You are here: Home / Archives for eagle short sales

Speedy Short Sales Are Coming

April 23, 2012 By Leave a Comment

Speedy Short Sales Are Coming at least that is the idea behind recent changes coming to Fannie Mae and Freddie Mac backed mortgages.

The Federal Housing Finance Agency announced a new policy to speed up the process that mortgage servicers use to handle short sales, deeds-in-lieu, and deeds-for-lease for mortgages that are backed by Fannie Mae and Freddie Mac. The FHFA, the regulator of Fannie and Freddie, says the new policy includes a revised timeline that will require mortgage servicers to respond to a request for a short sale offer within 30 days. Servicers also will be required to make a final decision on the short sale offer within 60 days. For any short sale offer still under review after 30 days, banks will be required to provide weekly status updates to borrowers regarding the pending short sale offer. The new policy, which will roll out in stages starting in June, aims to “prevent foreclosures, keep homes occupied, and help maintain stable communities,” says Edward DeMarco, the FHFA’s acting director. “These timeline and borrower communication announcements set minimum standards and provide clear expectations regarding these important foreclosure alternatives.” The FHFA also says that by the end of the year there will be additional announcements from Fannie and Freddie that are aimed at addressing borrower eligibility and evaluation, simplifying documents, property valuation, fraud mitigation, payments to subordinate lien holders, and mortgage insurance.

If you having problems paying your mortgage or have been turned down for a loan modification please contact Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

 

Source: Daily Real Estate news Via RealtorMag

Filed Under: HomesWithJosh.com Featured, HomesWithJosh.com Featured Tagged With: , , , , , , , , , , , , , ,

Eagle Idaho Golf Community Homes

March 27, 2012 By Leave a Comment

Opportunity knocks in the Banbury Meadows Community! 3 Bed 3 Bath 2646 sqft, this spacious patio home includes a main level master with dual vanities, large tiled shower w/ separate soak tube and walk in closet. Hardwood floors flow through the gourmet kitchen which includes stainless steel appliances and slab granite counters, all of this sets off your fireplace. Upstairs has a bonus/media room, full bath with over sized bedroom. It’s almost like having a separate living quarters. GOLF COURSE COMMUNITY!! $239,00

To schedule your own private showing please contact Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com

Filed Under: Buyers Tagged With: , , , , , , ,

Mortgage Debt Relief Act Extension?

March 1, 2012 By Leave a Comment

Many of our readers have asked whether or not we believe the Mortgage Forgiveness Debt Relief Act of 2007will be extended past its current expiration scheduled for the end of the year. As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.

The reason this act is important in today’s housing market is that, without the act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. If the legislation is not extended, then it would require homeowners to complete a short sale or modification prior to year’s end in order to avoid a tax consequence.

“Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007…  

In the Treasury’s Green Book, its summary explanation of the administration’s budget proposal, it calls for an extension of the tax break due to “the continued importance of facilitating home mortgage modifications.”

The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015.”

In today’s political environment, the passage of any budget proposal could be considered doubtful. However, both parties seem to be in agreement that this provision should be extended. We can only hope that it doesn’t fall victim to an election year.

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

Source: The KCM Crew and DSNEWS

Filed Under: Sellers, Short Sales Tagged With: , , , , , , , , , ,

Help For Home Owners 2.0?

October 25, 2011 By Leave a Comment

Help for home owners 2.0? This link is a video that may help you better understand how this is a better looking plan but still a tough pill to swallow. Many Idaho people are struggling right now and this may sound like good news but unless you can possibly qualify and nothing says they are writing down the principle on your loan..  That means many people will be looking back in the next few years thinking great interest rate, still under water in my home : (

http://www.msnbc.msn.com/id/21134540/vp/45020283#45020283

December 31, 2012 Mortgage Debt Relief Act comes to an end

http://www.irs.gov/individuals/article/0,,id=179414,00.html

 

 

.

 

Filed Under: Featured, Short Sales Tagged With: , , , , , , , ,

Changes to the HAFA Program

September 24, 2011 By Leave a Comment

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.

Filed Under: Featured, Short Sales Tagged With: , , , , , , , , ,

Are Short Sales The New REO

June 22, 2011 By Leave a Comment

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/

Filed Under: Sellers, Short Sales Tagged With: , , , , , , , , , , , , , , ,

Are Home Mortgage Rates Going Up

April 7, 2011 By Leave a Comment

The 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.72 percent, up from 4.71 percent at this same time last week.

As of now the  30-year fixed mortgage rate declined over the weekend, falling to 4.67 percent on Saturday, before climbing to the current rate.

Furthermore, the 15-year fixed mortgage rate on Tuesday morning was 3.98 percent and for 5/1 ARMs, the rate was 3.29 percent.

What are the rates right now? Check out www.homeswithjosh.com or call Whittney Curran at Academy Mortgage 208-489-1356.

Joshua Groesbeck 208-353-7131

Filed Under: Buyers, Mortgage Tagged With: , , , , , , , , , , ,

Foreclosure Aid For Idaho Unemployed

April 4, 2011 By Leave a Comment

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.

Filed Under: Featured Tagged With: , , , , , , , , , , , , , , , , , , ,

HAMP Struggling With Cancellations Or Rejections

February 9, 2011 By Leave a Comment

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.



Filed Under: Featured, Short Sales Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Home Market Recovery 5+ Years

January 31, 2011 By Leave a Comment

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

Filed Under: Featured Tagged With: , , , , , , , , ,
« Older Posts