Here is a summary of waiting periods for obtaining new financing post bankruptcy, foreclosure or short sale:

Conventional Financing:

Chapter 7 BK: 4 years from discharge date

Chapter 13 BK: 2 years from discharge date (or 4 years from dismissal date)

Foreclosure: 5 years from completion or trustee sale

Deed-In-Lieu/Short Sale: 2 years from completion date with 80% max LTV (loan-to-value) OR 4 years from completion date if 90% LTV

FHA Financing:

Chapter 7 BK: 2 years from discharge date

Chapter 13 BK: 1 year of the payment must elapse and payment performance must be satisfactory. Borrower must have permission from the courts to enter into a new mortgage

Foreclosure or Deed-In-Lieu: 3 years from completion date

Short Sale: No time restriction if borrower was current at the time of short sale and all mortgage and installment payments were made within month due for the previous 12 months, prior to the application date. IMPORTANT: the proceeds from the short sale must serve as payment in full

3 years from completion date if the mortgage was in default or Promissory Note is not showing as paid in full

VA Financing:

Chapter 7 BK: 2 years from discharge date

Chapter 13 BK: 1 year of the payout must elapse and payment performance must be satisfactory. Borrower must have permission from the courts to enter into a new mortgage

Foreclosure: 2 years from completion date

Short Sale: There is not a specific rule for VA loans yet - we can assume the foreclosure rule of 2 years from completion date

The thought of foreclosure can be scary and overwhelming - not to mention confusing with the foreign terminology. Here are some common terms you may want to familiarize yourself with:

1.) Reinstatement: Your lender may agree to let you pay the total amount you are behind, in a lump sum payment and by a specific date. This is often combined with forbearance when you can show that funds from a bonus, tax refund or other source will become available at a specific time in the future. Be aware that there may be late fees and other costs associated with a reinstatement plan.

2. ) Forbearance: Your lender may offer a temporary reduction or suspension of your mortgage payments while you get back on your feet. Forbearance is often combined with a reinstatement or repayment plan to pay off the missed or reduced payments.

3.) Repayment Plan: This is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4.) Loan Modification: This is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable.

If you and your lender agree that you can not keep your home, there are a number of liquidation terms you should understand:

1.) Short Payoff: If you can sell your home but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale.

2.) Deed-in-lieu of Foreclosure: A deed-in-lieu of foreclosure is a cancellation of your mortgage if you voluntarily transfer title of your property to your mortgage company. Usually you must try to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. A deed-in-lieu of foreclosure may not be an option if there are other liens on the property, such as second mortgages, judgments from creditors, or tax liens.

Where to Get Help:

Housing Counselors:

Homeownership Preservation Foundation's Homeowner's HOPE Hotline at 1-888-995-HOPE.

HUD: 1-800-569-4287 or HUD.org for al ist of approved housing counselors by state (http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm)

Attend a foreclosure prevention workshop for homeowners (http://www.freddiemac.com/avoidforeclosure/workshops.html)

The Federal Making Home Affordable Program: http://makinghomeaffordable.gov/

Where to Get Additional Help:

National Foundation for Credit Counseling: http://www.nfcc.org/

My Money Management: http://www.mymoneymanagement.net/

Homeowner Preservation Foundation: http://www.995hope.org

Sept 4th, Sept 11-12th, 11am to 4pm

Don't miss out on your chance to buy at low-low prices!

14420 W Ely Drive, Surprise

13437 N 151st Drive, Surprise

8803 N 221st Ave, Wittman

74 N 224th Ave, Buckeye,

23892 W Huntington Drive, Buckeye

22859 W Lonestar Drive, Buckeye

12647 W Seneca Drive, Sun City West

22226 W Desert Bloom, Buckeye

Please call us TODAY for more information on this properties and how you can attend this Fannie Mae Auction!

Because the interest rates are at ALL-TIME lows!! Even in the boom of the market, we did not see interest rates this crazy! Check it out...

For an FHA or VA 30 year loan fixed rate -- 4.50%

For an FHA or VA 30 year loan with a 3/1 ARM -- 4.250%

For an FHA or VA 30 year loan with a 5/1 ARM -- 3.125%

For Conventional 30 year loan fixed rate -- 4.50%

For Conventional 15 year fixed rate -- 3.750%

For Conventional 5 year ARM -- 2.875%

You can not rent in the Valley of the Sun for less than you can buy TODAY! Call us to learn how easy it is to qualify for your next home loan! 602-942-7000

*Certain restrictions apply. Rates are subject to change without notice & depend in part on credit history & transaction characteristics & loan amounts*

Biker's Breakfast with Live Music ~ Saturday, Sept 4th 7:00am. http://www.azcentral.com/thingstodo/events/Bikers'_Breakfast_With_Live_Music_963653078826

Labor Day Arts & Crafts Festival ~ Saturday, Sept 4th & 5th 8:00am to 5:00pm. http://www.azcentral.com/thingstodo/events/Labor_Day_Arts_and_Crafts_Festival_247457007269

Fun in the Sun Labor Day Weekend ~ Arizona's only "Floating Picnic" at Salt River ~ Saturday Sept 4th thru Monday, Sept 6th 9:00 am to 6:30pm. http://www.azcentral.com/thingstodo/events/Fun_in_the_Sun_Labor_Day_Weekend_889422050759

Labor Day Weekend Golf Special at McCormick Ranch Golf Club ~ Friday, Sept 3th thru Monday Sept 6th 6:30am to 7:00pm. http://www.azcentral.com/thingstodo/events/Labor_Day_Weekend_Golf_Special_655544191836

Labor Day Weekend Side Trip ~ San Dominique Winery ~ Friday, Sept 3th thru Monday Sept 6th 11:00am to 4:00pm. http://www.azcentral.com/thingstodo/events/Labor_Day_Weekend_Side_Trip_915157986259

During the live opening general session of the conference, Dunn speed painted a one-of-a-kind picture of the iconic RE/MAX Hot Air Balloon which brought the audience to their feet! The painting inspired one man, Richard Filip, CEO of RE/MAX of Texas to offer the highest bid, raising $50,000 for Children's Miracle Network.

Please check him out on this video - I hope you are as inspired as I was! Have a great Weekend!

Each card and piece of art is designed by a patient of the Center and is a reflection of their own personal story. In fact, just being involved in the art project provides a much-needed positive emotional outlet for these children.

Shop Now! Purchase all your holiday cards TODAY and help support Center for Cancer and Blood Disorders at Phoenix Children's Hospital!

RE/MAX Professionals is a proud sponsoer of Children's Miracle Network! A portion of all commissions earned is donated at the time of closing in your name.

Never change your bed on Friday.

Many cities do not have a 13th Street or a 13th Avenue.

Many buildings do not have a 13th floor.

According to folklorists, the earliest known documentation regarding “Friday the 13^th” superstition occurred in an 1869 biography of Gioachino Rossini. Like so many other Italians of his time, Rossini regarded Friday as an unlucky day and the thirteen as an unlucky number. Ironically, Rossini died on a Friday the 13^th in November.

Because most of the folklore was passed on by oral traditions, there is no way to determine the exact time or reason the superstition became so popular. Consequently, there are several theories which have been proposed to be the origin of “Friday the 13^th.”

One theory states that it is a modern amalgamation of two older superstitions: one that thirteen is an unlucky number and that Friday is an unlucky day. In numerology, the number 12 is considered the number of completeness, as it relates to the 12 months of the year, 12 signs of the zodiac, 12 hours in a clock, 12 gods of Olympus and 12 Apostles of Jesus – the number 13 was considered irregular, transgressing this completeness.

There is also a superstition, thought by some to derive from the Last Supper or a Norse myth, that having 13 people seated at a table will result in the death of one of the diners. It has also been suggested that Friday has been considered an unlucky day because, according to Christian scripture Jesus was crucified on a Friday.

The Canterbury Tales, and many other professions have regarded Friday as an unlucky day to undertake journeys or begin new projects. And since the 1800’s Friday has been associated with other disasters, including the stock market crash, which resulted in the phrase “Black Friday.”

On the other hand, another theory by author Charles Panati, one of the leading authorities on the subject of "Origins" maintains that the superstition can be traced back to ancient myth and also to be a tale in Norse mythology. Friday is named for Frigga, the free-spirited goddess of love and fertility. When Norse and Germanic tribes converted to Christianity, Frigga was banished in shame to a mountaintop and labeled a witch. It was believed that every Friday, the spiteful goddess convened a meeting with other witches — a gathering of thirteen — and plotted ill turns of fate for the coming week.

On Friday the 13th of October 1066, King Harold II decided to go to battle on Saturday the October 14th, rather than allow his troops a day of rest (despite his army having made a long and arduous march from a battle near York just 3 weeks earlier). This decision to go to battle before the English troops were rested resulted in the loss of the battle by the English and King Harold was killed. This further established "Friday the 13th" as an unlucky day.

Another theory about the origin of the superstition traces the event to the arrest of the legendary Knights Templar. The connection between the superstition and the Knights Templar was popularized in the 2003 novel The Da Vinci Code. However, some experts think that it is relatively recent and is a modern-day invention.

According to the Stress Management Center and Phobia Institute in Asheville, North Carolina, an estimated 17 to 21 million people in the United States are affected by a fear surrounding “Friday the 13^th” superstition. Some people are so paralyzed by fear that they avoid their normal routines in doing business, taking flights or even getting out of bed. Research further reports that it has been estimated approximately $800 or $900 million is lost in business on this day.

Even though we really have no way to pin-point the true origin of our superstitions surrounding “Friday the 13^th” clearly there has been an impact on people across the world – in fact it has a clinical name: Paraskevidekatriaphobics (people afflicted with a morbid, irrational fear of “Friday the 13^th”). So whether your believe in superstition or not, enjoy this week's "Friday the 13th"!

23982 W Huntington Drive, Buckeye, AZ

74 N 224th Ave, Buckeye, AZ

22859 W Lone Star Drive, Buckeye, AZ

14420 W Ely Drive, Surprise, AZ

28803 N 221st Ave, Wittman, AZ

13437 N 151st Drive, Surprise, AZ

Call us TODAY to schedule your private tour! Don't miss out on a chance to buy at historically low prices!

WOW • WAY TO GO • SUPER • YOU'RE SPECIAL • OUTSTANDING • EXCELLENT •
GREAT• GOOD • NEAT • WELL DONE • REMARKABLE • I KNEW YOU COULD DO IT • I'M PROUD OF YOU • FANTASTIC • SUPER STAR • NICE WORK • LOOKING GOOD • YOU'RE ON TOP OF IT • BEAUTIFUL • NOW YOU'RE FLYING • YOU'RE CATCHING ON • NOW YOU'VE GOT IT • YOU'RE INCREDIBLE • BRAVO • YOU'RE FANTASTIC • HURRAY FOR YOU • YOU'RE ON TARGET • YOU'RE ON YOUR WAY • HOW NICE • HOW SMART • GOOD JOB • THAT'S INCREDIBLE • HOT DOG • DYNAMITE • YOU'RE BEAUTIFUL • YOU'RE UNIQUE • NOTHING CAN STOP YOU NOW • GOOD FOR YOU • I LIKE YOU YOU'RE A WINNER • REMARKABLE JOB • BEAUTIFUL WORK • SPECTACULAR • YOU'RE SPECTACULAR • YOU'RE DARLING • YOU'RE PRECIOUS • GREAT DISCOVERY • YOU'VE DISCOVERED THE SECRET • YOU FIGURED IT OUT • FANTASTIC JOB • HIP, HIP, HURRAY • BINGO • MAGNIFICENT • MARVELOUS • TERRIFIC • YOU'RE IMPORTANT • PHENOMENAL • YOU'RE SENSATIONAL • SUPER WORK • CREATIVE JOB • SUPER JOB • FANTASTIC JOB • EXCEPTIONAL PERFORMANCE • YOU'RE A REAL TROOPER • YOU ARE RESPONSIBLE • YOU ARE EXCITING • YOU LEARNED IT RIGHT • WHAT AN IMAGINATION •WHAT A GOOD LISTENER • YOU ARE FUN • YOU'RE GROWING UP • YOU TRIED HARD • YOU CARE • BEAUTIFUL SHARING • OUTSTANDING PERFORMANCE • YOU'RE A GOOD FRIEND • I TRUST YOU • YOU'RE IMPORTANT • YOU MEAN A LOT TO ME • YOU MAKE ME HAPPY • YOU BELONG • YOU'VE GOT A FRIEND • YOU MAKE ME LAUGH • YOU BRIGHTEN MY DAY • I RESPECT YOU • YOU MEAN THE WORLD TO ME • THAT'S CORRECT • YOU'RE A JOY • YOU'RE A TREASURE • YOU'RE WONDERFUL • YOU'RE PERFECT • AWESOME • A+ JOB • YOU'RE A-OK MY BUDDY • YOU MADE MY DAY • THAT'S THE BEST • A BIG HUG • A BIG KISS • SAY I LOVE YOU!

Nate Martinez has never turned down an REO asset. His team handles more than 200 REO listings at any given time, and he never shies away from an assignment – no matter how challenging it is.

The Circle of Legends and Diamond Award winner says working REOs isn't an easy job and not everyone is cut out for it.

"When you first start up in REOs, you're doing it all – turning on the power, organizing repairs, listing the assets, completing broker price opinions," says Martinez, owner of four RE/MAX Professionals offices in the Phoenix area. "To do well in REOs, you need to have the right systems and the right people to help you be effective."

Here are Martinez's six keys to becoming successful in REOs:

1. Get educated and network. RE/MAX leads the way for REO education, so take advantage of it and get the CDPE or the FSP designations. I went to the 2010 RE/MAX Convention specifically for the REO/Short Sale Summit. I also went to the Five Star conference in Dallas, where I landed some new accounts by meeting the right people and following up with them. Place yourself up front and center at these events. There are plenty of REO conferences; make an effort to attend as many as you can so you can get in front of the right people.

2. BPOs don't guarantee listings. A BPO is just that – and nothing more. If a property is in default for 30 days or more, the bank simply wants the latest value for the home. BPOs are done randomly as a barometer to figure out what an asset is worth on any given day. There can be as many as five to 10 BPOs done in the course of a foreclosure proceeding. Some companies out there are merely BPO mills and have no hand in assigning REOs. A well-crafted BPO is a selling card to an asset manager if you don't have prior experience working REOs, so it's important to do them and do them well. But don't expect to get REO listings from the same companies.

3. Be quick, efficient. It's crucial to use fine-tuned software systems to manage the workflow because there are many steps involved from start to finish. We use Broker Brain for everything – managing listings, offers, contracts, etc. Part of being quick and efficient is having the right team of people you unequivocally trust. We have a team of 10 people who each have important roles that keep things moving in an assembly line of sorts. Train them well, and delegate tasks over time as your assignments grow.

4. Build relationships with asset managers. Do everything you can to make the asset manager look good. Asset managers are the key, the gateway to getting more REO business. I don't bug them or call them unless I need to. I've met several asset managers in person. During the course of a foreclosure, I communicate constantly with them to provide updates on where things are in the process so they never have to guess. If they never have to call you to ask for something, you're ahead of the game.

5. Keep lines open with buyer's agents. Communicate with other agents through the Realtor remarks section of the MLS for each property. There, I detail how to access the property, contact my team and give general directions on how to work with us. It's important to set expectations up front – especially when it comes to response times and worksheets – so there's no confusion. Agents often write multiple offers on houses, so it's important the listing and buyer's agent are communicating well. When communication breaks between a buyer's agent and a listing agent, complications will come up, so stay in touch regularly. REO brokers don't have enough manpower, systems and time to service both sides of the transaction.

6. Build your reputation. We often adopt buyers who purchase our REO listings, and we can keep in touch with thank-you cards and newsletters. We donate a portion of each closing to Children's Miracle Network, and we make the donation in either the buyer's agent or asset manager's name. We have 50-75 closings a month, so that's a lot of donation cards. Whenever you thank people for their business or for working with you, they'll remember you. No matter the price range or distance, you need to treat all customers with respect and give them your best effort. 

© 2010 RE/MAX, LLC. RE/MAX Affiliates may share this article, provided they do not charge for it and this notice is included. All other rights reserved.

Coming Soon!

Sunday, October 10th, 2010 in Phoenix, Arizona

The Race For The Cure includes a 1mile walk/run, a 5k walk/run and a Survivor 5K. The entry fee is $30 for adults, $15 for children 12 and under, and $20 for survivors! Entry fees are paid directly to Komen and are tax-deductible.

12:00 to 4:00 pm this Saturday, July 24th - open house opportunity! Come check out the properties that will be auctioned at the one-of-a-kind Owner-Occupant Only Live Auction!

2031 E Danbury St, Phoenix, AZ

11866 W Washington St, Avondale, AZ

5713 W Yucca, Glendale, AZ

4135 N 17th St Unit 8, Phoenix, AZ

To view ALL the home available for this special auction, please click here: http://www.virtualonlineeditions.com/publication/?i=42428

FOR IMMEDIATE RELEASE

FREDDIE MAC, NEW VISTA, REDC TO AUCTION 135 HOMES ON AUGUST 7 IN PHOENIX TO BOOST FIRST-TIME HOMEOWNERSHIP

Auction to Support Federal Neighborhood Stabilization Program, Offer Eligible Buyers Downpayment, Closing Cost Assistance, 2-Year Home Warranty

McLean, VA –  Freddie Mac (OTC:FMCC),  real estate auction specialist REDC, and New Vista today announced plans to auction 135 HomeSteps^®  REO homes to individual homebuyers at the Phoenix Convention Center on August 7, 2010. Almost a third of the homes are being set-aside for an auction to first-time borrowers participating in the federal Neighborhood Stabilization Program (NSP). 

HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.

“The August 7 community homebuyer auction will provide first-time buyers and other Phoenix home shoppers with an outstanding opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low,” said Chris Bowden, Vice President of HomeSteps. “Working with New Vista underscores Freddie Mac’s commitment to manage its REO inventory in ways intended to help stabilize communities, foster homeownership opportunities, and responsibly safeguard tax dollars.”

The Neighborhood Stabilization Program was designed to help eligible first-time homebuyers purchase foreclosed or abandoned homes in designated areas by providing closing cost and down payment assistance. NSP funds supporting the August 7 Freddie Mac auctions are being provided through the State of Arizona Department of Housing.

Freddie Mac held similar community auctions in Las Vegas and Riverside/San Bernardino Counties in April that drew thousands of bidders and sold 207 HomeSteps homes to first time buyers and other owner-occupants. 

Auction, Open House and Counseling Schedules for Phoenix Homebuyers

On August 7 two separate morning and afternoon auction sessions will be held at the Phoenix Convention Center.

• Morning Session: 9:30 am – 11:00 am for first-time homebuyers who are pre-approved for NSP assistance. Up to 40 homes will be available for sale. Registration begins at 8 a.m.
• Afternoon Session: 1:30 p.m. – 4:00 pm for first-time homebuyers who are pre-approved for a mortgage by any lender but do not necessarily have NSP funding. Up to 100 homes will be available for sale.  Registration for the afternoon session starts at noon.

Homebuyers at both sessions will also benefit from HomeSteps’ existing SmartBuy^®  program.  Under SmartBuy, HomeSteps will pay up to 3 percent of the buyer’s actual closing costs and offer a two-year HomeProtect© limited home warranty on homes sold as primary residence to eligible buyers when the purchase price is equal to or greater than $25,000. The limited warranty, provided through Cross Country Home Services, covers electrical, plumbing, heating and air conditioning, ductwork, and major appliances.  (See homesteps.com and homeprotect.org for details.) 

Freddie Mac’s network of listing brokers will coordinate open houses on July 24 and 31 and August 1 in Phoenix so interested buyers can tour the HomeSteps homes before the auction. The HomeSteps homes that will be auctioned have been removed from the market, inspected, repaired, and are ready for sale in “as is” condition.  Potential buyers can also find property descriptions at www.auction.com/phoenix.

A Consumer Education Seminar has also been scheduled for July 20, 27 and August 3 from 5-6:30 p.m.at Neighborhood Housing Services of Phoenix (NHS) 1405 E. McDowell Road, #100 Phoenix, AZ 85006, (602) 258-1659. The seminar focuses on how homebuyers can buy homes using NSP funds.

Auctions That Build New Opportunities for New Homeowners

“Owner-occupants are the key to strengthening neighborhoods in the Phoenix market,” said Jim Park, CEO of New Vista. “Working with Freddie Mac, REDC and the National Community Stabilization Trust, New Vista has created a one day homebuyer event that gives NSP and owner occupant buyers an exclusive opportunity to purchase HomeSteps homes.  By working with all the local stakeholders, we will help to revitalize these communities that have been hard hit by foreclosures.”  

Jeffrey Frieden, CEO of REDC, says “For families looking to buy a home in Phoenix, this special auction event will be an amazing opportunity. There will be more than 100 homes that are ready to move in, and borrowers may be able to qualify for conventional or FHA financing, allowing buyers to purchase homes with low down payments and nominal closing costs. We’ve had great success this year putting families into homes and we expect this event will be a great boost to the local communities.”

The August 7 auction is also supported by the National Community Stabilization Trust (NCST),  a nonprofit organization created to revitalize neighborhoods hit by the foreclosure crisis, and the Neighborhood Housing Services of Phoenix (NHS), which is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership.

For more information about HomeSteps homes visit www.HomeSteps.com.

About Freddie Mac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.+

About REDC 

Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC's primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at www.Auction.com. REDC is based in Irvine, California with additional offices in Dallas and New York.

About Neighborhood Housing Services of Phoenix (NHS)

Neighborhood Housing Services of Phoenix (NHS) is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership. For the past 34 years NHS Phoenix has offered counseling, education, lending and the building and rehab of affordable homes to help hard-working families realize the dream of financially-stable homeownership.