Green Valley subdivision is now offering this great opportunity. Main floor features kitchen with stainless steel appliances, breakfast bar and pantry. Dining area with peek a boo view of living room. Upstairs you find master bedroom with dual vanity sinks and walk in closet. Covered back patio backs to common area with double gate on east side of property leaves area to park your toys. If you are a home buyer looking for an awesome opportunity to live in a great Meridian, Idaho community this is your chance for $139,900. To schedule your own private showing contact Joshua Groesbeck 208-353-7131. For financing call Whitney Curran 208-860-6367 at Academy Mortgage.
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
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
Are Boise Home Values Increasing?
October 13, 2011 By Leave a Comment
Are Boise home values increasing? Boise ranks in top 15 cities that listing prices are rebounding which is a good sign. As our market is starting to find traction the same problem is still there, does 10% increase in list prices equate to actual sold prices and does the 10% really help the vast majority that are under water on their mortgage by much more? If you are experiencing hard ship for what ever reason and are in fear of foreclosure please don’t delay and call Idaho’s top Short Sale Agent Joshua Groesbeck 208-353-7131 or visit www.homeswithjosh.com or www.idshortsale.com
http://realtormag.realtor.org/daily-news/2011/09/23/15-cities-where-listing-prices-are-rebounding
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.
Banks Agreeing To Do More Short Sales
September 8, 2011 By Leave a Comment
I have been saying this for at least the last 2 years and finally banks are trying to get it done. House values have been devastated over the last few years leaving more and more home owners hung out to dry. Theoretically speaking the short sale has almost become the new natural sale of your home with banks giving all kinds of incentives to sellers to do it. Of course no one wants to lose their home but if you are having trouble paying your mortgage or if it no longer makes financial sense to stay call Josh Groesbeck (208-353-7131) to talk about what options you may have. Many programs are available to you and just walking away with out seeking assistance is not a good idea.
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice–that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount–or an average sales price of $192,129–compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
Are Past Due Mortgages Going Up
August 19, 2011 By Leave a Comment
The housing market is still trying to recover while loan defaults have improved over the last year, there has been a recent dip again from recent economic news.
http://www.dsnews.com/articles/industrys-past-due-mortgages-climb-above-65-million-2011-08-16
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/
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
Boise Bench Short Sale
February 28, 2011 By Leave a Comment
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