I have found the loansafe forums, especially your comments extremely informative... just joined today. My case does involved SOJL.
I live in Illinois. In July 2010, I sold my house via short sale, after a grueling two and a half years of sweat and tears (1st 1.5 years via traditional means, then next 1 year via short sale route). The 1st lender (PNC Mortgage) was paid in full ($550k), but the 2nd lender (PNC HELOC) was not. The 2nd lender released the mortgage after receiving 10% of the outstanding balance, and they reserved the right to collect unpaid amount in future ($250k). My lawyer said they would have to sue me to collect any deficiency, not likely but possible. It was going to be either foreclosure or short sale, so I chose the latter. From 2006 to the time of closing, the market value of my house had dropped over $350k. Then I lost my job. Hence the eventual short sale. I have been living with anxiety at the thought of a potential judgment against me, after all I have been through already! Judging by my credit report, PNC put this debt on “charge off” status since early 2010. PNC has not contacted me but I have been getting calls from CA for past six months. Just recently a different CA contacted me, and they have asked me to give them a proposal to settle. I believe the debt is still w/ PNC, but they have been using CA to contact me. The lawyer that handled my short sale advises me to always ignore CA calls until I get summons (judgment) which he told me is highly unlikely. However, I am willing to settle if somehow it can be done at less than 15% of the balance owed ($235k). Do you think I have a decent chance to settle? If so, is this the right time (over two years since 1st missed payment). Or do you think I should take no action until I get summoned by court? I believe the statute of limitations is 6 years.