HomesWithJosh - Boise Idaho Real Estate» meridian short sales

Help For Home Owners 2.0?

josh groesbeck — Tue, 25 Oct 2011 18:24:41 +0000

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?

josh groesbeck — Thu, 13 Oct 2011 16:00:38 +0000

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

josh groesbeck — Sat, 24 Sep 2011 14:53:14 +0000

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

josh groesbeck — Thu, 08 Sep 2011 17:11:51 +0000

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

josh groesbeck — Fri, 19 Aug 2011 18:23:21 +0000

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

josh groesbeck — Wed, 22 Jun 2011 15:58:26 +0000

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

josh groesbeck — Thu, 07 Apr 2011 20:24:03 +0000

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

josh groesbeck — Mon, 28 Feb 2011 23:58:37 +0000

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

HAMP Struggling With Cancellations Or Rejections

josh groesbeck — Thu, 10 Feb 2011 01:10:49 +0000

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.

Home Market Recovery 5+ Years

josh groesbeck — Mon, 31 Jan 2011 22:26:13 +0000

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