Im like alot of you that suffer from job cuts and hour reduction and are trying to make payments . I feel that the investor companies that invest in Mortgages thru banks need a break i know several people that are losing money in there accounts because of forclosures if the private investors buy these Freddie Mac fire sale homes with cash or lie and put people in them and put up the money to get cheap rates with investor putting a lien on them for the full value its really a rental . that will cause invesyors to profit later and home prices to keep falling later when investors that bought homes and borrowed huge amounts on them then ran in 07 with the money and then filed bankruptcy and hid money are now using that money to pay cash for these homes in private putting others in homes.

Bankruptcy will allow you to catch up with missed payments over the length of the plan. You have to keep up with whatever the payment terms are for future payments. There currently is a clause in title 11 which prevents loans from being modified. There is legislation to correct the problem. It has not passed yet but is HR 225, HR 200 and S.61.
If your problem is not the loan in general and you simply fell behind because of temporary loss of employment, BK may help you.
If the above laws do ever pass, BK may allow for modification of the loan into current value, conventional rate with a risk premium.
You can still surrender the home in full satisfaction of the debt. Not yet can loans be modified. If you have an ARM that is predatory, reaffirming with current loan conditions would not be a wise decision.