My task this weekend – in addition to chauffeuring my daughter to several parades so she can fulfill her duties as a baton twirling queen – is to look into the mortgage loan modification process.  One of my friends was telling me last night how she was able to obtain a modification which has provided her family with enough relief (her next home loan payment isn’t due until February 2010) that they are getting caught up on bills and will survive Christmas.

We’re not behind on our mortgage payment, thankfully.  However our income this year has drastically changed because of the real estate market.  Though many agents continue to do very well, I looked up the performance by some of the super agents and found they too are earning significantly less.  This told me I’m not the only agent who is working twice as hard for less income.  It’s hard for everyone out there and I eagerly look forward to when it gets better.

Meanwhile to get through the leaner times, the loan modification programs may be the relief so many of us need until the economy stabilizes more.  Over at Bible Money Matters, an article about modifications provides some great links to see if your home is backed by Fannie Mae or Freddie Mac and – if not – how to qualify,

To be eligible for the loan modification you must meet these criteria:

• Your loan must have been obtained on or before January 1, 2009.
• First-lien loans on owner-occupied properties with an unpaid principle balance up to $729,750
• Document income with signed IRS 4506-T, two most recent pay stubs, and most recent tax return.
• Sign an affidavit of financial hardship.
• Modify by December 31, 2012.
• Have a mortgage payment that is no longer affordable, examples include significant change in income or expenses.

I’ll be looking into this to see and sharing the options with my friends and clients.  Fantastic fantastic information here!

Photo of 2803 Surrey Road in Nashville.