Well, not really. You see the Present Value (PV) is what they should base it on.
CNBC-
A select group of struggling mortgage borrowers are about to get an offer that sounds too good to be true. Executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reduction.
“If people get these things and toss them, they won’t be eligible,” says Ron Sturzenegger, the Bank of America executive charged with providing solutions to borrowers in need of mortgage assistance.
But the offer is real, and eligible borrowers could get as much as $150,000 knocked off the balance of their mortgages. It is all part of the $25 billion settlement reached this year between federal and state agencies and the nation’s five largest mortgage servicers over fraudulent foreclosure document processing (so-called “robo-signing”).
[CNBC]
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Again. The crazy thing that most people don’t understand is that in some cases Bank of America has no legal authority over these mortgages. So you are signing agreements with an entity that has no right to it and can be challenged later on by your “true” lender.
Dominic Codio
Another thing to realize with these “offers” and “modifications” from the Bank is that your consent and signature will also likely serve to validate the debt which the Bank might not have had rights or credible proof of otherwise.
It is most definitely a good idea to review any offers with a lawyer who “gets it” before accepting or signing anything.