Yes. I read of a case in Florida where the Bank reduced the principal balance on a loan modification. I know this isn't common but it's certainly possible.
If you waive your right to an attorney review, you basically have no recourse. You are basically waiving your rights, should anything come up. 5 Days for an attorney review ... more
You have to be eligible for a short sale, based on hardship and if you have assets, they do try to get some of the shortage back. You can look into a loan modification, a short ... more