Are There Limits To Obama's Loan Modification Plan Or Can It See Change?

Obama's loan modification program, put forth to curb the foreclosure crisis, isn't performing as well as everyone had hoped. And the housing market isn't performing well either--with foreclosure rates at new highs in 2009 and expected to worsen in 2010. In fact, experts are prediciting that the housing market won't get any better until joblessness lets up in mid-2010.

Even with the new loan modification program, America's biggest lender was only able to approve 4% of requests. Only 750,000 homeowners were even able to complete the loan modification application process.Unfortunately, those numbers won't cut it when it comes to finding a true solution to the one in three homeowners that are likely to be facing foreclosure.

The government has indeed taken note of the unmet expectations and have started a conversation about finding a viable solution; but will they be able to come up with anything that is guaranteed to work? It's hard to say. The original plan didn't even help a quarter of the people that it had originally planned to help. Experts around the country are still racking their brains for the right answer. So, what does the rising population of people in need of protection from foreclosure have left?

Believe it or not, there are still options to get protection from foreclosure. Missouri and Illinois Chapter 13 banrkutpcy allows homeowners to not only keep their homes, but also work through the rest of their debt. Missouri and Illinois Chapter 13 bankruptcy stops foreclosure with an "automatic stay." Automatic stay prevents your creditors from taking any more action against you and keeps your family safe and sound while you get a handle on the rest of your debt. And, no, Missouri and Illinois bankruptcy attorneys don't perform miracles, the best ones just know how to use the law to help average, hard-working Americans get back on their feet.

How do you find the best Missouri and Illinois bankruptcy attorney? Some critical qualities exist in a St. Louis Missouri or Belleville Illinois bankruptcy attorney that usually indicate you will have the best bankruptcy experience possible. The availability of free information is a great indication of a qualified, experienced attorney. If an attorney is willing to offer you free information before you even set foot in an office, it is usually a pretty good indication that he or she will be willing to go above and beyond throughout the life of your case also. Don't settle—find the best attorney in your area and secure the financial future of you and your family.