West Boise Short Sale $99,836

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

New Rules For HAFA Short Sales

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

HAFA Getting It Right

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

Short Sales Agent Eagle Idaho

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

Navigating The Short Sale In Idaho

N.Y. Times reports that 70% of all loan mods will fail. Some estimate the number will be closer to 75%. Did you know that most mods leave in ALL of the negative equity…most mods are temporary….most mods make the borrower pay the difference between the modd’ed payment and the original payment? Its almost like mods are intentionally designed to merely extend and pretend the inevitable foreclosure (or the smart owners will do a short sale)

Click here for your Short Sale Presentation

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

Buying Idaho Homes Make Sense

Buying Idaho Homes Make Sense

1. It’s a buyers market. You can get a great Deal!

2. Lowest rates ever. Mortgage are cheap!

3. Home owner’s save on taxes.

4. You own it. Paint your bedroom pink, its yours.

5. You can own a home and pay possible less than rent.

6. Beat inflation buy your home and payment will stay the same, rent will go up.

7. It’s risk capital, as economy builds so will you equity.

8. Think of it as forced savings, your building equity rather you like it or not!

9. With millions of homes for sale below market value the world is you oyster.

10. Eventually the market will clear supply and demand will be back it is best to own before the swing happens.

In the end you will have bought a home and be thankful that you did :0)

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com



Expectations Of Your Short Sale

There is a good chance if your a homeowner that you have little to NO Equity in your home.  Recent reports show nearly 14 Million Homeowners underwater…and 1 in 4 homeowner’s are in some stage of the foreclosure process.

With the Robo Signing fiasco, banks have been on high alert not to exacerbate the already “questionable” processing of foreclosures.  What that means is that banks are much more willing to work with sellers that want to short sale the home.

We’ve been listing and selling short sales for more than 3 years.  Banks used to fight tooth and nail to hold onto the property and threaten foreclosure if the seller did not pay up.  Now…we see banks sitting on their hands because so many homeowner’s have decided to take them up on that foreclosure offer!  Needless to say, “Houston…we have a problem”.

Homeowners are in a state of confusion, the kind of confusion that makes you so paralyzed it’s difficult to make important decisions.

It’s unfortunate, but true, there is a lot of “bad” information being given by so called short sale specialists and attorneys.  We always suggest that our clients speak to an attorney prior to selling their home on short sale, I wish we could say that our clients always get solid “knowledge” from the attorney they consult.

With that said, all banks are different in their terms of settlement when accepting a short sale.  The fact that you have a second lien on the property also adds another element to the approval conditions because both lien holders have to approve and agree on the settlement terms.

****Something to keep in mind, a foreclosure in most cases is your primary loan taking action to regain possession of the property.  If you have taken out a second lien, a home equity line of credit, or any other liens on the home these loans will remain collectible against you and are going to be actively pursued by the debtor/s.  Walking away does not relieve you of the home mortgage debt.

Here are some key elements that you should be aware of when you decide to short sale your home.

1. If you have more than one loan on the property your real estate agent must negotiate with all lien holders to get approval to sell the property.
2. Depending on the investor of your loan/s you may be asked to contribute to the release of these liens.  If you have the means it may be requested that funds be brought to close of escrow.  In most cases, 2nd lien holders have been known to request on average 10% of the balance due them.
3. In most cases your real estate agent can negotiate terms to pay this small balance back to the lender over 5 plus years with no interest.  This is referred to as a promissory note.  Keep in mind, you are going to be resolving your debt for pennies on the dollar.  Example-you borrowed $200,000 on a second.  They want you to pay $20,000 to release you from $180,000 debt…no recourse.
4. HAFA is a Government program that you can apply for if you meet the guidelines of the program.

If you or someone you know is considering a short sale, please contact us for a confidential consultation.  One thing that we want to make sure you are aware of is that the real estate commissions are paid by your lender.  There is no charge to you for our services. Josh 208-353-7131 or josh@homeswithjosh.com

Horse Property Approved Short Sale

HORSE PROPERTY WITH ALL THE TRIMMINGS! This property is on a beautiful corner lot. 2 Fenced pastures for what ever your heart desires. Includes horse barn, covered paddock, lots of mature trees, garden area and fenced backyard. Bank says they will approve and close as fast buyer would like– This one is ready!!  $134,323  link below to view property

http://imls.fnismls.com/publink/default.aspx?GUID=0706d87e-82e6-464b-8c47-0ab6e2383995&Report=Yes

Total Delinquent and Foreclosure Rates Increasing (now)

There are 7 million noncurrent loans but that is down from 8.1 million at the beginning of the year.

New Problem Loans

Unfortunately, things have gotten worse since July-August, just about when home prices stopped rising.

Average Days Delinquent for Homes in Foreclosure

That chart highlights the desperate need to speed up, not halt the foreclosure process.

Facts to consider:

* Economic Conditions Deteriorating

* Adding to the housing misery, over 2 million unemployed workers will lose benefits starting November 30 unless Congress acts to extend benefits in the lame-duck session. Not going to happen.

* Furthermore, gallup surveys point to a flat Christmas season at best, so seasonal hiring may not be as good as expected.

* Finally, stimulus money is spent and there is no driver for jobs with inventory replenishment nearing the end.

These factors will put still more pressure on delinquent loans and foreclosures, which in turn will further pressure prices.

If you are experiencing problems with your house payment and are seeking Loan Modification or Short Sale Service please call or email

208-53-74131 or josh@homeswithjosh.com

Source: Harris Real Estate University

NACA Loan Modification Help

If you are having trouble getting your loan modified here in Idaho please watch this video it may be of some assistance. Josh Groesbeck is a loan modification and short sale specialist here in Idaho. If you need help and your loan modification is not working please call for other options.

Josh Groesbeck

208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com and www.idshortsale.com