http://www.nytimes.com/2012/05/08/business/bank-of-america-starts-mortgage-reduction-effort.html

An Article in the New York Times talks about how "Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each."

The big questions are who got these letters and what are the qualifications? Is this going to be handled the same way the loan modification process has been handled?

Understaffed, lost documents, different person assigned to your case every 2 - 3 weeks. Sounds like another sick joke that will leave a lot of people with false hope.

If you are tired of the run around with loan modifications and false promises we can help surrender your underwater property back to the bank or file a chapter 11 or chapter 13 reorganization that can spread your back mortgage out over 5-25 years.

Most people don't know about chapter 11 bankruptcy and how it can be used to save a homestead property.Chapter 11 allows a homeowner the ability to stop a foreclosure and reorginizes debts or mortgage. It will allow you to pay you regular mortgage payment each month and spread the mortgage arrearages (back payments) out over the remain years of your loan. So when you have been lead astray for 2-3 years and there is no way you can pay the back payments in a chapter 13 over a 5 year period a chapter 11 allows you to spread the payments out over the remaining number of years you have left on you loan.
Call us and ask how!

Also read: http://dealbook.nytimes.com/2012/04/03/review-finds-flaws-in-more-than-138000-bank-foreclosures/