Feb 11

How to avoid foreclosure and loan modification scams in the Boise Idaho area.

 

Video transcription below:
 
Hello! Darrin Jaszkowiak here with Re/Max West of Boise, Idaho.
 
I want to visit with you today about Foreclosure Scams. I am referring directly to companies and individuals that are trying to prey on people that are in a very vulnerable situation.
 
So, imagine you are behind on your house payments. You are in the midst of a foreclosure. You get some literature in the mail, a phone call, a thing on the internet that says, “Hey, we can save your home from foreclosure. Results guaranteed! Just send us $3,000. We’ll take care of everything. We will modify the loan. We will work with everybody. We guarantee our results”.
 
Here is the thing, all of these individuals…well not all, but a vast majority of them, are trying to take your money. Here are the facts, any loan modification - anytime somebody is in trouble - the bank is the one that makes all of the decisions (approves of the modification).  All that these companies can do is collect your information and pass it along to the bank. The bank underwrites the file and then agrees whether you can get a loan modification or not. Then they contact you.
 
Many of these companies charge between a thousand and three thousand dollars, sometimes more, with a processing fee of five hundred to fifteen hundred dollars. 
 
I have done some of these (modifications). It only takes a maximum of about 8 hours worth of work. 
 
That’s gathering the information – YOU gather all the information and give it to these folks.
 
Now some of them (modification companies) can be very valuable. They know what information to gather. They know how to present the information to the lender.   But you can do it yourself if you want to. And it, frankly, is not that difficult.
 
I would not give any of these people a non-refundable fee. Look at their policy very closely. But before you do that – see what it is like to be one of these people -
 
Get on the internet and type in…"how to get into the loan modification business"…
See what comes up. You will have a hundred different sites selling to everybody, kits, how to make some fast easy money. Well it is fast. It can be easy, if you give them the money.
 
Work with a qualified professional. Work with somebody you can actually meet with. A local attorney, qualified real estate professionals – if they are licensed properly to do it. 
 
I wouldn’t do any of this over the telephone with these folks out-of-state. They must be licensed in this state to operate in the state of Idaho
 
And you can do this yourself. I want to stress that.
 
If you don’t know exactly what to do, give me a call. I would be happy to go over the information with you.
 
There are also some wonderful resources on the internet about that very subject – how you can do it yourself.
 
I hope this was helpful
 
And, I hope it helps save some people some money, and some pain and suffering.
 
Have a great day! And, it’s a good life in Idaho!

 

Feb 06

New credit scoring will be better for people with isolated credit problems.

 According Kiplinger.com new credit scoring guidelines being implemented over the next year will be beneficial to people who have an isolated credit problem and they won’t be lumped together with habitual delinquents.  This could help people recover much more quickly from a short sale or credit issues related to a job loss or medical event when buying a home in the Boise Idaho area. “If you have one isolated missed payment you won’t score as low as before.” The new FICO model also focuses less on how many accounts a borrower has and more on the amount of balances carried.

Read the full article on Kiplinger.

Feb 05

Average homes sellers 21% better off than builders. Ada County Home Sales Resale vs. New Construction

You see the stats all over the internet and (shudder) the papers about how much home values are down in the Boise area and the U.S.  Make no mistake about it, values are down from 2007 BUT what is often overlooked is the separate markets that resale homes and new construction homes occupy.  Lets face it the rapid rise in home prices was led by land that was snapped up by developers at higher and higher levels because the demand for new homes was at a frantic pace. This literally doubled lot costs from summer 06 to summer 07, thus adding 40-50k in overall costs to average size lots in Meridian Idaho. Labor costs and material costs also added to the end price. So it only logical that new construction would see the same rapid decrease in values with the retreat of all three of these factors and that’s what this data demonstrates. New construction median home values are down 33% over the last two years and resale homes down 12% over the same period.

Resale Homes Median Price 2 yr Average - Ada County Idaho

Resale home 2 years medium price

New Construction Homes Median Price 2 yr Average - Ada County Idaho

Ada County Idaho Ne Construction 2 year Medium Price

Feb 04

A recession is a terrible thing to waste. Tons of opportunities available for investing in Boise Idaho real estate.

The Boise Idaho area is providing many opportunities for investors. We are seeing a lot more tenants get into the marketplace, for obvious reasons - people that cannot afford financing and that is creating a little bit of a surge in rental prices. Just small right now, but we expect that to increase over the next few years. Prices are down. There are some great values to be had. In fact, you may have a CD that is performing at two percent at the most. Why not get a much more significant return in a long-term investment such as real estate.
Feb 04

Helping people in foreclosure in the Boise Idaho area.

How we can all help people who are potential facing foreclosure in the Boise Idaho area.
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