Repossessed Homes Hit All Time High

Repossed Homes Hit All Time High in August. Some say recovery may not be until 2014. If you or anybody you know is looking for help in this market please feel free to call Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com and always visist www.homeswithjosh.com

The nation’s banks repossessed a record number of homes in August, according to industry sources. RealtyTrac, an online foreclosure sale site, will release its monthly numbers on Thursday, but sources there confirm the number of repossessions will come in just shy of 100,000 for the month.

CNBC.com

That is the highest since the site began tracking in 2005. July’s repossession number was the second highest on record. The last highest was 93,777 in May of 2010.

Notices of Default, which are the first step in the foreclosure process, are up slightly but mostly thanks to a jump in California, where the numbers had been artificially low of late, as banks tried to modify borrowers.

“With respect to the NOD increase, I think it is the modification redefault wave beginning to build and new modifications slowing to a trickle, indicating banks have lost their primary borrower re-leveraging tool,” says mortgage industry consultant Mark Hanson.

Yesterday J.P. Morgan Chase [JPM  41.07  0.35  (+0.86%)   ] cited the “shadow inventory” of foreclosed properties as one of their primary reasons for pushing back their expectations for a housing recovery as far as 2014. No question, a growing supply of repossessed properties will put further downward pressure on home prices, especially given the current 12.5 month supply of existing homes already for sale.

The question now is: Where does the government go from here? Some argue that housing needs to correct on its own, without artificial stimulus, as painful as it will be, in order to recover fully. What the Obama Administration has to decide is, will that correction, involving millions of foreclosures, take too large a toll on the greater economy?

Money Saving Tips In Your Idaho Home

Whether it is your primary residence or your second home in Idaho you can always save a few bucks. These tips are just a few ways to save some money in all four seasons for your home here in Idaho. Living and working here in the Treasure Valley we all know in this crazy economy that your bank account can change much like the weather. When a storm is a brewing you wouldn’t leave your home without a jacket so compare that to the economic future (chance of rain) why wouldn’t you start saving some money. Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com and www.homeswithjosh.com

1. Install a programmable thermostat: Installing one of these little guys can
really help your utility bills and the earlier you get it installed, the more it saves!
Estimates are that for every degree you lower the thermostat, that’s 5% off your bill
(in the winter). I like to think of it this way – why spend money to heat or cool
something that I’m not even going to be there (or awake) and enjoy? The power
company has enough of my money!
2. Lower the temperature on the thermostat: HVAC systems have two settings
- off and on. By lowering the temperature of the thermostat, you leave it in the off
state for longer periods and thus use less energy. Less energy, lower bill!
3. Wash your clothes in cold water: Detergent technology has gotten so good
that washing in hot water is no longer necessary, you can save lots of energy by
washing with cold water rather than hot water.
4. Line dry your clothes: Get a rack or clothesline and dry your clothes on that,
instead of in your dryer. If that idea isn’t entirely appealing, consider drying larger
items (towels, sheets) on the line and your regular clothes in the dryer to cut down
on the time.
5. Lower the temperature of your water heater: You can turn the temperature
of your water heater down to conserve some extra energy, there’s no sense in
making it really hot only to add cold water to it during showers. (the only caveat is
that you should check your dishwasher for a booster, it’ll need the temps that high
for cleaning purposes)
6. Wrap your water heater with a water heater blanket: One of your biggest
energy sucks in the house is your water heater, that tank that keeps your water nice
and hot for your showers. Wrapping a blanket reduces the amount of heat it loses
into the area around it.
7. Clean out your refrigerator coils: Dust off the coils on the refrigerator and
you can improve its efficiency, thus lowering the electricity bill of the one thing in
your house that’s always on.
8. Find and plug drafts: You don’t need the cold air from the outside to infiltrate
your home (or your warm air blowing out), so try to find all the drafty windows and
doors in your home and seal them up. Your energy bill will thank you.
9. Change your air filter: The more you run your HVAC system, the more that air
filter will catch. The more it catches, the more it clogs. Yep, you guessed it, the
dirtier it gets, the harder your HVAC needs to work to push air. Swap that baby out
and improve your system’s operating efficiency.
10. Get your furnace tuned: I had no idea but you’re supposed to get your furnaced
“tuned” every few years, it could increase your efficiency considerably.
11. Swap out regular light bulbs with CFLs: The technology in CFLs now is so
good that most people can’t even tell the difference (other than by looking at them).
Swapping them out reduces your energy use and are best used in areas where the
lights are on most often. They’re more expensive but they last longer and use less
power.
12. Institute a one light, one person rule: Leaving the lights on in your house is a
great way to spend money, so try reducing your electricity usage by instituting a
one light, one person rule. Each person in the house can only have one light on at a
time.
13. Reduce phantom electricity use: Phantom electricity is the electricity your
appliances use when they’re “off.” This happens because we love our instant on
appliances! To help reduce this, you can plug them all into a surge protector and
turn that off to ensure you aren’t losing power to something you’re not even using.
14. When buying appliances, reliability trumps price: When you’re buying new
appliances, be sure to read reliability reports because you don’t want to spend less
only to find out you bought an inferior product that won’t last.
15. Shop around for homeowner’s or renter’s insurance: Renter’s insurance is
already pretty cheap so you might not get much savings there but homeowner’s can
vary greatly.
16. Consider a home energy audit: These aren’t cheap but they can identify things
you can do to make your home more efficient and thus save you more money.
17. Remember to return those cans and bottles for deposits: If you live in a
state that collects a deposit on cans and bottles, remember to redeem them!
Unfortunately in Maryland we don’t do that (but that also means we don’t pay it),
but I’d love to see it instituted here so that we could entice more recycling.

By following some of these steps you just never know you could be on your way to an early retirement……..

Joshua Groesbeck 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!

Idaho Short Sale Process

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

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.

Idaho Home Sellers and Home Buyers

Ada county and Canyon county have 242 bank owned properties and 262 possible short sale properties listed as of January 1, 2010. This news below may seem discouraging if you believe the glass is half empty, but if you look at all of these golden opportunities the glass is really half full. If you are one of many homeowners that have already are in a position to lose your home there are many opportunities to avoid foreclosure (Making Home Affordable Program-Short Sales) but you must be proactive seek a professionals help to navigate through this mess. Always know that the sun will rise tomorrow, you are not alone and time will heal.

On the other side if you are looking to purchase a home right now it very well could be the best time to get the home of your dreams in the neighborhood you most desire. $8,000 tax credit for first time home buyer’s, $6,500 tax credit for move up buyer’s – go to www.homeswithjosh.com for more information to qualify. Interest rates are still extremely low with talks that they are going to start moving up so my advice is to start your qualifying process now and be ready when your dream home comes on the market. This not just talk take a look at homes on www.homeswithjosh.com and see what I am talking about as I am quite sure you cannot deny there are some sweet homes just waiting for their new owners.

Call Josh Groesbeck 208-353-7131 for information about selling and buying Idaho real estate.

The housing market in the Treasure Valley has yet to bottom out, despite government incentives and record low interest rates for buyers.

“You read a lot of national data that says we have hit the bottom of the market,” said Charlie Nate, president of IdahoDataProviders.com, a Boise company that measures foreclosures in the Valley. “That’s just not the case.”

The month-to-month numbers weren’t bad. In Ada and Canyon counties, December foreclosure rates fell 9 percent from a month earlier, Nate said.

But the flow of distressed properties entering the housing market will keep pushing inventories up and prices down this year, Nate said.

High unemployment rates and a worsening default rate are partly to blame. So are the number of homeowners who are “upside-down” on their mortgages, which means they owe more on their mortgage than their home is worth, Nate said.

About 30 percent of all borrowers are “upside-down,” he said.

During 2009, there were 8,639 new foreclosures filed in Ada and Canyon counties, a 66 percent increase over 2008.

source: Idaho Stateman