The revamped Home Affordable Refinance Program (HARP) goes into effect today (March 19, 2012), which is designed to help homeowners in the United States refinance their “underwater” mortgages. The original initiative was introduced more than three years ago; however, it was ineffective because it only assisted homeowners with a 125 percent loan-to-value limit.

And with the collective real estate market and the value of most individual properties worth far less than that now when compared to five years ago, HARP was essentially designed to fail right out of the gate. Sure, it might have taken longer than it probably should to fix, but at least now HARP will likely have its intended effect and reward those who have continued to meet their monthly mortgage obligations despite the drastic downturn.

Better late than never.

Key HARP changes include, but are not limited to:

• No “underwater” limits and/or ratios
• No appraisals and/or underwriting
• Eliminated or modified refinance fees
• Application deadline extended until Dec. 31, 2012

So how do you find out if you are eligible to participate in HARP?

1. Your home loan must either owned or guaranteed by Fannie Mae or Freddie Mac. To find out if it is check these two websites:

• Fannie Mae: www.fanniemae.com/loanlookup/
• Freddie Mac: ww3.freddiemac.com/corporate/

2. Your home loan must have been originated on or before May 31, 2009.

3. You must not have made a late payment within the past six months.

4. You must not have had more than one late payment within the past 12 months.

5. Your home loan must fall under the current conforming loan limits (http://themortgagereports.com/loan-limits/)

If all else fails the best alternative plan of attack is to contact your mortgage lender, which should be able to provide you with additional assistance and direction.

Lynn Szymoniak went from possibly losing her Palm Beach Gardens, Fla., home to foreclosure in 2008 to being awarded $18 million in 2012.

Talk about turning the tables.

That’s apparently Szymoniak’s massive reward for highlighting a major flaw in the foreclosure process that is now known as the “robo-signing” scandal that rocked the financial industry in 2011. Essentially, Szymoniak proved that major banks were rubber stamping certain foreclosure documents to expedite the process rather than giving them the mandatory due diligence and human attention.

In the wake of the discovery, major lending institutions nationwide halted their foreclosure operations to double-check their procedures. It was quickly determined that “abusive” and “fraudulent” practices were significantly more widespread and common, leading to a federal investigation and ultimately a landmark $25 billion settlement with five major banks just last month.

Szymoniak, a former insurance-fraud investigator, is now set to take home $18 million of a $228 million pot that was carved out of the settlement that will go toward resolving claims with other “whistle-blower” types. In fact, according to WashingtonPost.com, a group of six whistle-blowers, including Szymoniak, account for a $46.5 million haul out of that $228 million whistle-blower pot.

The remaining balance of the $25 billion settlement will be put toward:

• compensating foreclosure victims of the “robo-signing” scandal
• helping distressed homeowners avoid foreclosure
• offering “underwater” homeowners principal loan modifications

For more on the 2012 national foreclosure settlement agreement click here.

The financial problems for former National Football League (NFL) receiver Terrell Owens have reached fourth and long status.

Owens made headlines over the weekend for failing to pay the mother of one of his four children child support. The six-time Pro Bowl selection — who is apparently on the hook for nearly $45,000/mo. in total child support to three different women — is reportedly $20,000 behind in monthly payments, according to the Atlanta Journal-Constitution. “T.O.” could face jail time and additional fines if he can’t get current on the outstanding balance.

However, his money woes extend much deeper.

The Dallas Morning News reported last week that Owens is facing foreclosure on two separate homes that are located in Dallas, Texas, which is where he spent three years of his nearly 15-year professional career as a member of the Cowboys. He owes about $700,000 combined on the two condominiums; however, both are apparently up for sale, meaning that he can possibly avoid foreclosure altogether if he can find buyers before they hit the auction block.

Owens, who holds, shares and/or is near the very top of the all-time NFL record books for just about all the important receiving categories, has made untold millions throughout his decorated career from salaries, sponsorship deals and other revenue streams. Unfortunately, he doesn’t have much to show for it currently, trying to make ends meet as a co-owner and wideout for the Allen Wranglers of the Indoor Football League (IFL), earning a “six-figure” contract in Allen, Texas.

Stop us if you’ve heard this one before. Okay, don’t, because super successful investor Warren Buffett just exclaimed that he’d “load up” on single-family homes at distressed prices”

Now, another well-known millionaire and New York City real estate mogul, Donald Trump, is hitching his investment trailer to the distressed bandwagon. “The Donald” recently revealed his housing-related investment strategy on CNBC:

“Housing is one of the great investments right now. I tell people all the time when they come up to me, they say, ‘What should I do, Mr. Trump?’ I say go buy a house.”

Diana Olick, a real estate expert who contributes frequently to CNBC, among other industry outlets, reminds potential investors about the many benefits of investing in real estate, including, but not limited to:

• About 73 percent of homes sold in Jan. 2012 were less than $250,000
• 47 percent of those homes were distressed (e.g. foreclosure, short sale, etc.)
• FHA-backed loans allow for low down payments, low interest rates
• Timing the exact moment to “dive in” right now could be a mistake/non-issue

Olick predicts that the housing slump on a nationwide scale will likely slightly continue until the end of 2012; however, she points out that there are areas in which the market will begin to recover faster. And if you’re targeting one of those areas, and are planning to buy a home, you better act now before it’s too late.

In fact, waiting for the bottom to completely drop out, if it hasn’t already, could be a mistake. Especially if it means you save a little bit on the house, but miss out on all the other benefits such as low interest and insurance rates.

In other words, start your search today and act sooner rather than later to avoid missing out on these ideal buyer-friendly conditions. Foreclosure.com is free to search for seven days, as well as offers free email listing alerts that will notify you when new deals pop up in your neck of the woods.

“Single-family homes are cheap right now. If I had a way of buying a couple 100,000 single-family homes, and had a way of managing them — the management is an enormous problem because they are one-by-one, not apartment houses — I would load up on them. I would take mortgages out at very low rates — if anyone was thinking of buying homes five years ago, they couldn’t do it fast enough because they thought the [prices] were going to go up. Now they don’t buy them because they think they are going to go down and interest rates are going to go far lower. It’s a way, in effect, to short the dollar because you can take a 30-year mortgage — and if it turns out your interest rate is too high next week — you can refinance lower. And if it turns out it’s too low, the other guy is stuck with if for 30 years. So it’s a very attractive asset class now…. It’s a terrific deal. If I was an investor who was the handy type, which I am not, I would be a couple of them at distressed prices and find renters. It’s a leveraged way of owning a very cheap asset now. I think it’s about as an attractive asset as you can make.”

Warren Buffett, perhaps the shrewdest — and likely the most successful — investor in modern history is telling folks to go big on real estate. Not stocks, bonds, metals or mutual funds. On the contrary, good old fashioned real estate.  Well, real estate that is significantly discounted or in a state of distress, which would include Real Estate-Owned (REO) homes, foreclosures, short sales and other property types that have built-in equity and/or can generate a monthly revenue stream until the market completely corrects. Buy, hold and sell — it’s a classic investment strategy that can pay tremendous dividends down the road as home prices begin to climb after their historically-low dip. Don’t know how to get started? We’ve got a pretty good idea about where you can dip your toes into the water determine whether or not you are willing to follow the advice of the third richest man in the WORLD. Buffett kind of knows what he’s talking about when it comes to investments. See what single-family homes at distressed prices are available in your neck of the woods right now at Foreclosure.com. Maybe now you’ll believe what we’ve been saying this whole time thanks to a little independent third-party coaxing.

The American Dream of one day owning a home is apparently still alive and well despite the recent real estate recession.

That’s according to recent national housing survey that Fannie Mae conducted, which interviewed 3,000 individuals in late 2011, revealing that two-thirds of the respondents would prefer to own properties rather than rent them. However, 63 percent of the pollsters don’t feel it has the highest investment potential, which is the lowest such confidence in several years.

In other words, most people still want to own their own homes at some point, but don’t feel that the financial benefits are ideal at the moment. It makes perfect sense, considering that the real estate market is still volatile, as well as the United States economy, and it will take more time to correct.

Unsurprising, renters listed the following reasons for not currently owning homes:

• poor credit
• bad economic times
• complexity of the mortgage process

The report indicates that a vast majority of renters — particularly minorities — simply rule out the possibility of owning a home today because it’s their belief they won’t qualify for a mortgage under the strict lending standards. And that’s regardless of their incomes, meaning some could afford it, but simply don’t pursue homeownership as an option right now.

It’s an unfortunate notion, considering that home prices, as well as mortgage interest rates, are at — or near — all-time low levels essentially across the board. Simply put, there has never been a better time to buy a home than right now. And those aspiring homeowners who are capable, but simply don’t try for whatever reason, will likely regret their inaction sooner rather than later.

For those who are ready to get off the fence, or at the very least those who are curious to see the great foreclosure deals available for sale in their neighborhoods right now, click here.

Federal Housing Finance Agency (FHFA), which oversees mortgage-backing giants such as Fannie Mae and Freddie Mac, today announced a pilot program that targets real estate investors in Atlanta, Ga., Chicago, Ill., Las Vegas, Nevada, Los Angeles, Calif., Phoenix, Ariz., and areas of Florida.

Bloomberg.com reports that about 2,500 of Fannie Mae’s Real Estate-Owned (REO) homes, which are essentially foreclosure properties, will be marketed in these hot spots and offered to investors — who will agree to be “equity partners” — to buy in bulk. It is a program that is designed to “reduce taxpayer losses, stabilize neighborhoods and home values, shift to more private management of properties, and reduce the supply of REO properties in the marketplace,” according to FHFA Acting Director Edward J. DeMarco.

Real estate investors were encouraged to participate in the Bulk REO sales program — one that allows investors and public entities to purchase multiple Fannie Mae properties in one transaction — earlier this month. However, not only must they demonstrate that the have the financial ability to buy the portfolios, but they must also be able to manage the properties post-purchase. Once approved, investors will gain access to various portfolio details, as well as be provided with bidding instructions.

Freddie Mac is currently considering whether or not to follow in Fannie Mae’s forward-thinking footsteps.

For more details on the Fannie Mae bulk-sales pilot program click here.

Linda Yates, Foreclosure.com Director of Education, talks the talk and walks the walk.

Literally.

Linda is always telling aspiring and experienced investors alike, as well as real estate professionals, that knowledge and education is the key to staying on top of this ever-changing, profit-rich housing market.

She joined Toastmasters International little more than one year ago because she wanted to continue to sharpen her leadership and speaking skills. Toastmasters is a great place to practice presentation and public speaking skills in a supportive “lab” type environment that can be integrated into business and life.

Recently, Linda accepted the challenge from her Boca Raton, Fla.,-based club to compete in the International Speech Contest. Her club has more than 40 members; nonetheless, she won the top spot this past January. She will now advance to the next round and compete against five other club winners who represent more than 300 Toastmasters in the Broward and Palm Beach counties areas.

The next contest is tomorrow, Feb. 24, 2012, at 6 p.m. ET in the Boca Raton Community Center.

Let’s keep our fingers crossed for Linda!

The national mortgage crisis has certainly taken its toll on the United States economy.

From one coast to the other, the effects have been pervasive and far-reaching. People have lost their homes. Banks are now being held accountable for unfair foreclosures. Real estate investors, agents and brokers have been forced to change their tack or get lost in the shuffle.

But, it’s not all bad news.

First, the government has stepped up and is pledging to correct the flaws in the mortgage industry that allowed the mortgage crisis to occur in the first place. Second, ordinary people have a new and relatively low-risk way to invest their money and make a far greater return than with virtually any other investment of comparable risk. Distressed real estate can be bought at a fraction of market value, which means tremendous financial growth potential for investors.

In addition, investing in distressed real estate is the only way to reinvigorate the market and balance out supply and demand. Therefore, by getting involved you can not only make serious money, but also do your part to stabilize the economy.

The February 2012 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details the silver lining of the foreclosure mess, in particular, how you can make the best out of a bad situation.

Articles include:

• Site Feature Spotlight: Foreclosure Knowledge is Power
• Website Search Tips: Know the Foreclosure Laws in Your State
• Hot Off The Press: Are you a Victim of Robo-signing? Upside-down on your mortgage?
• Our Success Stories: Tanya Monroe on Win-Win Investing
• Real Estate Tips: Preforeclosures — The Goldmine Everyone’s Forgotten
• Deals of the Month: February Foreclosure Deals!
• Linda’s Learning Lane: Momentus Momentum

This month, we’re talking about foreclosures and preforeclosures and what you need to know to get involved. Isn’t it about time your investments started paying off? Perhaps more important, isn’t about time you finally got in the game?

Stop dreaming, start profiting.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.