For years now, American homeowners and taxpayers have been hurt and frustrated by a loan modification process that is grossly inefficient, and which has resulted in many unwarranted foreclosures and short sales. 8.5 Million people, young and old alike, have been forced out of their homes and onto the streets, while Wall Street executives gorge themselves on profits and bonuses that run into the hundreds of millions of dollars.

Instead of demonstrating a genuine interest in helping borrowers save their homes, generally speaking, Bank Of America (BOA) has allegedly:
- Received around $50 billion as part of the $2.5 trillion in bailout money from taxpayers’ dollars while failing to bailout struggling homeowners.
- Been giving people the endless run-around, an absolute lack of communication or blatant miscommunication.
- Not bothered to provide homeowners with a single point of contact, necessary for an efficient and timely process.
- Failed to provide loan modification applicants with any indication whatsoever of their chances of qualification prior to, or during, the application process.
- In numerous cases failed to convert trial modifications into permanent ones when homeowners have successfully completed the trial period plan.
- Pursued foreclosure proceedings while applicants have loan modification applications pending (the “Regulation of Mortgage Servicing Act of 2011” bill was introduced to prevent these practices).

All the while, it is believed that BOA and other lenders receive $1,000 from the Federal government for every single loan modification application they consider. When applicants re-submit after each rejection, lenders will receive another $1000 per application. Is this not incentive enough for lenders to reject applicants in order to increase their profits? Is it really any surprise that most applicants re-apply several times and that the success rate is only 5%?

Alarming statistics: presently, more than 7 million mortgages are in default, of which 2 million are in some stage of the foreclosure process. An estimated 30% of mortgages are underwater, making it impossible for those homeowners to obtain refinance. Numbers like these do not do the tragedy justice. Behind each one of the cases comprising these millions, there is a story of incredible pain and loss experienced by American individuals and families.

The loan modification process has been hindered by flawed and manipulative procedures for long enough. The time has come for homeowners to take control of their own financial destiny and to empower themselves with accurate and comprehensive information which leads to success. What is required is the availability and provision of expert help for submitting an informed and effective loan modification application.