In these tough economic times, more and more lenders are reportedly stepping forward and working with homeowners to avoid foreclosure through loan modifications and other loss mitigation programs. Most of the major lenders are members of the coalition group 'Hope Now', whose mission is to combat the rising rate of foreclosures.

Yet it still is very difficult for homeowners to qualify for modifications; when a borrower is late on their payments, a good indicator that may be facing foreclosure soon, lenders typically seem to be more interested in going after the amount the borrower is past due than modifying their loan. According to Hope Now, only about 134,000 Loan Modifications were completed February, and approximately 116,000 repayment plans were structured. One key asset for homeowners facing foreclosure is Loan Modification Zoom, a loss mitigation firm that provides legal advice and representation to help stop foreclosure and save homes.

Almost half of the homeowners in dire financial circumstances who apply for help from their lenders are not modified, meaning that they do not get lower interest rates, payments, or loan balance reductions, but simply given a plan to pay their past due, usually increasing their mortgage payments! Loan Modification Zoom successfully negotiates loan modifications for 97% of all applicants.

According to CNN, the number of foreclosures started in February rose to 243,000, from 217,000 in January. About 87,000 homes were repossessed by banks during February, a 28% increase from the 68,000 completed foreclosures in January.

The lack of commitment from lenders at this moment is appalling; many homeowners do not realize that if they stop making their payment, it is the Lender that is going to foreclose on them. It is the lender that will have a sheriff forcefully evict the homeowner if need be. And Lenders are foreclosing on an increasing number of Americans each month.

These are the same Lenders that received a commitment from the Fed to buy over $1.2 Trillion of their toxic mortgage assets, and billions of dollars in relief, that our children and our children's children will be paying off through the years to come, and they turn around and spend millions on bonuses for executives that failed their companies and consumers, and millions on advertising telling homeowners to only speak with their Lender for a Loan Modification, and not to engage an Attorney.

How gullible are homeowners that will trust their financial future in the hands of the lenders that arguably got us in this financial mess in the first place; the truth of the matter is lenders only want their money, and the CEO's only want their bonuses. Get an Attorney. Save Your Home. Contact Modification Zoom today at (866) 760-9099, or on the web at www.modificationzoom.com.