A group of protesters gathered outside Bank of America’s annual corporate meeting in Loveland, Colorado to express their discontent with the bank’s mortgage and loan practices. The demonstration, organized by Colorado Progressive Coalition, aimed to expose tactics they said are forcing families into foreclosure.

Demonstrators, with the help of local police, faxed a letter to the bank’s CEO describing the struggles of one Colorado woman, Linda Stapel. Stapel was denied loan modification for no reason at all.

The Colorado Progressive Coalition is currently working closely with state attorney general to to sue large banks for bad loan and mortgage practices.

The number of loan modifications completed during the first quarter was up 22 percent from the end of last year, and up 25 percent from the first quarter of 2010. Approximately 13 percent of this year’s loan modifications were completed through the federal Home Affordable Modification Program.

In order to qualify for loan modification home owners must prove financial distress and have a verifiable source of income with which to make modified payments. There are still some homeowners struggling to make modified home loan payments, and defaults still continue even within the modification program.

More options are becoming available to homeowners in distress who do not meet the criteria for home loan modification.