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!