The funds come from the Short Sale Assistance Component which is part of the Save Our Home AZ Program.

The state of Arizona is providing up to $4,500 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:

• Apply for the funds through your state’s website or by calling 1-877-448-1211.
• Maintain your property until your house is sold.

For qualified homeowners, these state funds may be used in addition to any other transition assistance that you may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.

To learn more about the Transition Assistance Program’s guidelines, and how you may qualify, please contact our Arizona distressed homeowner real estate agents and brokers and we can get you a detailed agenda of tasks and timelines that you’ll need for this process.

The post Distressed Arizona Homeowners May Qualify for Arizona’s Short Sale Assistance Component first appeared on Arizona Distressed Homeowner Solutions.

H.R. 2788: Mortgage Forgiveness Tax Relief Act
Introduced: Jul 23, 2013
Sponsor: Rep. Joseph Heck [R-NV3]
Status: Referred to Committee

Mortgage Forgiveness Tax Relief Act – Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

H.R. 2994: Mortgage Forgiveness Tax Relief Act of 2013
Introduced: Aug 02, 2013
Sponsor: Rep. Tom Reed II [R-NY23]
Status: Referred to Committee
Status: This bill was assigned to a congressional committee on August 2, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Mortgage Forgiveness Tax Relief Act of 2013 – Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Learn more about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation from the IRS website.

In the meantime, we would encourage you to consider the possibility that the Mortgage Forgiveness Debt Relief Act will not be extended past the end of 2013 and as a result, we would recommend you at least come in and discuss your Arizona distressed home situation so you my better understand your options as you move forward.

The post Will The Mortgage Forgiveness Debt Relief Act of 2007 be Extended through 2014 first appeared on Arizona Distressed Homeowner Solutions.

FHA has finally acknowledged that the Great Recession has been a contributing factor to many prospective buyers that have had a Bankruptcy, Short Sale, or Foreclosure within the last 3 years and has just come out with a new Mortgagee Letter providing detailed instructions to lenders on when it is appropriate to overlook one of these major derogatory credit events that has until now prevented borrowers from buying again.

If you have been prevented from obtaining new home loan financing because of a Short Sale, Foreclosure, or Bankruptcy within the last three years AND the reason for the event was due to a job or income loss (20% gross family income or more), then give us a call so we can put you in touch with a lender who can see if your situation meets the guidelines.

What a great opportunity to be able to jump back into home ownership at affordable home prices and very low interest rates! We have the team to get you there. View more detailed information at www.360RealEstateTeam.com.

My name is Kim Anderson and I have been a licensed real estate broker and professional for over a decade. I focus on Metro Phoenix Arizona real estate and am happy to help with any real estate needs you may have. Call me at (480) 788-6473.

The post FHA Guidelines Getting Short Sale and Foreclosure Victims Back Into Homeownership first appeared on Arizona Distressed Homeowner Solutions.

There are three interactive maps included in this report, each specific to a type of distressed property: short sales, foreclosures, and a map of all distressed property. Each map is a snapshot of the active distressed real estate within greater Phoenix Arizona, and is grouped by area postal code. The percentage of active properties to distressed properties can be displayed by clicking on a dot.

Click any of the Arizona distressed property classifications below to see interactive maps. Once on an interactive map, clicking a dot will display more information.

Short Sales | Foreclosures | All Distressed Properties

The post January 2013 Metro Phoenix Distressed Property Report first appeared on Arizona Distressed Homeowner Solutions.

Arizona tax attorneys and CPAs still contend that for many Arizona homeowners, and under certain circumstances, the expiration of the Mortgage Forgiveness Debt Relief Act would not have caused those homeowners to have tax liability related to the cancelled debt associated with their short sale or foreclosure.

From what we have read published by the IRS and CPAs, situations such as an individual or family being insolvent, can result in the individual or family being able to cancel the debt that would have been owned under other circumstances. Here is a link to the IRS website page detailing the Mortgage Forgiveness Debt Relief Act and Debt Cancellation and points to consider when determining if there is tax liability to claim. Please make sure to always verify all accounting and tax related information with your CPA and/or your tax attorney.

As it turns out, the Mortgage Forgiveness Debt Relief Act has been extended to December 31, 2013 so for the next 12 months, the issue will remains has it has been since 2007. Remember, the extension of the Mortgage Forgiveness Debt Relief Act means homeowners may be excused from paying taxes on forgiven mortgage debt through the end of the 2013 year.

We are a team of Phoenix Arizona realtors who can help you with your Phoenix distressed property so contact us today if you believe you are a distressed Phoenix homeowner.

The post The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Extended to End of 2013 first appeared on Arizona Distressed Homeowner Solutions.

There are three interactive maps included in this report, each specific to a type of distressed property: short sales, foreclosures, and a map of all distressed property. Each map is a snapshot of the active distressed real estate within greater Phoenix Arizona, and is grouped by area postal code. The percentage of active properties to distressed properties can be displayed by clicking on a dot.

Click any of the Arizona distressed property classifications below to see interactive maps. Once on an interactive map, clicking a dot will display more information.

Short Sales | Foreclosures | All Distressed Properties

The post December 2012 Phoenix Arizona Distressed Property Report first appeared on Arizona Distressed Homeowner Solutions.

Some of these new guidelines include but are not limited to the following points:

1. New “pre-determined” hardship borrower categories
2. Current documents that will no longer be mandatory
3. Anti-fraud affidavit verifying arm’s length transactions
4. Condensed approval timeline required for servicers
5. Shorter prohibition of resale timelines for HAFA deals
6. A $3,000 relocation incentive for qualified homeowners
7. A shortened decision timeline to “essentially 30 days” which is now in line with the new Fannie Mae and Freddie Mac short sale guidelines

We will continue to post any new updates to guidelines for Phoenix Arizona realtors as well as Phoenix homeowners to use in helping them determine whether or not they should conduct a Phoenix short sale.

We are a team of Phoenix Arizona realtors specializing in helping Arizona distressed homeowners with their Phoenix short sale properties and ultimately assisting them reposition themselves for a future Phoenix real estate purchase.

The post Streamlining and Standardization Updates to the HAFA Short Sale Guidelines by the U.S. Treasury Department first appeared on Arizona Distressed Homeowner Solutions.

Guidelines to be discussed will include but not be limited to:

1. New pre determined hardship categories for the borrower
2. Certain documents for certain qualifying homeowners will no longer be required
3. Abbreviated timelines on required documentation for HAFA deals

The overall goal seems to be to align HAFA short sale program procedures with Fannie Mae and Freddie Mac short sale guidelines and to keep the process down to 30 days.

We are a team of Phoenix Arizona realtors and we specialize in assisting Arizona distressed homeowners with their Phoenix short sale real estate ultimately helping them reposition themselves for future Phoenix home purchases.

The post Live Broadcast Discussion about New Updates to the HAFA Short Sale Guidelines first appeared on Arizona Distressed Homeowner Solutions.

Mr. Hutelmyer noted that the largest factor in formulating consumer credit scores is a homeowner’s credit payment history. Contributing to a whopping 35% of a Phoenix homeowner’s credit score, the payment history is a very important aspect in maintaining and repairing one’s credit score.

The second largest contributing factor to a consumer’s credit score is the individual’s utilization of credit. Jim stated that at approximately 30% of the weight of a consumer’s credit rating, credit utilization is the ratio of revolving debt (such as credit card balances) over the total available revolving credit. Maintaining a low total credit card balance relative to the total credit card available credit can be extremely helpful in rebuilding one’s credit score.

At 15%, the third heaviest factor in determining a credit score is the length of a consumer’s credit history. A longstanding history of on-time payments can work well towards building or rebuilding an individual’s credit score.

The final two factors which contribute to a Phoenix homeowner credit score rebuild both weigh in at 10% and are the amount of new credit and the types of credit used. When consumers apply for a credit card or loan, the application process itself can adversely affect a consumer’s credit score, especially if applying is done in large numbers. Explanations may be required on any inquiries noted on an individual’s credit report to confirm that no additional debt has been added to the consumer’s profile.

When it comes to types of credit used, consumers can benefit greatly by having a history of managing different types of credit such as mortgage debt, installment loans and revolving accounts (credit card balances).

If you are a distressed homeowner in Phoenix Arizona and have been late and/or delinquent on payments of credit balances, one step to the road to recovery is to begin making timely payments on different types of credit balances, but only on your credit counselor’s advice. We want to thank Jim Hutelmyer of People’s Mortgage Company located in Scottsdale for continuing to provide invaluable information and tips for our Phoenix Arizona homeowners in distress.

If you are you a Phoenix Arizona homeowner considering a loan modification, a short sale or a foreclosure and you are not sure which path to choose, contact our team of Phoenix Arizona distressed homeowner specialists and they will help you formulate the best plan for your circumstances, goals and needs.

The post Consumer Credit Rating Consult – How to Rebuild a Homeowner Credit Score first appeared on Arizona Distressed Homeowner Solutions.

There are three interactive maps included in this report, each specific to a type of distressed property: short sales, foreclosures, and a map of all distressed properties. Each map is a snapshot of the active distressed property as of August 31, and is grouped by area postal code. The percentage of active properties to distressed properties can be displayed by clicking on a dot.

Click any of the distressed property classifications below to see interactive maps. Once on an interactive map, clicking a dot will display more information.

Short Sales | Foreclosures | All Distressed Properties

The post Phoenix Distressed Property Report for August 2012 first appeared on Arizona Distressed Homeowner Solutions.