About three years, according to mortgage expert Dean Wegner in a recent article on ABC15.com. You can expect to wait the same amount of time if you filed for bankruptcy, too.

But time alone will not be the deciding factor.

On the contrary, a credit score of more than 620, as well as demonstrating verifiable employment for at least two years and having money in the bank (3.5 percent down payment), are also required.

Mortgage lenders are certainly more strict now more than ever, being careful to avoid another mortgage meltdown that has crippled the United States housing market the last few years. The good news is that even if you did get mired in a foreclosure, short sale and/or bankruptcy situation, there is light at the end of the tunnel.

It’s certainly not the end of the world … just a pit stop on the road to your next destination.

“Historic” is actually how CNBC describes the current mortgage interest rate situation, which is at 4.87 percent on a 30-year fixed loan.

That’s the lowest it’s been in 30 years.

Mark Zandi, chief economist at Moody’s, puts it into perspective:

“It’s the best time in our generation to buy. It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy or refinance.”

The report indicates that the debt crisis in Europe is responsible for the great rates. Nervous investors are “flocking” to the “security of US Treasurys.”

How long will these once-in-a-lifetime rates last? Unsurprisingly, not long … about one or two months.

In fact, Lawrence Yun, chief economist for the National Association of Realtors, predicts that interest rates will climb back up to 5.5 percent “by the end of June if not sooner.”

To start your home search today click here. Foreclosure.com has the best real estate deals in your area — save up to 50 percent or more!

Remember, too, that Foreclosure.com also offers a host of mortgage resources such as calculators right here.

Right now there are so many great discounted properties available throughout the nation that you can essentially “steal” them for dirt cheap prices.

On top of these amazing deals, as well as the limited-time tax credit for first-time homebuyers that expires on Dec. 1, 2009, banks are still offering fantastic mortgage rates to encourage spending.

In fact, rates recently dropped to less than 5 percent!

Mortgage applications have skyrocketed thanks to this “perfect storm” that has created ideal homebuyer conditions.

How can you not be tempted to capitalize on these opportunities of a lifetime?

All these facts add up to one major point: for the right property, the numbers make good, solid “cents” right now. There has literally never been a better time to get into distressed property investment.

The September 2009 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which is all about helping you figure out how to get your hands on the money you need to get started in distressed property investing.

We touch on everything, from funding options to tips for raising your credit score. We also cover how you can accomplish it all without experiencing any of the headaches that can often deter first timers.

So get ready to learn everything you need to know about financing your dream home at the best possible terms! Check out “Fund the Deal” today and get going before it’s too late — remember the clock is ticking to lock-in the best terms and incentives!

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

Here’s your chance to get the inside scoop on highly sought-after FHA loans to secure the best mortgage interest rate possible on your next home investment.

Cathy McDaniel — a consumer advocate who has more than 15 years in the industry working banks and lenders — will reveal how to secure a home loan/refinance from the Federal Housing Administration (FHA) and lock-in the best possible interest rate and mortgage terms available.

The educational session is available to watch LIVE online during a 90-minute money-saving presentation scheduled for Thursday, July 30, at 7 p.m. ET. To register now for “How to Get an FHA Loan” click here.

An FHA loan is an attractive alternative to a traditional loan because it will put money back in your pocket each month, lowering your monthly mortgage commitment significantly. The long-term savings are even more mind-boggling.

Here are just some of the topics that Cathy will cover:

• FHA options and features
• FHA loan qualification and criteria, calculations/Ratios and MIP
• FHA appraisal, qualifying the property and home inspection
• FHA loan programs, escrow holdback and 203 (k) Streamline
• FHA refinancing, loss mitigation and down payment assistance

This is a great opportunity to learn all the key points, options and FHA program qualifications from an industry expert to maximize your (or your clients) mortgage instrument. Be sure to tune in!

Register for “How to Get an FHA Loan” before it’s too late. Spots are limited and filling up FAST! CLICK HERE.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

Mortgage Bankers Association today released a report that revealed 12 percent of borrowers with home loans are behind on their payments or in foreclosure, setting a record that is a 36 basis point increase from just one year ago.

In fact, it’s the highest seasonally adjusted rate since the MBA National Delinquency Survey began tracking defaults in 1972.

Here’s a snip from Jay Brinkmann, MBA chief economist, on the sobering findings:

“The increase in the foreclosure number is sobering but not unexpected. The rate of foreclosure starts remained essentially flat for the last three quarters of 2008 and we suspected that the numbers were artificially low due to various state and local moratoria, the Fannie Mae and Freddie Mac halt on foreclosures, and various company-level moratoria. Now that the guidelines of the administration’s loan modification programs are known, combined with the large number of vacant homes with past due mortgages, the pace of foreclosures has stepped up considerably.”

The report confirms that adjustable rate mortgages (ARM) that have re-set to higher interest rates and rising unemployment figures are likely the two key contributing factors behind the spike. And it’s being felt the most in Arizona, California, Florida and Nevada, which remain the hardest hit states in the nation, accounting for nearly half (46 percent) of all new foreclosure filings.

For information on foreclosure assistance remember that professional consultants can be reached right here. It’s free help. To check out the latest on the “Making Home Affordable” program and see if it will work for you go here.

… with an estimated 20.4 million homeowners in the United States who now owe lenders more than their homes are worth because of the across-the-board decline in home values, according to a recent study from Zillow.com:

” … the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter [2009] from 16.3 million at the end of the fourth quarter [2008]. The latest figure represents 21.9 percent of all homeowners, [which is] up from 17.6 percent in the fourth quarter and 14.3 percent in the third quarter.”

Obama’s plan, which is often referred to as the “Making Home Affordable” program, is intended to “stimulate” the housing market and reduce interest rates/loan amounts for homeowners struggling to meet their monthly mortgage obligations.

Typically, homeowners who are “underwater” are not permitted to refinance their mortgages, but now the has changes for loans backed by Fannie Mae and Freddie Mac under the new initiative.

To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.

“We are at a time where people can really take advantage of this…. The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates. That is money in their pocket.”

– President Barack Obama is urging homeowners to take advantage of super low mortgage interest rates through the recently introduced Making Home Affordable program to possibly ease their financial burdens. He made the remarks in the White House’s Roosevelt Room alongside several other key individuals who are charged with getting the housing market back on track, which includes ensuring that people are able to afford their homes and remain in them to avoid more foreclosure situations. According to an Associated Press report, nearly 200,000 homeowners contacted Bank of America alone “to find out if they are eligible to refinance under the Obama administration’s new guidelines.” To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here.

The Mortgage Bankers Association reports today that rates on 30-year mortgages fell from 4.89 percent last week to a current figure of 4.63 percent. Unsurprisingly, the refinance rate jumped as a result, increasing 72.9 percent during that span as opportunistic homeowners scrambled to reduce their existing interest rates.

In fact, more than 75 percent of those applicants were current homeowners and the remainder came from new homebuyers.

An Associated Press report tells us how it all came to be:

“Interest rates have plunged since the Federal Reserve said in November it would buy up to $500 billion in mortgage-backed securities in an effort to bolster the long-suffering housing market. Last week, the Federal Reserve went further, announcing a $1.2 trillion effort to lower rates on mortgages and other consumer debt in a bid to revive the economy. The effort includes buying up to $300 billion in long-term government bonds and $750 billion in mortgage-backed securities guaranteed by Fannie Made and Freddie Mac.”

Up until recently most homeowners were unable to take advantage of the great rates because of the collective nosedive that the housing market took in the past few years. They became upside-down on their mortgages, meaning that they owed their lenders more than their homes were worth .

Refinancing under those conditions was next to impossible.

The good news is things are a little different now thanks to the “Making Home Affordable” program, which was introduced on March 4 to “stimulate” the housing market and reduce interest rates/loan amounts for homeowners struggling to meet their monthly mortgage obligations.

For more on the particulars of that program click here.

In fact, the national unemployment rate is at its highest level (7.6 percent) since 1992. And it could surge more than a full point in 12 months or less to highs that have not been recorded in more than 25 years.

This harsh reality is a major problem for many reasons — people who can’t find work can not earn a living. Perhaps more alarming, many of these individuals are homeowners who are either having trouble making their monthly mortgage payments or will very soon of their situations do not improve.

And when homeowners don’t pay their mortgages on time they run the risk of falling into foreclosure.

It’s a slippery slope and a primary reason foreclosures have increased across the board in the last year and could continue to rise in the future.

CitiMortgage, which is the major mortgage lending arm of Citigroup, has apparently picked up on this unfortunate trend and is doing something about it, announcing today that “newly laid-off borrowers” will be allowed to “pay a substantially reduced mortgage, around $500 a month, for three months while they hunt for a new job,” according to Forbes.com.

However, only mortgages below the $417,500 threshold qualify. And after the 90 days are up, the article indicates that unemployed borrowers still in the program will be dealt with on a “case by case basis.” In addition, those in the program who find work before the three-month mark could be eligible for a long-term loan modification.

Therefore, if you are unemployed and struggling to satisfy your CitiMortgage loan responsibilities it would behoove you to give them a call and enroll in the program. It could make a major difference and provide you with valuable time while you get back on your feet.

Foreclosure.com Founder, President and CEO, Brad Geisen, had this to say in a high profile Associated Press interview back in June 2006 regarding the looming housing market crisis:

“Adjustable Rate Mortgages [ARMS]are a ticking time bomb. I’m pretty sure we’ll see a high volume of foreclosures.”

Bloomberg News columnist John F. Wasik today ran a story with the headline, “U.S. Mortgage Time Bomb Needs Defusing Yesterday,” saying the following:

“Of the $200 billion of these [ARM] loans outstanding, almost $30 billion is due to reset this year and $67 billion in 2010…. The resets inflict more trauma on the U.S. housing market. The average option ARM monthly payment will soar 63 percent — or $1,052.”

Brad and several other knowledgeable industry experts were able to see the “toxic mortgage” trouble coming several years ago even when the housing market was moving.

That’s because “balloon” loans are a big factor behind foreclosures, affecting millions of homeowners nationwide who become unable to afford their mortgages when interest rates “adjust” to higher percentages.

Unfortunately, it appears that the problem could continue well into next year if swift action is not taken — something that should have happened “yesterday” indeed.