Hi G. Crazy. This is not your only choice. You also have the choice of short-selling your property. I do this for homeowners all the time. I've never met a person that did a bona-fide modification. Short selling your home will allow you to avoid foreclosure. You'll have to go back to renting, but the alternative is foreclosure, which nobody wants!
The BigBadBanks have taken over our economy and the most important sector, real estate. If you need help deciding which way to go, feel free to call me today or anytime this coming week.
Boca Raton, FL