Reply #168: That may be changing a little now, imho [View All]

[PRETZEL]

at the time I fell 3 months behind (which is where Act 91 kicks in) the mortgage company I had really had little in the way of a work out department. This was over a year ago when things were first just starting to really downturn. Their idea of a workout was to spread the payments over a 3 - 5 year period. That wouldn't have done me any good since it was already too expensive to live in the house anyway. (and as an aside, it's not just the mortgage that causes a house to be too expensive, its the taxes, utilities, food, etc. that also has gone up at a exponentially higher rate than wages have).

Before I lost my house, it had been on the market for 8 months, I dropped the price twice thus eliminating any hope of getting anything out of it. I made it very, very clear to anyone who inquired about it (including short sale companies) that the only thing I wanted was to walk away with a clean title. But remember the mortgage company/bank will want to wait as long as they can in the hope that a note would be paid in full rather than written off in full or in part. Short sales aren't what banks are looking for.