HomesWithJosh - Boise Idaho Real Estate» ada county short sales

Newly Listed Boise Home

josh groesbeck — Mon, 30 Jan 2012 20:19:40 +0000

Community near Micron,Lucky Peak,Greenbelt and River. Feel at home when entering tiled entry with sitting area.Main level enjoy an open floor plan with nice sized kitchen with granite covered island overlooking your living room w/gas fireplace. Big main level office. Venture upstairs and you will find a landing area that is a great use for media space. Master bedroom is huge with dual vanities, shower w/soaker tub and walk-in closet that is sure to impress. All bedrooms are over sized. Large patio & shed. MLS#98485843

Call Joshua Groesbeck to schedule you private showing today! 208-353-7131 or josh@homeswithjosh.com

Are Short Sales The New REO

josh groesbeck — Wed, 22 Jun 2011 15:58:26 +0000

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/

Foreclosure Aid For Idaho Unemployed

josh groesbeck — Mon, 04 Apr 2011 16:56:16 +0000

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.

Idaho Buy Low and Buy Now

josh groesbeck — Mon, 28 Mar 2011 02:14:59 +0000

Waiting for the bottom of the housing market can be very tricky and truth be told when you find it- Well chances are very high that you missed it and it is on the way back up- I wanted to leave and example of what waiting on the fence may cost you in the end. The market here in Idaho is still rocky in cities such as- Boise, Eagle, Meridian, Nampa, Caldwell, Kuna, Star and Middleton. Below is just an example of how interest rates compare to purchasing power. 208-353-7131 or josh@homeswithjosh.com

Let’s say you were going to take out a $200,000 30-year-fixed-rate mortgage in November of 2010. At that time, interest rates were 4.17% (as per Freddie Mac). Your principle and interest payment would have come to $974.54. According to the most recent report from Case Shiller house prices fell 3.9% in the 4th quarter of 2010. The most recent report from the Federal Housing Finance Agency shows a 0.8% fall in prices. Let’s use the larger percentage decrease: 3.9%.

For the sake of keeping the math simple, we will now say you can get the same house with a $192,000 mortgage (4% discount from November price). Interest rates are now 4.95% (as per Freddie Mac).

Your principle and interest payment would now be $1,024.84.

By waiting to pay less for the PRICE of the house, the COST increased over $50 a month. That adds up to more than $600 a year and over $18,000 over the life of the loan.

Startegic Defaults Are On The Rise

josh groesbeck — Thu, 03 Mar 2011 01:46:45 +0000

This is a great article below on Strategic Defaults- I was listening in on a webinar conference with the Vice President, Portfolio Retention, REO and Short Sales for Western US at Bank of America Home Loans...He made a comment about how people who bought their home at or near the peak will most likely see the value back in their home somewhere around the year 2030–And if that seems like a long time, that’s because it is.. Now that is a pretty bold statement and we hope that’s not the case. Banks for years have used Strategic Defaults with plenty of money to spare but if a homeowner is sitting in a bad assest they are frowned upon. As I have represented many people short selling their homes there is always some pride that is lost- Somebody please tell me when a bank is defaulting, do they feel bad or is it just a smart business decision? Read more below..

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

A growing number of home owners whose homes have dropped drastically in value are deciding to stop paying their mortgage and walk away from the property, even though they can afford to keep making the payments–a move known as strategic default.

The exact number of strategic defaults is unknown. A study conducted by the Federal Reserve Board showed that half of home owners who walked away from their home owed twice what their house was worth.

From celebrities to prominent business people to the average home owner, strategic default is a growing option more home owners are taking. For example, Morgan Stanley walked away last year from a $1.5 billion mortgage on five buildings in San Francisco despite record-breaking profits in 2009.

For some, strategic default has spurred a debate over ethics.

“Most people considering strategic default come to me and want my permission,” says Ronald Kaniuk, a foreclosure defense lawyer. “People who cannot pay their mortgage are apologetic. For people who can afford their mortgage or can just barely afford their mortgage and see it as a losing investment, they want absolution.”

But the stigma attached to strategic defaults is influenced by how many other people are doing it, says Luigi Zingales, an economist and professor at the University of Chicago’s Booth School of Business.

“Once you think it’s socially acceptable, it becomes easier to do,” Zingales says. But Zingales cautions home owners that strategic defaults hamper neighbors’ property values and can affect the home owner’s credit scores. Plus it can become a question of ethics–they are breaking a commitment they made to pay back the mortgage.
Source: “Some Homeowners who can Afford the Mortgage Still Default as a Strategy,” The Palm Beach Post (Feb. 27, 2011

Multi-Family Housing In Meridian Idaho

josh groesbeck — Thu, 17 Feb 2011 17:39:35 +0000

1071 West Pine offers this super nice 5 year old 4-plex for just $270,000 OBO!! Walking distance to the ever growing downtown Meridian,Idaho. Enjoy good local restaurants and craft stores. Easy Access to I-84 and all of the Treasure Valley. Could be a great opportunity for owner occupy have the renters make your payment while you get the tax exemption for owner occupied, call Josh for more info– All units are rented with a solid rental history, don’t wait if this is for you because I am expecting multiple offers. Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

To view this and all properties available in our local treasure valley market go to visit HomeswithJosh.com

If you are trying to save your home from Foreclosure please call Joshua for free consultation!

HAMP Struggling With Cancellations Or Rejections

josh groesbeck — Thu, 10 Feb 2011 01:10:49 +0000

Below are numbers for Bank of America, JP Morgan, Citi Mortgage, Wells Fargo and how they have been doing with HAMP ( Home Made Affordable Program)- Is your lender trying to foreclose on you? Would you like to minimize the damage to your credit and avoid foreclosure? FREE CONSULTATION AND FREE SERVICE Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

As of November 30, 2010, there were an estimated 1,420,048 borrowers eligible for HAMP who are 60 or more days delinquent.

The servicer performance report released Monday by Treasury revealed that as of the final day of 2010 there are a total of 521,630 active permanent modifications and 152,289 active trial modifications.

By contrast there have been 1,025,907 homeowners rejected for HAMP modifications by the eight largest servicers, and there have been 572,655 canceled trial modifications.

To date there have been 1,466,448 HAMP trials started.

The report details numbers reported for several servicers, including the Bank of America (BofA), Citi, JP Morgan Chase, and Wells Fargo. Though the “big four” banks are leading the pack in numbers of modifications, the numbers are quite low over all when contrasted with the 3 to 4 million homeowners HAMP projected to help by 2012.

On top of that, it seems the pace of modifications is slowing dramatically.

Bank of America has the highest number of modifications of all surveyed servicers. The company reported it currently has 45,753 active trial modifications and 90,243 active permanent modifications.

In June, BofA reported it had completed 72,323 permanent modifications so far. The servicer completed just 6,484 modifications nationwide from November to December 2010.

BofA also has 199,196 homeowners in canceled HAMP trial modifications, and 114,531 homeowners who were not accepted for HAMP trial modifications. Of those homeowners, 18,031 are currently in the process of alternative modifications, 18,572 are in the process of short sales or deeds in lieu, 35,872 are experiencing foreclosure starts and 12,549 have completed foreclosures.

CitiMortgage reported a total of 42,746 active permanent modifications at year-end, and 7,415 active trial modifications. Citi has 81,329 homeowners in canceled trial mods and 128,665 homeowners who were not accepted for HAMP trial modifications, with 34,369 in the process of alt mods, 3,370 going through a short sale or deed in lieu, 8,864 foreclosure starts and 4,527 foreclosure completions.

JP Morgan reported 66,441 active permanent modifications, 20,7999 active trial modifications, and 113,997 in canceled trial mods. The servicer has denied the most homeowners HAMP modifications, at 334,462. Of those homeowners, 101,136 are in the process of alternative modification, 9,892 are in the process of short sales or deeds in lieu, 35,676 are experiencing foreclosure starts and 8,994 are in the process of foreclosure completions.

Wells Fargo reported 70,135 active permanent modifications and 18,526 trial modifications, as well as 118,395 in canceled mods. Wells has 172,387 homeowners who were not accepted for a HAMP trial modification, of those, 47,818 are pursuing alternative modifications, 10,550 are in the process of short sales or deeds in lieu. There are 18,914 foreclosure starts and 11,340 completed foreclosures.

The performance report says the most common causes of trial cancellations are insufficient documentation, trial plan payment default, and borrower ineligibility. Most common causes of trials not accepted are insufficient documentation, borrower ineligibility, or mortgage ineligibility.

Interestingly, Citi and JP Morgan experienced a decline in active permanent modifications from November to December.

Cumulative permanent mods recorded for Citi and JPMorgan in November 2010, were 52,856 and 67,722, respectively.

Buying Time After Short Sale Or Foreclosure

josh groesbeck — Fri, 04 Feb 2011 01:06:56 +0000

The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.

Federal Housing Administration (FHA)

1) Foreclosure is 3 years

2) Deed-in Lieu is 3 years

3) Short Sale is 3 years

4) Bankruptcy is 2 years

Veterans Administration (VA)

1) Foreclosure is 2 years

2) Deed-in Lieu is 2 years

3) Short Sale is 2 years

4) Bankruptcy is 2 years

Conventional Conforming (FNMA/FHLMC)

1) Foreclosure is 7 years

2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.

3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV

4) Bankruptcy is 4 years

Conventional Non-Conforming (JUMBO)

1) Foreclosure is 7 years

2) Deed-in-Lieu is 7 years

3) Short Sale is 7 years

4) Bankruptcy is 7 years

West Boise Short Sale $99,836

josh groesbeck — Wed, 19 Jan 2011 18:57:53 +0000

897 N. Christine is a true sweet heart. 2 bedroom 2.5 bath 1324 sqft town home has wonderful updates creating that cozy feeling. Access to club house, swimming pool and hot tub. Location is near Boise’s town square mall and all of what the beautiful city of Boise, Idaho has to offer. This home is a short sale offering a great opportunity for new buyer wanting the feel of a home with out the maintenance. Check out more information on my home search page enter. MLS#9845719

If you or someone you know is in need of a full-time Idaho short sale professional please contact Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com

Short Sales Agent Eagle Idaho

josh groesbeck — Wed, 15 Dec 2010 00:06:20 +0000

Over 50% of the properties sold in Eagle, Idaho have been either bank owned (154) with (18) pending as of today or Short Sales (92) sold with 13pending. With the out right failure of the HAMP (Home Affordable Modification Program) home owners have been left in foreclosure, deed in lieu or Short Sale. The smart under water borrower will seek a short sale professional to help them qualify for HAFA (Home Affordable Foreclosure Alternative) Guidelines are in place to help troubled home owners settle short on their bad asset (home) and possibly return to home ownership within 2 years.. That’s right banks will pay for you to short sale your home.. For more information call Josh today.. Visit website and click top right corner “How To Navigate The Short Sale Proces”

Joshua Groesbeck 353-7131 or josh@homeswithjosh.com

josh@homeswithjosh.com

Information provided by: Intermountain Multiple Listing Service