The banks don't money on this.  It is easier to foreclose and sell the property, get the tax credits, government rebates and bail-outs than to keep a person in their house.

The ONLY time, it might serve the owner of the property is if the house is underwater and the bank wants to avoid "strategic foreclosure" from the property owner.  In other words, the owner is willing to walk away since there is no equity in the house anymore and is worth less than the mortgage.

Banks are greedy.  Regardless of the recent mortgage "Settlement", you are not going to see the people who are in REAL dire straights with their bank/mortgage get any kind of relief from the settlement or the banks.

You have to remember, the banks have 100s (1000's) of "investors" into their sliced and diced mortgage securities.  The bottom line is always priority #1.to post a reply: login - or - register