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Struggling to Make Your Mortgage? Let Uncle Sam Pay You to Sell

by Nate Martinez

Struggling to Make Your Mortgage? Let Uncle Sam Pay You to Sell

When the housing market crashed in 2008, millions of homeowners suddenly found themselves in danger of losing their homes to foreclosure. To help these homeowners, in 2009 the U.S. Treasury launched the Making Home Affordable (MHA) program, which is comprised of several subprograms designed to help distressed homeowners avoid foreclosure.

One of the most talked about elements of the MHA program is the Home Affordable Foreclosure Alternatives program, or HAFA. The HAFA program creates options for homeowners who owe more on their mortgage than the property is worth and don't know what to do. Even better, it allows relocation assistance of $3,000 to be paid to eligible homeowners in this situation.

I have created a report that outlines all the details of the HAFA program in easy to understand language. To download the report, visit my website www.AZShortSaleResource.com.

As a Certified Distressed Property Expert (CDPE), I am specially trained to help homeowners in distress, and I can help you find the best solution to your situation. Contact me for a free, confidential consultation, using the contact information below.

Nate@NatesHomes.com
602-942-7000

Congress Renews Critical Homeowner Relief Program!

by Nate Martinez

Congress Renews Critical Homeowner Relief Program! 

As part of the tax bill to address the "fiscal cliff," Congress passed an extension of the Mortgage Forgiveness Debt Relief Act of 2007, pushing the expiration date to December 31, 2013.

The extension of this act comes as welcome news to the millions of homeowners facing foreclosure. For another year, qualifying homeowners can escape overwhelming mortgages without paying taxes on mortgage debt forgiven during the process.

If you or someone you know is facing foreclosure, you can learn more about this act and the options available to you in my report titled "Attention: Distressed Homeowners! Congress Renews Critical Homeowner Relief Program."

To download the report, visit my website http://azshortsaleresource.com/

As a Certified Distressed Property Expert (CDPE), I am specially trained to help homeowners in distress, and I can help you find the best solution to your situation. Contact me for a free, confidential consultation, using the contact information below.

Nate Martinez
RE/MAX Professionals
www.NatesHomes.com
602-942-7000
Nate@NatesHomes.com

Foreclosure Moratorium

by Nate Martinez

Foreclosure Moratorium

Freddie Mac and Fannie Mae announced today that they plan to launch the yearly moratorium on evictions due to foreclosure. The moratorium is essentially a halt on the eviction process, which allows families who have lost their home to foreclosure to remain in their property during the holiday season.

This moratorium only applies to Freddie Mac and Fannie Mae mortgages – they also hope to help those distressed homeowners who have been hit by the impacts of Hurricane Sandy.

Freddie Mac will begin their moratorium on December 17th and it will remain in effect until January 2nd. Fannie Mae will begin their moratorium for single family homes and 2-4 unit properties on December 19th and will also run through January 2nd 2013.

Distressed homeowners who are in the federally designated disaster areas due to damage from Hurricane Sandy, will be given a 90-day suspension on foreclosure and eviction processes. This extended moratorium will be in effect until February 1st 2013.

If you or anyone you know is facing a foreclosure, please contact me as soon as possible. There are options to avoid foreclosure and I can help. 602-942-7000 or email me for a private consultation, natem@remax.net.

www.AZShortSaleResouce.com

Source: Housingwire.com

Why the Banks Will Give You Cash

by Nate Martinez

Why the Banks Will Give You Cash

Since the beginning of the foreclosure crisis, millions of homeowners have found themselves pinned in by their financial circumstances and chained to a mortgage on which they owe more than their home is worth. In the past, homeowners enduring these challenges had very few options, and most would either be forced to lose their home to foreclosure.

Today, however, there are more options. The government and the banks have created a multitude of programs and foreclosure alternatives that can help people in these circumstances find a dignified solution for their problems without crippling their financial future. These options include loan modifications, refinancing, or short sales.

The most amazing development in today's market, however, is one simple fact: Banks are now willing to give cash to homeowners to sell the home they can't afford.

If anyone you know may need my help, please have them visit my website http://azshortsaleresource.com for a copy of my recent report entitled "Short Sale Incentives: Why Banks will Give You Money to Sell the Home You Can't Afford."

And then contact me for a confidential consultation. Nate

602-942-7000
www.NatesHomes.com

Short Sale vs. Foreclosure: Who Wins?

by Nate Martinez

Short Sale vs. Foreclosure: Who Wins?

How does a short sale impact a consumer’s future? With a short sale, there is no actual way the debt is reported to the credit agencies. This means, if a homeowner is able to negotiate a short sale without missing a payment, they may be able to apply for an FHA loan immediately.

On the other hand, a foreclosure includes months of missed payments and court proceedings that are all reported to the credit agencies – and a foreclosure will stay on your credit report for a period of seven years. To learn more about the advantages of a short sale verses a foreclosure, please visit me online at www.AZShortSaleResource.com.

Time is Running Out

by Nate Martinez

Time is Running Out

In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

The act has helped many distressed homeowners find solutions that help them avoid foreclosure and opened up options to them that were previously unavailable.

However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is running out for them to take advantage of the program and save themselves tens of thousands of dollars.

If anyone you know may need my expertise, please visit my website for a copy of my recent report entitled "Time is Running Out: How the Mortgage Debt Relief Act can save you!" Then give me a call to discuss the alternatives available to avoid foreclosure - Nate

www.NatesHomes.com
602-942-7000

Short Sale Vs. Foreclosure

by Nate Martinez

Short Sale Vs. Foreclosure

Watch this video to learn key differences between a short sale and a foreclosure in today's local real estate market. To learn more about short sales, please visit my team online at www.AzShortSaleResource.com.

I went through a foreclosure, when can I buy again?

by Nate Martinez

I went through a foreclosure, when can I buy again?

Many Arizonian’s have been hit with the difficult reality of a foreclosure. For some, it simply was unavoidable, for others maybe it was the best financial decision they could make, given all the other options. Just because you might have hit hard times during the downturn of the market, does not mean you can never own a home again. In fact, you might be surprised to learn how soon you can repurchase, even if you had a bankruptcy with a foreclosure or short sale. Here is quick look at what the guidelines are today:

FHA
Foreclosure: 3 years
Short Sale: 3 years *if you were current on your mortgage payment during the short sale process, you maybe eligible sooner
Chapter 7 Bankruptcy: 2 years from discharge date
Chapter 13 Bankruptcy: with permission from the chapter 13 trustee, borrower maybe eligible for new loan, as long as they have 1 year of positive payment history

VA
Foreclosure: 2 years
Short Sale: no documented information yet, however, can assume the FHA rule applies
Chapter 7 Bankruptcy: 2 years from discharge date
Chapter 13 Bankruptcy: with permission from the chapter 13 trustee, borrower maybe eligible for new loan, as long as they have 1 year of positive payment history

Fannie Mae
Foreclosure: 7 years
Short Sale: 2 years with 20% down payment, 4 years with 10% down payment
Chapter 7 Bankruptcy: 4 years from dismissal/discharge date
Chapter 13 Bankruptcy: 2 years from discharge date or 4 years from dismissal date 

Freddie Mac
Foreclosure: 4-7 years with 10% down payment
Short Sale: 4 years
Chapter 7 Bankruptcy: 4 years from discharge date
Chapter 13 Bankruptcy: 2 years from discharge date

Of course, there are exceptions to every rule and the guidelines are changing constantly. If you or someone you know has gone through a foreclosure, bankruptcy or short sale in the past 2 to 5 years, it is time to consider purchasing again. In some areas of the city, you can purchase a home today for less than it sold for new ten years ago – you can’t rent for less than what you can own a home for today. If are unsure of your edibility, please give me a call. We can connect you with a professional loan officer who can assist you with the qualifying process.  

602-942-7000
www.NatesHomes.com

Feeling Financially Squeezed?

by Nate Martinez

If you know someone who is feeling the pressure of a looming foreclosure, please make sure they know there are other options available. Don't just call any Realtor who says they are an expert -- my team has a department dedicated to short sales only. If the mortgage company is telling you to call a Realtor, then please call us first -- we can help!

  

Displaying blog entries 1-9 of 9

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Nate Martinez
RE/MAX Professionals
20241 North 67th Avenue, Suite A1
Glendale AZ 85308
623-643-1010
602-430-5226
Fax: 602-532-7352

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