Jacky's MJO was granted before CPR came into effect. I really do wonder if it would be granted in today's climate, especially with the Human Rights Act 'guaranteeing' us all a fair, impartial hearing.(posted 8371 days ago)Anyway, I don't think anyone's suggesting that the nature of debts can change back and forth. Simply that if there's been a MIG payout, it can't be reclaimed from the ex borrower after six years.
As most shortfall chases may well be undertaken because of pressure from the insurance companies, this suspicion of ours might make us look at the lenders and MIG companies in a less intimidated light.
Jacky (I believe) is plausibly suggesting that the lender takes over the chase because it can give us this '12 year' speech (semi-believable about certain types of mortgage debt), and thus hopes to intimidate people into making settlement offers. That's in my humble, non-expert, opinion, of course.