Homeowners are frustrated by Loan Modifications Inefficiency

The Huffington Post has an interesting article on the some of the problems of Obama’s Homeowners bail out plan that incorporates Loan modifications .

The biggest issues had to do with the difficulty it is to navigate through the loan modification process. Lost paperwork and miscommunications are among the complaints.  The banks, it seems, were simply unprepared for the amount of requests they received.  The “homowner Affordability and Stability Plan” was announced on Februrary18, 2009.

This is a big problem obviously for those people staring down the barrel of foreclosure.

In total, the Obama Administration estimates they will help as many as 4 million homeowners modify their loans. To date over 200,00 home loan modications have been offered according to the treasury department.