I think with Titanic, a lot of people were tossed into the drink when the ship went down, and as you mentioned, a good number of the bodies were recovered. The ones that weren't most likely drifted far from the wreck site.
The story huskyfan is referencing is probably the
Kamloops, which went down in 1927 off Isle Royale. When John Steele found her 1977, he ran into body of the second engineer floating in the engine room, which is around 270 feet down. What happens is, when a human body is immersed at such depth for long periods of time, layers of fat work their way to the surface and form a chalky/waxy substance that protects the skin. Since the guy was entombed in the engine room, his body never floated away and broke up. I heard the body was finally recovered and returned to his surviving family for burial a couple years ago, but I don't know if it's true. That would be a difficult and risky undertaking for any dive team due to the depth.
There are likely a few bodies like this in the bowels of the Edmund Fitzgerald as well, but it's unlikely anyone will ever see them. Nor should they, IMHO.