Many homeowners struggling to make the payments on their mortgage were promised help from President Barack Obama’s Making Home Affordable program, but only 20 percent of those eligible for the program have begun trial modifications on their home loans, according to information released by the Treasury Department.

Once the homeowner is in the trial modification, they must stay current on their new mortgage payment for three months they can apply to turn the trial into a permanent modification.

A story about the issue in the Wall Street Journal, one mortgage servicing company in has 39,000 borrowers who are up to date on their trial payments, but only around 500 have received permanent modifications. It almost seems the pace is slower than getting the modification in the first place.

My guess is that many of these homeowners are facing collection calls and foreclosure notices waiting to get a trial modification on their mortgage.

I don’t think that bankruptcy would be right for all of these homeowners fighting to keep their homes, but it could be a solution that is much quicker and easier than this drawn out process that has no guarantee of success.

Filing bankruptcy will stop foreclosure on your home. It will clear some of your debts and might help to free up some income that could then be used to make the payments on your home.

Bankruptcy may sound like a drastic step, and it may be. But it helps to stop creditors from harassing you for payments you can’t make. It can give you the help you need to start your life fresh, free of the obligations that have you trapped in a downward spiral.