HomesWithJosh - Boise Idaho Real Estate
Boise, Meridian, Eagle, Nampa Real Estate
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The Treasury Department took action in December eliminating some rules it said have held back short sales through the Home Affordable Foreclosure Alternatives program.
HAFA was launched in April 2010 to provide an incentive to servicers and investors for pursuing short sales and deeds-in-lieu of foreclosure. The program was designed for homeowners who fell out of the Treasury’s Home Affordable Modification Program and was touted as a new standard for short sales.
But both HAFA and HAMP have struggled. The Treasury has spent only $4.3 million through HAFA, inducing roughly 661 short sales since the program launched, according to the Congressional Oversight Panel, the Troubled Asset Relief Program watchdog.
With such low numbers, the Treasury has eliminated rules that have constricted eligibility for HAFA. Among them, servicers are no longer required to verify a borrower’s financial information or determine if the borrower’s total monthly mortgage payment exceeds a 31% debt-to-income ratio. Servicers still must obtain a signed hardship affidavit.
“While this requirement has set the standard for mortgage affordability under HAMP, it is not as important for homeowners ready to transition out of their home,” a Treasury official said. “Eliminating this requirement further streamlines the process for homeowners applying to the program.”
In order to get more second-lien investors to clear short sales, the Treasury changed how servicers pay out to these holders. Before, the second-lien investor had to agree to accept 6% of the unpaid principle balance owed to them, up to $6,000. But the new guidelines eliminate that 6% rule. Now, servicers on behalf of the investors determine the amount or percentage of the unpaid principal balance of the second lien to be paid to each holder.
However, the cap still remains at $6,000.
The Treasury also directed servicers to grant borrowers who request consideration for HAFA the same timeline as those who are approached by the bank. Now, all borrowers must receive a short sale agreement no later than 30 days after request.
The Treasury said it will begin reporting official HAFA numbers in the first quarter of 2011.
First Time Home Buyer Or Investment!!Adorable 3 bedroom 2 bath 1144 sqft. split floor plan with quiet location near NNU. Landscaping gives very nice curb appeal to this corner lot home. Dual gates for R.V. parking on the west side of back yard. Back yard has concrete patio with mature tree providing excellent shade for those evening BBQ’s. $69,900 you can bet that this won’t be available for long!
For more information about this home and others call Joshua Groesbeck direct at 208-353-7131 or josh@homeswithjosh.com
I have been saying this for at least the last 2 years and finally banks are trying to get it done. House values have been devastated over the last few years leaving more and more home owners hung out to dry. Theoretically speaking the short sale has almost become the new natural sale of your home with banks giving all kinds of incentives to sellers to do it. Of course no one wants to lose their home but if you are having trouble paying your mortgage or if it no longer makes financial sense to stay call Josh Groesbeck (208-353-7131) to talk about what options you may have. Many programs are available to you and just walking away with out seeking assistance is not a good idea.
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice–that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount–or an average sales price of $192,129–compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
BUY NOW WITH RECORD LOW INTEREST RATES -Mortgage rates for 30- year fixed rate mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.92 percent, down from 4.07 percent at this same time last week. This represents the second time the rate has dropped below 4 percent and is a return to the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008. That rate was recorded on Aug. 10, 2011.
After rising to 4.07 percent on last Thursday, the 30-year fixed mortgage rate hovered between 3.98 percent and 4.05 percent before diving to the current rate early this morning.
Additionally, the 15- year fixed rate mortgage rate this morning was 3.17 percent and for 5/1 Arms the rate was 2.57 percent.
Apply for financing thru http://academymortgage.com/WhittneyCurran
Whittney will get you the best rate and always be there for any questions you may have. Once approved call Joshua Groesbeck and take advantage this housing market. Great prices with record low interest rates = Winning!
Joshua Groesbeck
208-353-7131 or josh@homeswithjosh.com
The housing market is still trying to recover while loan defaults have improved over the last year, there has been a recent dip again from recent economic news.
http://www.dsnews.com/articles/industrys-past-due-mortgages-climb-above-65-million-2011-08-16
Population: 206,431
% over 50: 29%
Median home price: $140,100
Where to take classes: Boise State Univ.
More than 500 Boise residents are members of the Osher Lifelong Learning Institute, taking advantage of classes, field trips and clubs offered in conjunction with Boise State University to locals over age 50. In addition to taking classes, residents also enjoy the recreational offerings provided by BSU, such as shows at the Morrison Center for the Performing Arts or sporting events at Bronco Stadium.
There�s plenty to do in Boise off-campus as well. Boise has a 25-mile Greenbelt path system that connects five parks and follows the Boise River through town. Hikers and mountain bikers enjoy more rugged terrain along the Boise Front, the foothills just to the north of city. For arts lovers, the city has its own opera company, philharmonic orchestra and ballet. Every summer, Boise hosts the Idaho Shakespeare Festival, which runs dozens of performances of plays in an outdoor amphitheater.
I have been helping a lot of distressed home owners for the past couple of years and the link below explains what I have been experiencing. Banks are starting to realize that the Short Sale are most of the time the best route to take. A Short Sale here in Idaho will help stop the downward trend of home prices also keeping homes from becoming more distressed. (i.e. – a beat up home is a beat down home price)
If you or someone you know is needing help with their distressed home please contact Josh Groesbeck 208-353-7131 or www.homeswithjosh.com
http://kcmblog.com/2011/06/22/are-short-sales-getting-easier/
One of the largest lenders Bank of America is Tripling their number of mortgage assistance centers. This bold move leads me to believe that they are preparing even more for what has become an industry standard, The Short Sale. Many homes are being lost to financial hardship from lack of employment but tied very close to that are the people that are in homes so upside down in equity that they will not be back to even equity for many years maybe 10 to 15. It is a numbers game but if these banks really take a look (and they now are) the best way to market recovery is too embrace the Short Sale and stop the bleeding. Values will really start to form a housing bottom and those who Short Sale can be back in the market within a couple of years and help absorb some of the housing inventory. If you or someone you know is facing hardship or an upside down mortgage call Josh Groesbeck 208-353-7131 or www.idshortsale.com
