This morning executives at Bank of America rolled out their new "Principal Reduction Enhancement" program, which is an earned principal forgiveness plan for borrowers behind on their mortgages and whose loans are at least 20 percent underwater in value.

Why are they now doing what they should have done years ago?

Because more and more borrowers are now walking away! Strategically Defaulting, that's right the banks now realize that there is a huge incentive for customers to consult with a Foreclosure Defense Attorneyand plan to walk away. Because walking away from their upside down mortgage and living rent-free while their Foreclosure Defense Attorneydrags out the foreclosure for well over a year is very appealing. In Florida, the average foreclosure takes 518 days and an experienced Florida Foreclosure Defense Attorneycan get that number even higher.

The fact of the matter is its getting worse, and B of A execs are acknowledging that openly.  On the conference call to announce the program this morning B of A's own credit loss mitigation executive, Jack Schakett, said the amount of strategic defaulters (those who can pay their loans but opt not to) are "more than we have ever experienced before." He went on to say, "there is a huge incentive for customers to walk away because getting free rent and waiting out foreclosure can be very appealing to customers."

As a Florida foreclosure defense attorney who has experience in real estate law I educate and protect Florida homeowners, so get the legal advice you need, understand your rights, know your options and have a plan BEFORE taking action.