Josh and his First Response Team are helping Idaho home owners now.. call Josh 208-353-7131 or josh@homeswithjosh.com
Idaho Help For Home Owners
If you are currently working with an Idaho loan modification plan we hope that everything works out. If your loan modification is not working or perhaps you are upside down in your Idaho home (mortgage) please seek professional help. Josh is a trained Sh0rt Sale negotiator located right here in the Treasure Valley. Please review the HAFA rules and incentives from Making Home Affordable website. For answers and help with your home call Josh 208-353-7131 or josh@homeswithjosh.com
If you are looking for help selling your home and avoiding foreclosure, the federal government has introduced the
Home Affordable Foreclosure Alternatives (HAFA) Program to help you. As your mortgage servicer, we are
offering you the opportunity to participate in this program by utilizing HAFA’s short sale option.
Home Affordable Foreclosure Alternatives Program – Short Sale
A “short sale” is specifically designed to help borrowers who are unable to afford their first mortgage and want to
sell their home to avoid foreclosure, even if the sale price may not pay off the amount owed on their mortgage. A
short sale requires a number of parties (you, the buyer, your real estate broker, and sometimes mortgage
insurance companies and other lenders) to work together to make this option successful. However, it could be a
good solution for your current situation.
How Does a Short Sale Work?
Pre‐Sale—We will start by approving a list price for your home or give you the acceptable sale proceeds (the
minimum amount that we must receive after sales costs) from the sale of your home. We will also identify the
sales costs (broker commissions and closing costs) that may be deducted from the final sales price. You then
list your property (like any home sale) with a local real estate broker at the approved price.
Offer—When you get an offer on your home, you will submit the required documentation and we will approve
the sale if it is in line with what we agreed to.
Closing—Once the sale closes, we will release you from all responsibilities for repaying your mortgage. Plus,
you will receive $3,000 to help pay some of your moving expenses. (The check will be paid to you by the
settlement agent as part of the closing.) In the event there is any money left over from the sale after paying
the entire amount you owe on the mortgage plus the approved sale costs, you will not be eligible to receive
the $3,000.
To Participate in the Short Sale Program
Please note, there is no guarantee that your home will sell under this program, and you are responsible for
determining whether you want to sell your home for the price and terms described in this letter. The following
pages detail your responsibilities, additional information on the short sale process and the Terms and Conditions.
Additionally, this letter constitutes an agreement between us and you (“Agreement”) so please read it carefully
and completely.
Source:Making Home Affordable
Bank of America HPO Short Sale Rules
This is an outline for Bank Of America new HPO (high performance) short sale program. If you are have a B of A loan and have been turned down for or loan modification has not worked please don’t waste anytime and call Josh 208-353-7131 or josh@homeswithjosh.com for your free confidential housing consultation. Look at the new rules below as they are pretty clear. 100% Trained in Short Sales and getting them closed. First Response Team
* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative’.
* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.
* No documentation.
* No bank statements.
* No tax returns.
* No financial worksheets.
* No deficiency judgement.
* No financial contribution from the seller of any kind will be requested.
* Only requirements? -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.
* 2 WEEK approvals.
Money Saving Tips In Your Idaho Home
Whether it is your primary residence or your second home in Idaho you can always save a few bucks. These tips are just a few ways to save some money in all four seasons for your home here in Idaho. Living and working here in the Treasure Valley we all know in this crazy economy that your bank account can change much like the weather. When a storm is a brewing you wouldn’t leave your home without a jacket so compare that to the economic future (chance of rain) why wouldn’t you start saving some money. Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com and www.homeswithjosh.com
1. Install a programmable thermostat: Installing one of these little guys can
really help your utility bills and the earlier you get it installed, the more it saves!
Estimates are that for every degree you lower the thermostat, that’s 5% off your bill
(in the winter). I like to think of it this way – why spend money to heat or cool
something that I’m not even going to be there (or awake) and enjoy? The power
company has enough of my money!
2. Lower the temperature on the thermostat: HVAC systems have two settings
- off and on. By lowering the temperature of the thermostat, you leave it in the off
state for longer periods and thus use less energy. Less energy, lower bill!
3. Wash your clothes in cold water: Detergent technology has gotten so good
that washing in hot water is no longer necessary, you can save lots of energy by
washing with cold water rather than hot water.
4. Line dry your clothes: Get a rack or clothesline and dry your clothes on that,
instead of in your dryer. If that idea isn’t entirely appealing, consider drying larger
items (towels, sheets) on the line and your regular clothes in the dryer to cut down
on the time.
5. Lower the temperature of your water heater: You can turn the temperature
of your water heater down to conserve some extra energy, there’s no sense in
making it really hot only to add cold water to it during showers. (the only caveat is
that you should check your dishwasher for a booster, it’ll need the temps that high
for cleaning purposes)
6. Wrap your water heater with a water heater blanket: One of your biggest
energy sucks in the house is your water heater, that tank that keeps your water nice
and hot for your showers. Wrapping a blanket reduces the amount of heat it loses
into the area around it.
7. Clean out your refrigerator coils: Dust off the coils on the refrigerator and
you can improve its efficiency, thus lowering the electricity bill of the one thing in
your house that’s always on.
8. Find and plug drafts: You don’t need the cold air from the outside to infiltrate
your home (or your warm air blowing out), so try to find all the drafty windows and
doors in your home and seal them up. Your energy bill will thank you.
9. Change your air filter: The more you run your HVAC system, the more that air
filter will catch. The more it catches, the more it clogs. Yep, you guessed it, the
dirtier it gets, the harder your HVAC needs to work to push air. Swap that baby out
and improve your system’s operating efficiency.
10. Get your furnace tuned: I had no idea but you’re supposed to get your furnaced
“tuned” every few years, it could increase your efficiency considerably.
11. Swap out regular light bulbs with CFLs: The technology in CFLs now is so
good that most people can’t even tell the difference (other than by looking at them).
Swapping them out reduces your energy use and are best used in areas where the
lights are on most often. They’re more expensive but they last longer and use less
power.
12. Institute a one light, one person rule: Leaving the lights on in your house is a
great way to spend money, so try reducing your electricity usage by instituting a
one light, one person rule. Each person in the house can only have one light on at a
time.
13. Reduce phantom electricity use: Phantom electricity is the electricity your
appliances use when they’re “off.” This happens because we love our instant on
appliances! To help reduce this, you can plug them all into a surge protector and
turn that off to ensure you aren’t losing power to something you’re not even using.
14. When buying appliances, reliability trumps price: When you’re buying new
appliances, be sure to read reliability reports because you don’t want to spend less
only to find out you bought an inferior product that won’t last.
15. Shop around for homeowner’s or renter’s insurance: Renter’s insurance is
already pretty cheap so you might not get much savings there but homeowner’s can
vary greatly.
16. Consider a home energy audit: These aren’t cheap but they can identify things
you can do to make your home more efficient and thus save you more money.
17. Remember to return those cans and bottles for deposits: If you live in a
state that collects a deposit on cans and bottles, remember to redeem them!
Unfortunately in Maryland we don’t do that (but that also means we don’t pay it),
but I’d love to see it instituted here so that we could entice more recycling.
By following some of these steps you just never know you could be on your way to an early retirement……..
Joshua Groesbeck or josh@homeswithjosh.com and www.homeswithjosh.com
Foreclosures Down And Short Sales Up
Here is an insightful video from CNBC and what to expect from the housing market in the months ahead. If you have questions or would like assistance with your home please don’t hesitate to call or email, Josh.
Joshua Groesbeck
208-353-7131 or josh@homeswithjosh.com
Idaho Short Sale Process
Goal: Avoiding Foreclosure
The following are the steps that you as a homeowner can anticipate in the short sale process. This is a general outline of how the process occurs, however please note that lien holders can change the order of some of the steps. Detailed below is the process our team uses to process a short sale. For a brief overview please see. www.homeswithjosh.com and look under Short Sales
Pre-Listing
1.
Please contact Josh’s office for a brief consultation about short sales. Josh or one of his team members will collect some basic information about your situation.
2.
A tentative appointment will be scheduled to answer questions and/or list the home for sale in the short sale process.
3.
Josh and his team will prepare a short sale packet which will be sent to you either via FEDEX, regular mail or email. We provide a thorough packet of information in advance of the appointment so you have the opportunity to evaluate our process and have your questions answered in advance. If what we send you and what we discuss prior to the appointment makes sense and you feel comfortable and confident to go forward with the short sale process, our appointment will be confirmed. The packet will include:
*
Information about the short sale process.
*
Market data on the value of your home in today’s market.
*
Recommended short sale pricing.
*
Listing contract and related forms.
*
Property detail report from the county assessor’s office.
4.
The appointment. Josh will either come to your house to receive the documents or they can be returned via fax or email. We can do listing appointments via telephone or email if necessary.
5.
Once we receive a signed listing agreement we will begin the short sale process.
6.
An authorization form will be submitted to your lien holder(s) enabling us to speak to them on your behalf. Unless previously provided, the lien holder(s) will provide their short sale requirements when the authorization is received.
Marketing
1.
Your home will be listed immediately on the Multiple Listing Service.
2.
We will market your home through various affiliated web sites and all other applicable marketing strategies.
3.
During the marketing period we will receive offers and present them to you as they are received.
*
Offers will be presented to you on an offers spread sheet.
*
You will be able to see the net offers as they come in. We highlight, in yellow, the current highest net offer.
*
You will sign the purchase offer of your choosing. We will advise you as to what appears to be the strongest offer. We will encourage you to consider two important factors; price and the willingness of the buyer to wait for the short sale process to complete rather than back out in the middle of the process.
4.
You will select and sign the offer that is most likely to meet the lien holder(s) criteria for a short pay off of your loan.
Short Sale Processing
1.
After you select an offer it will be signed by you and presented to your lien holder(s). This is the official beginning of the short sale processing phase.
2.
You can track your short sale offer, as it is processed, online at Short Sale Status.
3.
The offer and all documentation required by the lien holder(s) is submitted by our office to the lien holder(s).
4.
Documents go through a processing period and are assigned to a negotiator. The lien holder(s) assign a negotiator to your file. The negotiator will ultimately make the final decision about your case. The negotiator will review your offer and present the offer to any investors into your loan.
5.
A BPO (Broker’s Price Opinion) or appraisal will be ordered by the negotiator. This BPO is used to determine the value of your home and whether or not the net proceeds of the offer are sufficient to satisfy the investors and thus provide a short pay off of the loan(s).
6.
The negotiator will evaluate your financial situation to determine whether or not you qualify for a short sale. The offer will be presented to the investors who are invested into your loan. They will decide if your short sale is approved or not.
7.
The negotiator will report the response of the investors. There will be one of three options: Short Sale Approval, Short Sale Approval with Conditions or Denial. If any other answer then Short Sale Approval is provided we will negotiate further on your behalf.
8.
After all negotiations are complete you will either accept or reject the terms of the short sale.
9.
Written short sale notification is delivered to the buyer’s agent and Escrow begins.
Escrow
1.
Escrows in short sales generally follow the same process as a regular escrow. One difference is that the short sale approval has a “good through” date by which time the short sale must be finalized and escrow must be closed.
2. When escrow begins you will need to make plans to be moved out of the house by the close of escrow.
Josh Groesbeck
208-353-7131 or josh@homeswithjosh.com
Home Owners Leaving Government Hamp Program
Facts for the Idaho homeowners who are working towards a loan modification. Best case scenario is getting your payment lowered to no more than 31% of your gross income. IF your loan modification is not getting worked out do the next best thing and call Josh Groesbeck and you can stay in your home until it is sold while charging you nothing. Specially trained in the art of a Short Sale I can help you qualify for money back from the bank to you for your relocation. With the economic hardships and homes that are entirely upside down (worth less than is owed) it’s no surprise that well over 50% of american homeowners are choosing to Short Sale their homes and start fresh. More great information at WWW.HOMESWITHJOSH.COM or WWW.IDSHORTSALE.COM
Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com
About 91,000 borrowers dropped out of the program in June, putting the total number of dropouts at 530,000.
At the same time, about 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000.
That means more than 40 percent of the roughly 1.3 million borrowers who have started in the program since its March 2009 inception have since dropped out, while just over 30 percent have received permanent new terms for their loan.
Defaults Rise By 70% Canyon County
Canyon County’s home defaults had dropped off in the last few months of 2009, but they came back with a vengeance in the first month of 2010.
The county’s foreclosures hit a high in January, rising from 214 filed in December to 365 filed in January for a total increase of 70.5 percent, according to IdahoDataProviders.com.
“What this all means is that you should brace yourself for a double dip in the housing market in 2010,” Charlie Nate, president of the foreclosure-tracking company, said in a release. “Look for local prices to still fall another 7% to 10% starting in the next few months. A bottom to the housing market and the beginning of a real recovery is unfortunately still at least one year away.”
Ada County’s number of foreclosures filed dropped 8 percent to 408 in January this year, a 19 percent increase from January 2009.
Short sales dropped 1.3 percent in the two counties in January, a lull which Nate calls the “calm before the storm.” He expects a new flood of short sales this year caused primarily by the U.S. Treasury Department’s Home Affordable Foreclosure Alternatives program, which must be implemented by April 5, 2010. The program requires each distressed property to first be considered for a loan modification, and then evaluated for a short sale or deed in lieu before a foreclosure can be initiated. http://www.homeswithjosh.com
Source:IBR
For more information call Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com