and the previous owner took out a first, second, and third mortgage on it. Not interested in that kind of legal nightmare for any savings, but it did shed some light on this whole mortgage meltdown. Bank of America holds the first mortgage, and the realtor tells us BOA will get paid 100% by whoever buys it, while the 2nd and 3rd mortgage holders will take the hit. Why? Because BOA, the same bank taxpayers bailed out, doesn’t negotiate short sales, even when the property value has dipped. They want it all, or they foreclose.