Homeowners seeking help in modifying their home loans to more affordable payments are painfully aware of how slow the process is, and the federal government has taken notice.

The Department of Housing and Urban Development is making it easier for eligible homeowners currently in trial modifications to move into permanent modification status through a simple, straightforward paperwork documentation process.  According to HUD,

Over 900,000 Americans have begun trial modifications since the program’s inception and over 110,000 have been approved for permanent modifications as of December 31, 2009. The median monthly savings for individual homeowners is more than $500 per month.

The new guidelines also make it easier for people who are current on their mortgage payments to become eligible for a loan modification.  The eligibility is for a monthly payment to not exceed 31 percent of the monthly income.

In other news, the Shakadoo family wants to extend our appreciation to longtime writer Miranda Marquit.  Miranda has left the Shak family after providing wonderful stories, information, and news updates on the Loan Shak and Work Shak sites for several years.  We’ll miss you, but offer our best wishes for a happy, successful future.