Jan 27

Foreclosure vs. Short sale in the Boise Idaho area? Have you considered the impact of a deficiency judgment?

 

What is a deficiency judgment? Watch this video to find out or read the transcript below. What you absolutely must know before you decide to let your home go to foreclosure. There are options and this little bit of information can potentially save you thousands. Check out the Foreclosure vs. Shortsale tools for more information.

 

 
Video transcript: Contemplating a foreclosure or short sale in Idaho. Consider the possibility of a deficiency judgment and how to possibly avoid it with the right representation.
 
Hello.
 
Recently I have had to inform a number of clients that there is the potential for what is called a deficiency judgment. And, that is when you lose a property through foreclosure or you sell your property through a process called a short sale. In either case there is a loss incurred by the lender and in which case they can effectively get a judgment against the seller, the borrower, for the balance that the loss was. So, you have a property that had a $250,000 loan; the property sold for $200,000 – the lender could in turn get a judgment against you for the $50,000 loss.
 
There are some restrictions to that. They only have 90 days in which to do so, once the foreclosure sale takes place. The good news is, this doesn’t happen very often on residential mortgages. In fact, in most instances, if we sell the property through a short sale process we can then obtain a release of any deficiency judgment.
 
So, that is the suggestion and recommendation that I make if you have to sell a property – you owe more than it is worth – that we do try to obtain a short sale and a release of the deficiency judgment.
 
Feel free to give me a call any time – 208-287-0400, or email me.
 
Thank you very much!

 

Jan 20

Interest free loan available for home buyers in Boise Idaho and surrounding areas.

 Up to $7,500 is available interest free for the purchase of a home in the Boise.   What most people don't know is that this money can be used as a down payment for FHA and conventional loan programs. That would cover 100% of the down payment for a home up to $250,000 using one of the easiest loans to qualify for (FHA).  As with most programs of this type there are some restrictions - but, hey it's literally a free loan.  Can't get much better than that can it?

  • You must be a first time home buyer or not have owned a home within the last three years.
  • It must be paid back over the next fifteen years (typically 15 annual installments of $500)
  • If your income exceeds the phase out range ($150,000 couples and $75,000 single) then you are not eligible.
These are the most common points about this program. There is more information available here or feel free to give me a call.
 
Oh by the way this program is only available for home purchases prior to July 1, 2009.  So get a move on!

 

Jan 18

ALL bank owned properties in the Boise Idaho area are available on this site.

I just added a new feature on my site with a quick list of bank owned (foreclosed) properties in the Boise, Eagle and Meridian areas.  Also included are foreclosure properties in Nampa and Caldwell.  This is the first comprehensive list I know of that is updated about every 15 min. for all bank owned homes in the Boise, Eagle and Meridian areas, as properties come on or off the market.  View the properties now.

Instead of just a simple list of homes I have provided a map overlay with each property detailed on the map. Just hover your mouse over the house icon and you will see the front picture and property pop-up  -or- you can simply scroll the list to (on the right side of the map) and sort by price, location, etc (see the bottom right hand corner of the map).

Negotiating with banks rquires its own set of strategies and varies with each lender. Give me a call and we can schedule a time to review these strategies that will ensure a successful transaction and a great value for you.

Nov 27

Who really has my loan?

Here is what typically happens on a typical mortgage. 

 

  • You buy a home and receive a mortgage from ABC Mortgage Company or even your local bank.
  • ABC Mortgage Co. funds your loan and you move into your new home.

 

Part of your loan is then sold to a very large investor (FannieMae, FreddiMac, etc.). Only the note is sold to them the servicing, or who you make your payments to is sold to another company (WellsFargo, Countywide, etc.).  Local banks such as Syringa Bank, Mountain West Bank and Key Bank all sell their loans.  This is a critical and important function as without their ability to sell the loans they would be limited by the amount of deposits on how much they could lend.  Plus because of their local presence they have on the ground people who know the in's and out’s of out local marketplace.

Nov 27

Boise area short sales represent only a small percentage of closed sales.

This data is for Short Sales from 7/1/08 – 10/31/08

 

  • Total Sales in MLS                            1,919
  • Short / Closed                          113      5.9%
  • Short / Pending (7/1/08+)         88        17.7%

 

The Short/Pending illustrate the difficulty in closing many short sales. They have a 50% fall out ratio. This is due to two primary factors that I will address in the next post.

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