Three years ago, just as the housing market was beginning its rapid descent, we purchased a perfect three-bedroom home in South Florida for $325,000.

It was in a great neighborhood. Excellent school district. We were set.

At the time it was priced right to sell ($379,000) — other nearby homes were hovering around the low $400′s. So we were thrilled when our “miracle offer” was accepted with no counters or questions asked. We celebrated the “steal of the century.”

Unfortunately, our joy didn’t last long.

Each year we helplessly watched as our home value continued to sink like a rock. We’re still not even sure if it has hit bottom — we’re too scared to look.  Last time we checked our home was roughly worth about $250,000, which is about a $75,000 hit.

Many homeowners today are in similar if not worse positions. We understand that. Still, that’s a lot of money.

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“Making Home Affordable,” a $75 billion federal government-backed initiative to keep up to 7 to 9 million Americans in their homes by preventing avoidable foreclosures, may have an uphill battle despite its well-placed intentions.

Associated Press today passed along sobering news from a Office of the Comptroller of the Currency and the Office of Thrift Supervision report, which reveals more than 50 percent of distressed homeowners who had their home loans modified in the first half of 2008 “missed at least two months of payments a year later.”

Job loss is the key culprit: Unemployed homeowners simply can’t afford their mortgages — even if they are cheaper — because the cash flow is either not what it once was or has ceased altogether.

It’s important to note that similar “redefault” statistics for “Making Home Affordable”  are not yet available. And they probably won’t be for several months because the plan was recently introduced earlier this year.

The good news is that the housing recovery program is still in its early stages — only 12 percent of eligible borrowers nationwide (360,000) have taken advantage of the opportunity thus far. More folks will hopefully follow suit sooner rather than later.

In addition, jobless rates were down in most metro areas in August, according to recently-released data from the Labor Department. It’s a promising sign, but there is certainly a very long road ahead.

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.

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.

… 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.