Loan modifications continue to disappoint struggling homeowners

Loan modifications continue to disappoint struggling homeowners. Many homeowners are still waiting to hear from their lender meanwhile the foreclosure process is moving full steam ahead. Loan modifications do not stop or even slow down the foreclosure process, additional fees and charges accrue while waiting for the lender to make their decision. Statistics are showing that 70% of loan modifications are not acceptable to the homeowners and by the time the loan modification is presented, there isn't time left for a backup plan. Most homeowners are not fully aware of their options and have not even thought about what they will do if the terms of the loan modification are not acceptable.