idaho short sale

Idaho Short Sale Process

July 22, 2010 By josh groesbeck Leave a Comment

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.
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Market data on the value of your home in today’s market.
*
Recommended short sale pricing.
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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.
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Offers will be presented to you on an offers spread sheet.
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You will be able to see the net offers as they come in. We highlight, in yellow, the current highest net offer.
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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

July 20, 2010 By josh groesbeck Leave a Comment

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.

Filed Under: Sellers, Short Sales Tagged With: 2010 foreclosure, 2010 idaho short sales, ada county bank owned homes, ada county default, boise short sales, first time home buyers boise, first time home buyers idaho, homes in idaho, idaho bank owned, idaho bank owned homes, idaho bankruptcy, idaho distressed properties, idaho first time home buyers, idaho job forecast, idaho job outlook, idaho jobs, idaho loan defaults, idaho loan modifications, idaho luxury homes, idaho luxury properties, idaho luxury short sales, idaho millionaire, Idaho real estate, idaho relocation, idaho short sale, idaho short sale help, idaho short sale listing specialist, idaho short sale negotiator, idaho short sales and foreclosures, idaho strategic walk away, kuna bank owned homes, kuna homes, kuna short sales, living in idaho, living in luxury idaho, luxury homes, meridian short sales

HAUP Home Affordable Unemployment Program

July 6, 2010 By josh groesbeck Leave a Comment

The Home Affordable Unemployment Program (HAUP) begins today. It is designed to provide relief to unemployed homeowners. HAUP (referred to as “UP”), “offers eligible unemployed borrowers a forbearance plan to temporarily reduce or suspend their mortgage payments.”

By August 1, 2010, all servicers who are participating in Making Home Affordable will be helping homeowners who are struggling to stay current because of unemployment.

Here are the details:

Forbearance Plan Eligibility:

A borrower must meet the Home Affordable Modification Program (HAMP) eligibility criteria as well as:

be unemployed when request is made;

be entitled to receive unemployment benefits in the month of the UP forbearance plan effective date (servicers have discretion to require a borrower to have received unemployment benefits for up to three months before commencement of the forbearance plan); and

request an UP forbearance plan before they become seriously delinquent (i.e., miss three monthly mortgage payments).

Forbearance Plan Evaluation:

Servicers must follow these requirements when evaluating a borrower for an UP forbearance plan:

Unemployed borrowers who request assistance for HAMP must first be evaluated for an UP forbearance plan. If they qualify, they must be offered an UP forbearance plan before they can be considered for HAMP.

Borrowers currently in a HAMP trial period plan who become unemployed may receive an UP forbearance plan if they have missed less than three monthly payments as of the first payment due date of the HAMP trial period plan. If they do qualify, their existing HAMP trial period plan must be cancelled and the UP forbearance plan must immediately begin without waiting until the borrower has received three months of unemployment benefits.

Borrowers previously determined to be ineligible for a HAMP modification may request an UP forbearance plan if they meet the eligibility requirements.

Borrowers in a permanent HAMP modification who become unemployed are not eligible for an UP forbearance plan.

Forbearance Plan Terms

Term must be three months or upon reemployment (whichever is less). Servicers may extend this period according to their investor/regulatory guidelines.

Monthly mortgage payment must be reduced to less than or equal to 31% of the borrower’s gross monthly household income and may be suspended in full.

Transition to HAMP

Borrowers in an UP forbearance plan will be evaluated for HAMP at either reemployment or 30 days prior to the UP forbearance period expiring (whichever happens first).

Source: HSH

If you are experiencing problems making you house payment or see that foreclosure is possible we can help!

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com and www.idshortsale.com

Filed Under: Sellers, Short Sales Tagged With: boise short sale, eagle short sale, idaho distressed properties, idaho short sale, idaho short sales, nampa short sale, star short sale, unemployment boise, unemployment idaho, unemployment namp

2010 Canyon County Short Sales

June 30, 2010 By josh groesbeck Leave a Comment

Canyon county has 651 short sale homes that are currently active on the market to be sold- So far this year 281 properties have been sold via short sale and there are currently 66 that are shown as pending final funding and recording. These numbers are starting from January through June 2010.

If you are behind in payments or and can see a problem coming please don’t hesitate to call Joshua for help- Specializing in Short Sales with Solutions to your housing problems. You may need us….

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com or www.idshortsale.com

Filed Under: Buyers, Sellers Tagged With: boise housing, boise short sale, eagle short sales, idaho distressed homes, idaho housing, idaho short sale, idaho short sales, meridian short sales, nampa housing, nampa short sales

Idaho Strategic Short Sale

June 28, 2010 By josh groesbeck Leave a Comment

Strategic Short Sales

What is a Strategic Short Sale?

This is an option when you wish to sell your home, but the mortgage balance that you owe is greater than the market value of your home.

Strategic Short Sale vs. Foreclosure

If you are in a situation where you might face foreclosure, you may wish to choose a strategic short sale instead. Many lenders are willing to accept current market value as payment in full, regardless of the mortgage balance (for example, if your mortgage balance is $485,000 but you current property value is only $325,000). The current economy has been forcing many of us to face unforseen compromises, and lenders find that they need to compromise, too. A short sale will negatively affect your credit, but not as much as a foreclosure. Also, a short sale allows the seller to maintain more control of the sale.

When to Avoid a Short Sale

If you’re happy in your home, and your budget seems to be working, don’t let lower market values frighten you into selling. Sometimes, the best action is to do nothing.

How Do I Go Forward with a Short Sale?

Accomplishing a succesful Strategic Short Sale is going to involve selling your house, negotiating with the lender(s), and doing the necessary paperwork. It gets a little complicated, so we have an easy way to handle it all for you. We have organized the process into simple straightforward steps, and we handle the details for you.

As with a ‘regular home sale’ I’ll be at Trust Realty Realtor care of your listing and home sale. Experience on your side is what I can offer- I
don’t just list short sales, I get them sold!
OK, It Sounds Simple Enough, So What’s the Catch?

There is no catch.
As a Seller, you get to avoid the difficulties of handling negotiations with your lender and trying to figure out what information is needed where.
As a Realtor, I and my team of specialists stay in contact with all necessary parties to get your home sold at no cost to you.
The Lender gets to avoid a foreclosure, which could end up being more costly than accepting the proceeds of a short sale. Ideally the lender would be paid in full, but as we all know, this economy is hitting all of us pretty hard, and we all have had to compromise. But if the lender is going to be dealing with a short sale, at least the lender will have a neatly-organized package to consider.

It works.

I would love the opportunity to assist you in any way I can. I’m here to help.

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

wwww.homeswithjosh.com or www.idshortsale.com

Filed Under: Sellers, Short Sales Tagged With: boise short sales, eagle short sales, idaho short sale, idaho short sales, meridian short sales, nampa short sales, star short sales

HAFA Guideline Update

March 31, 2010 By josh groesbeck Leave a Comment

As we expected, the HAFA Guidelines are being improved…

Translation: HAFA = Streamlined, fast close- Help for troubled home owners

Here is an update from DSNews.com

The Treasury is also bumping up payouts for short sales and deeds-in-lieu under its Home Affordable Foreclosure Alternatives (HAFA) program set to take effect April 1. Servicer incentives for each short sale or deed-in-lieu have been raised from $1,000 to $1,500.

There is also a new second lien payoff schedule that allows servicers to increase the amount paid to subordinate lien holders who agree to extinguish the borrower’s secondary loan when a short sale or deed-in-lieu is reached on the first mortgage. Second lien holders will receive up to 6 percent of the outstanding loan balance, double the previous 3 percent cap. In addition, the incentive reimbursement available to investors for subordinate lien payoffs has doubled from $1,000 to $2,000.

Agents, this is huge. When HAFA was first announced we were all a little skeptical because there wasn’t any real financial incentive for the second mortgage lien holders. Now, with this recent revision…the seconds will certainly want to participate. Remember, if the home goes into foreclosure 99% of the time the seconds are wiped out….so, now they can actually recoup part of their investment.

Relocation assistance payments to homeowners who receive a short sale or deed-in-lieu have also doubled, to $3,000.

That revision was also expected..be sure to make it clear to you potential Short Sale sellers…they can now receive UP TO $3,000 to do a short sale (or DIL). If any of you aren’t 100% convinced that lenders (and the government) have made 2010 the year of the short sale the fact that sellers/ borrowers are literally being PAOD to do a short sale should convince you!

All these program enhancements come on the heels of new consumer protections that the Treasury announced this week would be incorporated into HAMP on June 1, including requiring servicers to evaluate all borrowers who’ve missed at least two payments and prohibiting foreclosure proceedings until it’s determined borrowers are HAMP-ineligible.

The Treasury noted in its policy FAQs that it will take time to get these new initiatives up and running. Some pieces, such as increased payments for short sales and deeds-in-lieu, will be put in place in the coming weeks, with the full set of new program initiatives available by fall.

Officials said no additional taxpayer dollars will be needed for the new program enhancements or the increase in incentive payments. It will all be fully funded through the Troubled Asset Relief Program (TARP), more specifically, with the $50 billion in TARP funds that has already been set aside for HAMP.

According to Diana Farrell, deputy director of the National Economic Council, with the add-ons announced Friday, the program will stem enough foreclosures to meet the president’s target of helping 3 to 4 million struggling homeowners through modifications, refinanced loans, and foreclosure alternatives.

NOTE: Most predictions expect there to be upwards to 15,000,000 foreclosures….so, best case if this program hit President Obama’s goal of ’saving 3-4 million from foreclosure’ its quit literally…a small drop in the bucket. Its going to be a long time before we actually see any sort of market recovery.

Farrell concedes that it’s not enough to avert foreclosure for all, with foreclosure risk estimates now climbing to 10 to 11 million, but it’s significant enough to “have a real material impact on the marketplace,” she told reporters.

“The purpose here is to deal with just enough of the overhang … to provide real help to those people for whom we believe foreclosure is preventable and not just kicking the can forward,” Farrell said.

IF YOU ARE FACING FORECLOSURE OR YOUR HOME IS WORTH LESS THAN WHAT IS OWED DON’T DELAY THIS PROBLEM IS NOT GOING AWAY ANYTIME SOON- YOU DO HAVE ALTERNATIVES TO FORECLOSURE AND WE CAN HELP!

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

Latest information about the real estate market www.homeswithjosh.com

If you have already missed payments or the writing is on the wall apply for your foreclosure alternatives at www.idshortsale.com

Filed Under: Sellers, Short Sales Tagged With: ada county short sales, boise short sales, caldwell short sales, canyon county short sales, eagle short sales, idaho short sale, kuna short sales, meridian short sales, middleton short sales, nampa short sales, star short sales

2010 Year Of The Short Sale

February 27, 2010 By josh groesbeck Leave a Comment

Ada county had 77 short sale properties fund and record in the month of February 2010. Prices ranging from $531,700 down to$53,000. Ada county includes the cities of – Boise, Garden City, Eagle, Meridian, Kuna and Star. That is a 100% increase of short sale homes closed from the same month last year, are we seeing a trend? 2009 highest sold price was $700,000 and the lowest was $120,000.

Canyon county had 32 short sale properties fund and record in the month of February 2010. Prices ranging from $359,000 down to $42,000. Canyon county includes the cities of – Nampa, Caldwell, Kuna, Melba, and Middleton. That is a %90 increase of short sale homes closed from the same month last year, I ask again are we seeing a trend? 2009 highest sold price was $417,500 and the lowest was $71,070 (not including a manufactured sale of $12,500)

So for comparison we have the month of February in 2009 and again the same month for 2010, closed short sales are up while prices have continued to go down. I do feel that values should start finding the floor while more and more short sales get completed. While loan modifications are still trying to make sense (will they write principle balance down to current market value?) or will 2010 be the year of the Short Sale! April 5th is the deadline for new short sale rules to be rolled out which should increase the success of short sales closed. Sum it up short sales sold are up and the prices are down- Great time to buy and also could be a great time to take a look at your home if it is underwater and you have trouble making payments- If your are wondering what your options are and would like assistance please don’t hesitate and call Joshua Groesbeck 208-353-7131 or visit http://www.homeswithjosh.com or http://idshortsale.com

Certified Distressed Property Specialist 208-353-7131

statistics are from the intermountain mls

Filed Under: Buyers, Sellers Tagged With: ada county short sales, boise short sales, caldwell short sales, eagle short sales, idaho short sale, idaho short sales, kuna short sales, meridian short sales, middleton short sales, nampa short sales, star short sales

Overwhelming Negative Home Equity

February 25, 2010 By josh groesbeck Leave a Comment

With more and more evidence of more and more borrowers walking away from their mortgage commitments due to overwhelming negative equity, I got to thinking: What exactly is the monetary tipping point for a homeowner, someone occupying the home, hanging pictures on the walls, perhaps raising their kids in the second and third bedrooms, going to the neighborhood block parties…what exactly is the negative equity number that makes them say, “We’re outta here.”

Negative $70,000.

At least according to First American Core Logic. FACL put out its quarterly negative equity report today, showing that the number of “underwater” loans is rising, from 10.7 million in Q3 to 11.3 million in Q4 or 24 percent of all borrowers from 23 percent.

What interested me was a paragraph lower down in the report:

“The rise in negative equity is closely tied to increases in pre-foreclosure activity and is a major factor in changing homeowner default behavior. Once negative equity exceeds 25 percent, or the mortgage balance is $70,000 higher than the current property values, owners begin to default with the same propensity as investors.”

This behavior is apparently measured by the actual data, that is, the default rates of investors vs.. owners and comparing that to loan-to-value ratios.

Source: Diana Olick

This is a measuring stick of how most home owners view their property. Take into consideration that there still are many people that aren’t quite 25% negative equity but do have loss of income and not enough equity to still sell their home outright that may still qualify for short sale. For more information go to http://idshortsale.com also more information at www.homeswithjosh.com or simply call Joshua Groesbeck at 208-353-7131

Filed Under: Sellers Tagged With: ada county short sale, boise short sale, canyon county short sale, idaho short sale, idaho strategic walk away, nampa short sale

February 10, 2010 By josh groesbeck Leave a Comment

An Idaho Real Estate Short Sale of a property, in it’s simplest form, is the process of selling your property for less than what is owed to the lender, with the lenders approval. If you are looking for realtors that do short sales than you have come to the right place, we do Idaho Real Estate Short Sales.

This process is used generally to prevent Idaho Foreclosure, and a home owner can qualify for a Idaho Short Sale if they have had financial hardship and their property is worth less than what is owed to the lender.

Many home owners purchased their homes with adjustable rate mortgage, interest only and even negative amortization loans. These loans don’t provide any payoff of the principle and payments can fluctuate and/or increase over time.

Other home owners have lost a job, had a death in the family or other unforeseen situations that have devastating affects on their financial situation. With their financial situation worsening and home values continuing to decline many people are seeking an Idaho Short Sale as a viable exit strategy.

To see if you qualify go to http://idshortsale.com/

Filed Under: Sellers Tagged With: boise short sales, idaho short sale, idaho short sales, nampa short sales

Options When Facing Foreclosure

February 4, 2010 By josh groesbeck Leave a Comment

1. Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option.

2. Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home.

3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

6. Partial Claim – A loan from the lender for a 2^nd loan to include back payments, costs and fees.

7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.

8. Bankruptcy – This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.

–Chapter 7 (Liquidation) To completely settle personal debt.

–Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.

–Chapter 11 (Business Reorganization) A business debt solution.

9. Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional home sale. In this case, the homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Real Estate Professional if what is owed is MORE than the property’s value.

Hope this information is helpful and if you have any questions please feel free to call Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com and don’t let your home go to foreclosure.

Filed Under: Sellers Tagged With: ada short sale, eagle short sale, foreclosure options, idaho foreclosure, idaho short sale

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