HomesWithJosh - Boise Idaho Real Estate
Boise, Meridian, Eagle, Nampa Real Estate
Solid Boise Bench home is located in a quiet cul-de-sac. Garage has been converted into another bedroom or office. 2 beds 1 full bath a kitchen with upgraded counters with breakfast bar. Park your car in the car port and use the large concrete pad for your work trailer or R.V. $104,936
For more information please visit www.homeswitjosh.com or call Josh Groesbeck direct 208-353-7131 or josh@homeswithjosh.com
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!
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.
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
As home prices have slid new buyers are finding great opportunities and they can expect more to come. As home interest rates are historically low it would be hard to argue with the mind set of the able and willing buyer. These opportunities are providing people with the ability to purchase homes in areas in the past that would not be possible. Home, Location and Price all are all starting to end up on the same street so be advised- This is a great year to Buy Your Home.
Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com
It’s taken three years to process $1 trillion in foreclosed homes. At that rate, it will take more than five years for the amount of each individual’s mortgage debt, relative to their income, to get back to levels that were the norm in this country before the housing bubble, according to a report from TrimTabs Investment Research.
“For the debt-to-income ratio to return to 65 percent, mortgage debt needs to fall from its current level of $8.9 trillion to $6.4 trillion to $7.4 trillion,” Madeline Schnapp, TrimTabs director of economic research lays out very clearly in a report to clients today. “At the current pace, it could take four to six more years to work through the current and expected backlog of delinquencies.”
Home with foreclosure sign
One problem with this math could be that Schnapp assumes there will be very little income growth because of high unemployment so the only way to get back to normal is to lower the debt side of the equation through foreclosures. However, she’s also assuming 60 to 65 percent is the “sustainable” amount of debt to income an average homeowner can handle and many believe that will still have to come down even further. Either way, you’re left with at least a five-year slog, according to many economists and investors.
“It may take longer than 4-6 years in my opinion to work through the delinquencies,” said Simon Baker, CEO of Baker Avenue Asset Management. He cited the stall in the foreclosure process taking place in the court system as banks are forced to prove they actually own mortgages that changed so many hands during Wall Street’s securitization process.
“Sloppy paperwork and government policies that slow foreclosures and allow banks to postpone losses are only delaying the necessary adjustment in the housing market,” wrote Schnapp in her report. “The faster home prices reach a market clearing level, the faster the housing market will boost the economy.”
The latest Standard & Poor’s/Case-Shiller data showed that housing prices fell again across most of the major cities, with eight markets such as Las Vegas and Miami setting new lows since the housing crisis. Data released today showed a much higher than expected jump in weekly jobless claims, dampening hopes of an increase in wages anytime soon.
“We do not expect a true turn in home sales to occur until it becomes clear that the unemployment rate has peaked and is on a steady downtrend,” said Michelle Meyer, an economist for Bank of America Merrill Lynch, in a report to clients. “In addition, the turn in new home sales should be slower than that of existing homes given the lure of deeply discounted foreclosures.”
Source: John Melloy CNBC
Very desirable Woodbridge (Snorting Bull) subdivsion located in . LOCATION LOCATION LOCATION- This home is in a wonderfull area close to I-84, ST. Lukes Hosiptal and shopping. Gourmet kitchen, warm and open floor plan with many upgrades. Enjoy east facing back yard with no back neighbors. You will also enjoy walking paths and community pool. This is a must see! 3 bedroom 2 bath 1514 sqft.
This is a Short Sale offered by Joshua Groesbeck – To schedule your own private showing call Josh at 208-353-7131 or josh@homeswithjosh.com – To view this and all properties on the Intermountain Multiple Listing Service visit www.homeswithjosh.com
Lately I have been seeing Idaho rank for one of the worst places for real estate- Many home owners are upside down in their mortgage complicate that hardship with other factors and we have distress, leading owners to a short sale resolution or possible foreclosure. Here in Idaho the short sale process is becoming more and more transparent leading to more closed short sales and a little less distress. If you or someone you know is looking to take advantage of this great home buying opportunity call Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com Look for your home of the future
Slowly but surely, home buyers are entering the market again. It’s a trend that will likely continue throughout 2011.
Overall, mortgage applications are down again this week. But this is mainly due to the huge drop in refinance activity, driven by rising rates. On the home buying front, activity was up in November. The housing market is still sluggish by any measure. But the buyers are starting to come out of the woodwork.
According to the National Association of Realtors, home purchases for November increased 5.6 percent over the month prior. Home purchases will likely drop in December, which is a seasonal trend that happens every year. As we move into 2011, home purchases are expected to rise again.
Buying a Home, 2011
In many parts of the U.S., home prices will continue to decline through the first part of 2011. This, along with consistently low mortgage rates, has kept a lot of home buyers on the sidelines for the past few months. But mortgage rates have risen steadily for the last several weeks. If the upward trend of interest rates continues, it will bring more buyers into the market.
“When you have record-low mortgage rates and price declines, home buyers don’t feel any sense of urgency,” said Brandon Cornett, publisher of the Home Buying Institute. “But when the rates start rising, buyers say to themselves ‘Okay, maybe this is as good as it gets … maybe it’s time to take the plunge.’”
Many are predicting that mortgage rates will inch upward through 2011, perhaps reaching or exceeding 5 percent by year’s end. If that prediction holds true, it will give home buyers a stronger sense of urgency.
Source: Brandon Cornett
The Home Buying Institute
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
For anyone questioning the progress of HAMP (Home Affordable Modification Program) and the HAFA (Home Affordable Foreclosure Alternatives Program), here are some clear cut moves that should make the Short-Sale program a little more clear and help distressed owners sell leaving eager buyers the ability to purchase these homes in a timely fashion. If you or someone you know needs help to Short Sale their home or buy a Short Sale please feel free to contact Josh 208-353-7131 or josh@homeswithjosh.com
Loan servicers will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program, aimed at distressed borrowers who don’t qualify for other government loan modification programs.
Once a sales contract has been initiated, loan servicers then have 30 days to approve or reject the transaction.
The stricter timelines are believed to help speed up the short sale process, which has faced numerous complaints for how long it takes lenders to review and approve short sales often causing buyers to walk away.
The stricter timelines were apart of several revisions the Treasury Department recently announced to its HAFA program — the second major revision to the program since its launch in 2009.
Another big change: Loan servicers will no longer be restricted on paying second-lien holders, allowing them more freedom particularly when dealing with second-lien holders when borrowers owe less than $100,000. Loan servicers used to be restricted to paying second-lien holders no more than 6 percent of outstanding loan balance (with an overall limit of $6,000) in exchange for releasing subordinate liens. Second-lien holders have been another big obstacle to completing short sale transactions.
HAFA’s new directives also now forbid loan servicers from deducting vendor expenses from commissions paid to real estate brokers.
The rules are effective Feb. 1. It does not apply to mortgages owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency such as the Federal Housing Administration (FHA).
Source: Daily Real Estate News
Those of you that have spent the countless hours getting nowhere with your HAMP (home affordable modification program) then not being accepted for HAFA (Home Affordable Foreclosure Alternative) programs with questions as to why.. Read this below and if you have questions or are seeking the help of a Idaho Short Sale Leader call Josh 208-353-7131 or josh@homeswithjosh.com and we can work towards a solution.
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.”
Larry Bird, an executive at BirdRock Enterprises and a vice president for the Foreclosure Response Team, a company that specializes in short sales, said removing the 31% DTI requirement should allow many more people to qualify for HAFA.
“This will certainly help, the 31% ratio should have never been part of the HAFA requirements to begin with,” Bird said.
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.
Source: Jon Pryor