Editor's note: This is Part 2 of a two-part series. Read Part 1. DEAR BERNICE: I received an unsolicited loan modification letter from my lender in December, informing me that pursuant to my lender's acceptance of TARP funds, our jumbo option adjustable-rate mortgage (ARM) was eligible for modification. Our loan had NEVER been paid late and was not in danger of default. Nevertheless, based on income declines of 35 percent in our household, our hardship is real. We filled out the mountainous paperwork and provided tax returns and every other item they requested. We sent everything to the bank the first week of January. In February, they requested two more documents that we sent the same day. On March 12, 2009, we received a letter congratulating us on "taking the first steps to save yo...
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