Theresa Bastian Realtor in Tacoma and Pierce County, WA

Like many agents today, I consult with clients every week who are worried about their ability to continue making their mortgage payments. This website - www.FinancialStability.gov - has been a great resource.

The site outlines the US Department of the Treasury "Make Home Affordable" Refinance Program for Responsible Homeowners. This program will offer assistance to as many as 7 - 9 million homeowners who are current on their mortgage, but may be upside down or facing imminent hardship.

GOAL: reduce the amount homeowners owe per month to sustainable levels to stabilize communities.

Who the Program Reaches

• Homeowners at risk, such as those suffering serious hardships, decreases in income, increases in expenses, payment "shock," (with combined mortgage balance higher than the current market value of the house, etc.)
• Reaching Homeowners BEFORE they have missed payments, where they are at risk of imminent default...
• Only owner-occupied homes with a mortgage limit of $729,750 will be elligible.
• Homeowners with "back end" debt equal to 55% or more of their income will be required to agree to enter a HUD-certified couseling program as a condition for a modification.

This is just a fast recap. Go check out the site so you are current in understanding the solutions that may be available to direct a distressed homeowner into a modification that can be the foundation for maintaining their qualify of life.

Keller Williams® Realty Inc., announced last week at its annual convention in Orlando, Fla. that it is now the third-largest real estate franchise in the United States, surpassing RE/MAX® International. According to Steve Murray of REAL Trends, a leading source of analysis and information in the residential real estate industry, the Austin, Texas-based company claimed the number three spot with 72,794 U.S. associates at the end of 2008.

"The success of Keller Williams Realty can be directly attributed to the hard work and perseverance of our associates and the soundness of our economic and organizational models," said Mark Willis, CEO of Keller Williams Realty, Inc. "While others might be looking at this market and seeing fear and uncertainty, we have always approached it as our opportunity to shine and grow. And that mindset has paid off."

According to the company, it has been gaining ground for the last three years, outpacing pervasive downward trends in the real estate industry. From 2006 to 2008, Keller Williams Realty increased its associate count by 52%, market share for its offices increased 83% and agent gross commission income went up 35%. Currently, the company has 679 offices operating in the United States.

The company also shared more than $30 million in profits with its associates in 2008 through its company-wide profit sharing program. "Through profit share, our phenomenal coaching and training and our technology offerings, we are offering agents their own ‘bailout plan' for this market," Willis added.

The company also announced that after years of searching for a partnership to provide its associates with affordable health insurance, they are moving forward with a solution. The soon-to-be-launched Keller Williams Health Providers Program will include options for major medical, limited medical, catastrophic coverage and a separate cancer plan. The health insurance coverage is the first step toward a total wellness program for associates.

"We have always been very aware that as independent contractors, our agents face barriers to obtaining health coverage," said Mary Tennant, president and COO of Keller Williams Realty. "We know that for many, this new option may alleviate some of the stress that they face in today's economy. After all, our associates are not just our partners - they are our family."

Last fall, the company also announced the launch of KW Commercial, a new division of the company dedicated to providing commercial real estate associates with specialized technology, marketing tools and resources. KW Commercial already has more than 220 active brokers across the U.S. and Canada.

"Our growth in the last year and now becoming the third-largest real estate company in the United States was a true team effort and a company-wide win. We are so grateful for all of the leadership and commitment our associates have shown to power through this shift," added Willis.

$8,000 Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The two biggest changes other than the amount is that these funds do not have to be paid back and it can be used with the Washington State Housing Finance Commission State Bond/House Key program ..,