Foreclosure Aid For Idaho Unemployed

Idaho has been approved for 13 million dollars to aid the unemployed and help save their homes from foreclosure. Unemployed homeowners will be able to get help from the government with zero-interest, forgivable loans that set out to help them avoid foreclosure. The program will provide up to $50,000 to unemployed homeowners so they can continue to make their mortgage payments while out of work.  The loans can be forgiven over 5 years. For more information contact Joshua Groesbeck  208353-7131 or josh@homeswithjosh.com

Or contact The Department of  Housing and Urban Development

http://portal.hud.gov/portal/page/portal/HUD

 

 

 

Unemployed home owners in five states will be able to get some help from the government with zero-interest, forgivable loans that set out to help them avoid foreclosure.

The $1 billion Emergency Homeowners’ Loan Program an Obama administration program was established nearly a year ago but has been delayed several months. The House recently voted to end the unemployment program, but the Democrat-led Senate isn’t expected to approve the measure.

The program will provide unemployed home owners zero-interest loans of up to $50,000 so that they’ll be able to continue making mortgage payments. The loans can be forgiven over five years.

Boise State Broncos And ESPN Game Day

Boise State Broncos and ESPN game day are finally here!! Fiesta bowls victories with undefeated seasons all the talk about this great program and ESPN finally gets it right. Saturday September 25th 2010 should be marked on your calendars as this not only huge for Boise it is just as large for the state of Idaho. Getting more of this national attention drives interest to Idaho. It has been said many times even if your not a BSU fan or college football fan how can you not be excited for an organization that is doing so well. The Boise Open is bringing lots of action to Boise local business’s and it is also on the Golf Channel for four days which brings attention from thousands of people that may not even know where Idaho is.. There will be millions of people watching this and thinking wow this Boise looks like a place I want to be. Here it is: Top 5 college football program that is nestled in the middle of the city of trees that includes a river that flows down through the heart, mountain ranges surrounding, communities filled with the neighbors you like to know – I will say it again, I love being from Idaho it’s the place we call home.

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com and of course www.homeswithjosh.com

The on-air personalities for ESPN’s College GameDay expect the 3-hour pregame show to originate from Boise State on Sept. 25.

Analyst Lee Corso triggered a round of banter among the show’s hosts Saturday morning when he said that Boise State doesn’t belong in the national championship discussion because of its schedule.

“And I’m saying it although we’re going to Boise State in a couple weeks,” Corso said on the air.

Show host Chris Fowler suggested that Broncos fans would remember that comment.

“That’ll be my kind of weather,” Kirk Herbstreit said.

“Won’t be his kind of crowd,” Fowler said, indicating Corso.

ESPN spokesman Mike Humes immediately tried to downplay the Boise State talk, but it’s clear the Boise State-Oregon State game is at the top of the list for Sept. 25.

“(Corso) was just speculating in good nature,” Humes said by e-mail. “We still need to make sure everyone wins.”

Boise State could face competition from the Alabama-Arkansas game that day. That contest has the potential to become a Top 15 blockbuster if the Razorbacks win this week at Georgia.

But if No. 3 Boise State (at Wyoming) and Oregon State (vs. Louisville) win Saturday as expected, it looks like one of college football’s coolest events will originate from the Boise State campus.

The Broncos and Beavers meet Sept. 25 at Bronco Stadium in a game slated to air on ABC, ESPN or ESPN2 (time TBA).

GameDay never has been to Boise, but it has flirted with the idea twice, most recently for last year’s Boise State-Idaho game.

This year, like last year, ESPN has sent Boise State preliminary information about what is required for a host site. ESPN targets a few games per weekend about three weeks in advance and then tweaks the list as games are played, Humes said.

The GameDay producers and on-air personalities usually come to a consensus Sunday morning about the site for the following weekend. They look for the biggest game of the day and compelling storylines, Humes said.

“You have to look at the full matchup,” Humes said.

And that has been the problem in getting GameDay to Boise. The Broncos’ best home games usually are played on weekdays. This year, though, the Broncos’ most-attractive home game falls on a Saturday.

Other notable games that day include Oklahoma-Cincinnati, West Virginia-LSU, UCLA-Texas, South Carolina-Auburn and Stanford-Notre Dame.

source: Chad Crippe Idaho Stateman

Reasons Why Buying A Home Now Is Good

We all have different reasons why and when we purchase a home.  Home prices have tumbled from a false appreciation that occurred during the boom years has left many of use cringing as our equity has been wiped leaving us even with our value or in most cases upside down in our mortgage. Buyers are wreaking the rewards from the high volume of homes that are currently on the market. If you can qualify to purchase a home the world is your oyster or in housing terms your dream home awaits you. Home loan interest rates are best we have ever seen and history shows when you are trying to time the absolute bottom of a market chances are it will have already hit and start back up.  In closing I say keep your eyes on the housing market and look for your home in your area chances are you might just find a place to call yours. Please feel free to call Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com for assistance.

10 Reasons to Buy a Home
Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They’re at a level that makes sense for people’s income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.
8. It’s forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

Mortgage Rate Even Lower

Those of you looking to purchase a home here in Idaho mortgage rate even lower now…. If you are waiting for the bottom of the market I feel that we are scraping it about now barring giving away homes it is getting awfully tempting make a splash in this home market. Now there is always going to be winners and losers but now with so many Idaho short sales and Idaho REO’s (bank owned) properties there is a very good opportunity to come out ahead. Investors are picking up properties for pennies on the dollar, first time home buyer’s are jumping into some great homes in desirable areas while people that can sell with some equity are having the chance of a lifetime to get their “it” home the one they have always dreamed of. For Help in Boise,Eagle,Meridian,Nampa,Caldwell,Star,Middleton,Kuna call Josh 208-353-7131

Mortgage rates have hit a new record low for the 10th time in 11 weeks as investors continue to turn to Treasury bonds as a safe haven; the shift in money is cutting yields, which mortgage rates tend to follow.

Freddie Mac reports that 30-year fixed loans averaged 4.32 percent, down from 4.36 percent a week ago; and the 15-year fixed rate fell to a new low of 3.83 percent, down from 3.86 percent.

These rates are outstanding now combine that with low home prices: BUYERS BEWARE YOU MAY JUST FIND THE HOME YOU HAVE BEEN WAITING FOR!

Joshua Groesbeck or josh@homeswithjosh.com and of course 208-353-7131


Another Home Buyer Tax Credit

That’s right rumor on the street is there may be another tax credit for Home Buyer’s- Could consist of money for First Time Home Buyer’s, Move Up Home Buyer’s and the new twist could be incentive to purchase REO (Bank Owned) and Short Sale properties. If this happens we will be combining low, low, low I mean lowest interest rates on record with homes being sold crazy low prices. Idaho has long been ranked high for best places to live and work and I expect that the Boise Valley will rank high again when this economy turns around. Let’s see what happens but maybe the 3rd time is the charm! Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com and www.homeswithjosh.com

Faster Short Sale Approvals after B of A Insurance Scam

Ever feel like your mortgage servicer or company is just toying with you and your HAMP program- It should be black or white, completely transparent and well let’s admit it– Can I get a loan mod and does it even make any sense if my home is totally upside down (bought at 300k now worth 175k)- Here in Idaho job unemployment rate is still above 9% and not looking to drop drastically anytime soon.  If your loan company is jerking you around please don’t hesitate to call or email Josh with your questions. Idaho’s Best Short Sale Specialist! Read below what the big boys in banking are doing it might make you shake your head–

Bank of America gets caught with their hand in the jar and blames Countrywide.

But doesn’t Bank of America own Countrywide?  Yes!

When Bank of America took over Countrywide in 2008 during the worst housing crash since the Great Depression, according to Bloomberg, BofA absorbed Balboa Insurance.  Essentially, Balboa Insurance…now owned and operated by BofA, is insuring their own bad debt.

What does this mean?  Bank of America’s “Countrywide Loans” that have been defaulted against by homeowners are insured, meaning Bank of America is feeling no pain and actually is gaining from this type of bad debt. Meaning that BofA is in no hurry to sell bad debt.  That’s why there is “Shadow Inventory” and Short Sales are taking so long to approve for sale. There’s no hurry when your making money.

Why Bank of America is gaining on a defaulted loan?  It seems that the Federal Trade Commission (FTC) uncovered ”scamming” on behalf of  “Countrywide” last month.  Remember, Bank of America bought/took over, what ever you want to call it, Countrywide at the Federal Governments request.

What was the scamming?

Countrywide had established Balboa Insurance to cover their home loans gone bad.  In an effort to help defray these losses on bad loans, Balboa Insurance and Countrywide would over charge the now defaulted homeowner for any related services to the default…like mowing the lawns, maintenance of the home, painting, etc…yes, Countrywide in it’s need to make money, charged up to 2 times the amount back to the homeowner for these services.  This is in clear violation to FTC guidelines as it pertains to loan servicing.

So what?

Well, Millions and millions of dollars have been scammed from the clients that they hold a fiduciary responsibility. Kinda like Bernie Madoff screwing his own clients out of their money.   Well, it’s now 2 years later, and Bank of America “Countrywide” division has been caught red handed.  However, no one is being held responsible.  Why?

BofA was helping out the Feds by taking over the Countrywide catastrophe and with that comes immunity.  Above the law stuff…”you do us a favor, no one will suffer.”

Know that BofA has been caught, the new CEO, Brian Moynihan stated earlier this month that they have a “desire” to sell Balboa Insurance.  Desire?  What does that mean?

C’mon…let’s be real.  BofA makes tons of money on bad loans.  That’s why it takes so freakin’ long to get a BofA short sale approved!  That’s why there is “shadow Inventory”!

So what happens next?

As soon as CEO Moynihans “desire” is fulfilled and Bolboa is sold…it should open the flood gates to short sales and release of “shadow inventory”.

It’s good news…however, no one person is held responsible. No one goes to jail.

Do the Feds a “solid” and your protected!

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.

Exiting Home Sales Down

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com or www.idshortsale.com

Eagle Bank Owned Home of the Week

Eagle bank owned home of the week located on a pond. Elegantly appointed set in a quiet cul-de-sac with east facing backyard. Master bedroom has huge walk-in closet, slab travertine counters, cozy sitting area by fireplace. Gourmet kitchen with slab granite counters & work island. Excellent floor plan. Enjoy the all the great features of this well established Eagle, Idaho community. Features include homes well maintained on larger lots and don’t forget about the community pool. To check out more on this home visit www.homeswithjosh.com insert this Mls# 98426239

To schedule your showing for this property or any other great buying opportunities in Eagle simply call Joshua Groesbeck 208-353-7131 or email josh@homeswithjosh.com

Idaho Living

A statewide magazine of the highest quality, Explore Idaho encompasses everything exceptional about the state of Idaho: history and legend, hardworking people, dramatic vistas, recreational opportunities and enduring values.

The magazine is designed to appeal to a broad audience of outdoor, recreation and lifestyle enthusiasts. It speaks to everyone – from those who reside and work here to those who simply come for a visit.

Explore Idaho is more than just a list of outdoor activities, it’s about the people themselves who live here, many being descendents of those who settled here over the years in search of a better life – and found it.

The magazine reflects all the values that have long put the Gem State on a path of enduring grace and beauty. The pages personify an ever-growing number of people who regard Idaho as not merely a geographic locale, but also a state of mind and a way of life.

Explore Idaho is a hike in the Sawtooths, a wine tasting in Sunnyslope, a skiing or snowmobiling excursion to resort areas such as Sun Valley, Bogus or Brundage Mountain, or a rafting trip down the breathtaking Payette or Snake rivers.

Along the way, you’ll find out where to dine and where to stay, discover the state’s diverse arts, dining and culture scenes, and – most importantly – meet the people who shape Idaho’s identity.

source:IBR — Explore Idaho

Home Buyer Tax Credit

1. In some cases, you can use it as a down payment or for closing costs. For the most part, home buyers can’t use the tax credit as an automatic down payment, although “tax credit funds can be used for the basic down-payment requirement (3.5 percent) on an FHA-insured loan only when it’s handled through a state housing finance agency (HFA),” says Lemar Wooley, a spokesman for the U.S. Department of Housing and Urban Development.

If the home loan is handled through an FHA lender (and not an HFA), the tax credit can be “used to add to the down payment above the 3.5 percent required amount. It can also be used for closing costs,” says Wooley.

Many state HFAs are running or sponsoring programs that will use a tax credit for a down payment. These programs often place a second lien on the home as collateral to secure the eventual repayment of the tax credit funds. Some HFAs lend directly to home buyers while others work through networks of state-approved lenders. For a list of what state HFAs are doing, go to www.ncsha.org.

2. You don’t get a check at closing. Many homebuyers assume that the $8,000 is given to them at closing. Not true, says Winter Park, Fla.-based accountant David Keeler.

“Taxpayers need to wait until they’ve actually filed their income tax return to receive the tax credit,” says Keeler. “The homebuyer credit reduces one’s tax liability on a dollar-for-dollar basis, and if the credit is more than the tax you owe, the difference is paid to you as a tax refund.”

The IRS says first-time home buyers who purchased a home in 2009 can claim the tax credit on either a 2008 return, due April 15, 2009, or a 2009 return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting a filing extension or by filing an amended return.

3. You don’t always get the full credit. “This is one of the biggest misconceptions out there,” says Maynor Perez, a real estate sales associate with Positive Realty in Doral, Fla. “If you pay $50,000 for a home, you will not get the full $8,000 tax credit.”
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In fact, the top credit for homes bought in 2009 is $8,000 ($4,000 for a married individual filing separately) or 10 percent of the residence’s purchase price — whichever is less. So, for a $50,000 home, the home buyer would receive a $5,000 tax credit. And, if you buy a house for $800,000 or more, you’re not eligible for the tax credit.