Foreclosures & Short Sales

Over 14% of defaults in Idaho were considered stratigic in 2008. What will they be in 2009?

darrinj@move-up.com — Thu, 24 Dec 2009 11:33:00 GMT

According to Experian and consulting firm Oliver Wyman 14.24% off all mortgage defaults in Idaho in 2008 were strategic. This means the borrower could have paid but choose not to. This is up nearly double what it was in 2008 (7.71%). What is your thought on what it will be in 2009? I'm guessing 20%.

Is Walking Away From Your Mortgage Immoral?

darrinj@move-up.com — Fri, 18 Dec 2009 11:28:00 GMT

The plunge in home prices is presenting millions of Americans with a moral and financial dilemma: Should they keep paying their mortgages?

Morgan Stanley gives properties back to the bank.

darrinj@move-up.com — Thu, 17 Dec 2009 11:22:00 GMT

This is just too good. Morgan Stanly is giving properties back to their lender. You know why? They are not worth what they paid for them.

Judge orders improperly filed foreclosures CANCELLED - Shocks mortgage industry!

darrinj@move-up.com — Mon, 31 Aug 2009 11:27:00 GMT

A judge in Brooklyn, NY, who has tossed out nearly half of the foreclosure cases brought before him over the past year, because the lenders have such messy paper trails that they can't prove ownership anymore.

Read the rest....

Myth #1 - The Bank Would Rather Foreclose Than Bother With A Short Sale

darrinj@move-up.com — Sun, 12 Jul 2009 12:22:00 GMT

Short Sale Myths A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Am I taxed on debt forgiven through a foreclosure or shortsale in Idaho?

darrinj@move-up.com — Tue, 19 May 2009 11:29:00 GMT

Ok I know - the term "forgiven" when used in the same sentence as "foreclosure" is a bit of a joke but it is how the IRS views things.

Am I taxed on debt forgiven through a foreclosure or shortsale? The answer is another "maybe". If the property sold through a short sale or deed transfer through foreclosure there is the possibility that you will pay tax on any debt forgiven especially if the property is NOT your principal residence.

Update Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.

Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).
The exclusion doesn't’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

Source IRS.gov

Short Sale Success in Ada and Canyon County Idaho

darrinj@move-up.com — Thu, 26 Mar 2009 11:54:00 GMT

I have some great news to report. Two homes every day are saved from foreclosure in Ada and Canyon Counties through the short sale process. As of this writing there have been exactly 159 homes that have closed through a short sale this year. That equates to exactly two closed sales every business day.

The price range for these homes range from a high of $700,000 to a low of $160,000. The average price is $189,293 and the median is $160,000.

The average market time for these sales is 141 days area wide. Below is a breakdown by MLS area.

Sold	Type	Area	No. Of Listings	Dollar Volume	Average Price	Median Price	DOM

	Single Family
		North Boise - 0100	2	$470,000	$235,000	$235,000	70
		NE Boise - 0200	1	$107,150	$107,150	$107,150	172
		SE Boise - 0300	10	$2,263,700	$226,370	$207,400	151
		Boise Bench - 0400	4	$445,077	$111,269	$105,039	141
		South Boise - 0500	1	$120,000	$120,000	$120,000	214
		SW Boise-Meridian - 0550	21	$3,397,607	$161,791	$145,000	113
		West Boise - 0600	2	$284,000	$142,000	$142,000	109
		W Boise-Garden City - 0650	8	$1,425,119	$178,140	$158,500	139
		NW Boise - 0800	6	$1,266,900	$211,150	$198,200	159
		Eagle - 0900	9	$3,489,900	$387,767	$400,000	219
		SE Meridian - 1000	2	$502,382	$251,191	$251,191	163
		NE Meridian - 1020	10	$2,321,000	$232,100	$230,750	114
		NW Meridian - 1030	16	$2,941,584	$183,849	$174,500	142
		Kuna - 1100	11	$1,839,132	$167,194	$159,000	146
		NE Nampa (87) - 1250	5	$1,084,570	$216,914	$141,000	113
		South Nampa (86) - 1260	14	$2,155,800	$153,986	$118,000	127
		NW Nampa (51) - 1270	5	$589,700	$117,940	$118,700	140
		NW Caldwell - 1275	4	$406,000	$101,500	$99,000	181
		SW Caldwell - 1280	7	$812,800	$116,114	$93,000	109
		Middleton - 1285	2	$187,000	$93,500	$93,500	64
		Star - 0950	9	$2,014,148	$223,794	$191,000	185
		Melba - 1265	1	$95,000	$95,000	$95,000	252
		Greenleaf - 1294	2	$339,800	$169,900	$169,900	186
		Sub Total	152	$28,558,369	$187,884	$160,000	141
	Single Family w/ Acreage
		Eagle - 0900	2	$619,500	$309,750	$309,750	220
		SW Meridian - 1010	1	$372,250	$372,250	$372,250	9
		Kuna - 1100	1	$250,000	$250,000	$250,000	295
		Middleton - 1285	1	$297,500	$297,500	$297,500	265
		Sub Total	5	$1,539,250	$307,850	$297,500	202

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

darrinj@move-up.com — Tue, 10 Feb 2009 14:22:00 GMT

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!

Boise Idaho Real Estate

Foreclosure Boise Idaho

Short Sale Boise Idaho

Deficiency Judgment Idaho

Helping people in foreclosure in the Boise Idaho area.

darrinj@move-up.com — Tue, 03 Feb 2009 13:47:00 GMT

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

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

darrinj@move-up.com — Mon, 26 Jan 2009 15:50:00 GMT

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!

Boise Idaho Real Estate

Foreclosure Boise Idaho

Short Sale Boise Idaho

Deficiency Judgment Idaho

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

darrinj@move-up.com — Sun, 18 Jan 2009 09:58:00 GMT

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.

Approved Short Sale in Boise Idaho!

darrinj@move-up.com — Fri, 21 Nov 2008 12:52:00 GMT

Are you looking to buy and interested in a short sale? Do you have to know when you are going to move in? If the answer is YES then consider an "approved short sale". This is a short sale where the lender has approved of a short payoff already. This is a very rare scenario but nearly assures a closed transaction at the end of the day. Here is an example of an approved short sale in Boise Idaho. Bristol Heights - Approved Short Sale

Boise Idaho Short Sales Represent 5 Percent of Available Homes For Sale

darrinj@move-up.com — Sun, 27 Jan 2008 13:57:00 GMT

We hear a lot of talk about short sales these days so it got me wondering exactly how much of our existing inventory are short sales. I found the number to be a reasonable 203 homes (5% of available inventory). I do want to make it clear that this is 5% of homes that ARE available for sale and NOT 5% of all homes. I limited this search to Ada County Idaho which includes the cities of Boise, Eagle, Meridian, Star, Kuna, and Garden City Idaho. The price ranges that are available pretty much cover the marketplace and include luxury homes of nearly 2 million and a few in low 100’s with the average price being $335,000

I do have a list of available “Short Sale” properties. Just drop me a line if you would like a copy.

What is a Short Sale?

darrinj@move-up.com — Sat, 29 Dec 2007 14:05:00 GMT

A “Short Sale” is simply when a seller sells a property for less than what the total mortgage is. In these cases the lender negotiates a short payoff, or said another way the lender takes less than what is owed.

For a lender to take less than what is owed they will require several things.

Borrower must demonstrate they are in a financial hardship.
That they do not have the ability to continue to pay the mortgage.
That they do not have other liquid assets (i.e. 401k, etc.) that they can make up the difference with.
The lower value must be determined by outside sources. The lender will make arrangements to have a Broker Price Opinion or appraisal completed.

If acceptable by the lender then the lender will pay normal closing costs and brokerage fees. Plus it’s important to know that the borrower will get a 1099 for any amount of short payoff.