Boise Idaho Area Real Estate Website» HomesWithJosh Featured Stories

Rules For FHA Principle Reducing Refi’s

Josh Groesbeck — Tue, 07 Sep 2010 17:23:48 +0000

Look for qualification under mortgage letter link- Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com and www.homeswithjosh.com

Nearly a quarter of U.S. homeowners with a mortgage owe more on the loan than their home is worth, and home prices are threatening to fall further and push even more borrowers underwater. The Federal Housing Administration (FHA), though, is throwing out a lifeline.

Starting September 7, the federal agency will offer new FHA-insured mortgages to certain underwater, non-FHA borrowers who are current on their mortgage payments and whose lenders agree to write off at least 10 percent of the unpaid principal balance.

This last part could prove to be the caveat that leads the new FHA refi program down the same road as the federal government’s other housing programs – a road of below par results and public criticism.

Lenders are fantastically reluctant to write down mortgage principals. It would mean either they or their mortgage investors would have to eat the amount of debt that’s forgiven, and it could set a precedent that a loan contract is not a contract at all if the terms spelled out in black and white can be changed based on market nuances, such as a slump in real estate values.

The FHA refi program for underwater borrowers was originally announced in March as part of the administra-

tion’s expanded foreclosure prevention strategy. On Friday, FHA and HUD published a mortgagee letter explaining to lenders the details of the new negative equity refinancing program.

To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth, be current on their existing mortgage, and occupy the property as their primary residence. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal of at least 500.

Participation in the program is voluntary and requires the consent of all lien holders. The borrower’s existing first lien holder must agree to write off at least 10 percent of their unpaid principal balance to bring the borrower’s combined loan-to-value ratio to no more than 115 percent.

In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent.

To facilitate the refinancing of new FHA-insured loans under this program, the Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens.

Servicers planning to take part in the new program must execute a Servicer Participation Agreement (SPA) with Fannie Mae by October 3, 2010.

HUD says interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees to write down a portion of the unpaid principal.

FHA Commissioner David H. Stevens, said, “This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.”

Source: DS News

Faster Short Sale Approvals after B of A Insurance Scam Ever feel like your mortgage servicer or company is just...
Idaho Short Sale Process Goal: Avoiding Foreclosure The following are the steps that you...
FHA Short Sale Rules Mortgagee Letter 2008-43 contains the new FHA short sale [a/k/a...

Related posts brought to you by Yet Another Related Posts Plugin.

Another Great Reason To Live In Idaho

Josh Groesbeck — Mon, 06 Sep 2010 17:19:53 +0000

Another great reason to live in Idaho. Boise State Broncos 2010 BSC Champions.. Today our beloved Broncos start their march towards the top-BSU 20 VT 17. As a native Idahoan I have had the opportunity to grow up with what used to be a state college with blue turf and tail gaiters. Over the years that team has become bigger than that blue turf and the tail gaiters have become BRONCO NATION! Enjoy the video highlights.

Idaho Short Sale Process Goal: Avoiding Foreclosure The following are the steps that you...
Foreclosures Down And Short Sales Up Here is an insightful video from CNBC and what to...
Faster Short Sale Approvals after B of A Insurance Scam Ever feel like your mortgage servicer or company is just...

Related posts brought to you by Yet Another Related Posts Plugin.

Take A Break And Enjoy Labor Day Weekend

Josh Groesbeck — Fri, 03 Sep 2010 17:53:34 +0000

Tough economic times won’t stop Americans from going all-out with their Labor Day celebrations.

The American Automobile Association predicts that 34.4 million people will be traveling at least 50 miles away from home this year over the Labor Day weekend. That’s nearly a 10% increase from last year.

Ninety one percent of those travelers will be driving to their destination, according to a AAA report, which was conducted by IHS Global Insight. Five percent of the weekend’s travelers, or 1.62 million people, will be flying. That’s up from 1.54 million last year.

Labor Day is the third most popular occasion to barbecue, with 55% of Americans expecting to do some grilling this weekend, according to HPBA’s State of the Barbecue Industry report. Need ideas for a fabulous Labor Day BBQ Menu?

Summer doesn’t officially end until Sept. 22, but many families consider Labor Day the end of the summer season, as the kids go back to school and the weather begins to cool down.

How will you be celebrating Labor Day? Please take a moment and post what you are going to do

www.homeswithjosh.com or josh@homeswithjosh.com or 208-353-7131

source: modern mother

Idaho Unemployment Rate Revised The U.S. Department of Labor on Jan. 20 revised Idaho’s...
Idaho 39th in Millionaire Rankings The number of millionaire households in Idaho has dropped 10.7...
Overwhelming Negative Home Equity With more and more evidence of more and more borrowers...

Related posts brought to you by Yet Another Related Posts Plugin.

Realty Check For Idaho

Josh Groesbeck — Fri, 27 Aug 2010 19:32:35 +0000

Watch today’s short report on the housing market- Some where around 32% of loan modifications have become permanent while the rest moving towards some form of foreclosure. It seems that banks are trying a little harder to get these loans modified to 31% of your monthly gross income, not your take home money but your gross. Idaho has been witness to a rise in values that we most likely will never see again. Lost jobs and income combined with values that have seemingly taken us back, back, back-are not helping recovery. If your payment is good and your paying down your principle and living life more power to you. If your payment has become a hardship and starts taking away your quality of life, look for help.. Take action and stay in your home, call Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com or www.homeswithjosh.com

Foreclosures Down And Short Sales Up Here is an insightful video from CNBC and what to...
Mortgage Bailout Statistics Josh and his First Response Team are helping Idaho home...
Idaho Short Sale Process Goal: Avoiding Foreclosure The following are the steps that you...

Related posts brought to you by Yet Another Related Posts Plugin.

Short Sales For Real People Not Just Big Business

Josh Groesbeck — Thu, 26 Aug 2010 20:38:48 +0000

I have been saying this for awhile now, “If new bank is built for 200 million and it is now worth 100 million it becomes a bad asset and they will walk away and call it a good business decision, and yes they actually have the money to pay for it.” This has been going on for years and now that home owners are getting beat up by there upside down mortgage or loss of employment and income they still struggle to hang on. Sometimes starting over just makes sense emotionally and financially, if big business can strategically do this than why can’t you? Free consultation if keeping your home is no longer an option- Josh Groesbeck 208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com and www.idshortsale.com

More and more commercial real-estate companies are doing what many indebted homeowners would like to do: Walk away from mortgages on properties that are now worth a lot less than they paid for them.

Today’s Wall Street Journal highlights three major developers - Macerich,Vornado Realty Trust and Simon Property Group - that have recently decided to default on mortgages.

When companies do this, no one bats an eye–it’s just “smart business.”

When ordinary homeowners think about doing it, meanwhile, the mortgage industry and government begin moaning that a mortgage is more than a business contract. It’s a social contract, in which homeowners have a “moral obligation” to pay.

That’s bunk. An individual mortgage is no different than a corporate mortgage. If corporations are allowed to walk away from mortgage obligations without feeling shame and guilt, then individuals should be able to do so, too.

The contract homeowners sign when they take out a mortgage spells out exactly what happens if the homeowner stops making payments on the loan. The lender has the right to foreclose on the house, taking the homeowner’s downpayment with it. In addition, the borrower’s credit rating will usually get destroyed, and, in some states, the lender can come after his or her other assets to recoup the capital the lender has lost.

Those are big penalties. They provide a major incentive for the borrower to continue making his or payments. And that’s why the lender, a corporation, put them in the contract.

Importantly, the lender voluntarily entered into the contract–and it did so because it thought doing so was a smart business decision. That it actually turned out to be a lousy business decision is not the homeowner’s fault. It’s the lender’s fault. And the borrower, who is already feeling plenty of pain his or herself, should not have to bear the burden of guilt and shame on top of everything else.

www.homeswithjosh.com

Idaho Short Sale Process Goal: Avoiding Foreclosure The following are the steps that you...
Foreclosures Down And Short Sales Up Here is an insightful video from CNBC and what to...
Faster Short Sale Approvals after B of A Insurance Scam Ever feel like your mortgage servicer or company is just...

Related posts brought to you by Yet Another Related Posts Plugin.

Mortgage Bailout Statistics

Josh Groesbeck — Mon, 23 Aug 2010 21:12:19 +0000

Josh and his First Response Team are helping Idaho home owners now.. call Josh 208-353-7131 or josh@homeswithjosh.com

Foreclosures Down And Short Sales Up Here is an insightful video from CNBC and what to...
Bank of America HPO Short Sale Rules This is an outline for Bank Of America new HPO...
Faster Short Sale Approvals after B of A Insurance Scam Ever feel like your mortgage servicer or company is just...

Related posts brought to you by Yet Another Related Posts Plugin.

Little League World Series Boise One Game Away

Josh Groesbeck — Fri, 13 Aug 2010 00:42:03 +0000

The North Boise Little League baseball team defeated Beaverton, Oregon 6-3 in the semifinals of the Northwest Regional tournament in San Bernardino, Calif. The game aired live on ESPN2.

North Boise advanced to Saturday’s championship game (7 p.m., ESPN), where a berth in the Little League World Series in Williamsport, Pa., will be up for grabs. North Boise will play the winner of Montana-Washington on Saturday.

Tyler Oldenberg hit a two-run home run in North Boise’s five-run fifth inning. Oldenberg also threw two scoreless innings to finish out the victory.

On Wednesday, North Boise beat Laramie, Wyo., 17-2 in four innings to finish third in pool play with a record of 3-1.

South Central Boise Little League in 1999 is the only Idaho team to advance to the Little League World Series in Williamsport, Pa.

Boise Idaho Quick Facts * The greater Boise Valley is comprised of the following...
North End Boise Idaho Bank Owned Home Are You Kidding Me! Check out this North End Boise,...
Boise Homes The Boise real estate market is always on the move....

Related posts brought to you by Yet Another Related Posts Plugin.

How Many Homes Repossed REO Up 4%

Josh Groesbeck — Thu, 12 Aug 2010 22:14:20 +0000

Foreclosures Down And Short Sales Up Here is an insightful video from CNBC and what to...
Faster Short Sale Approvals after B of A Insurance Scam Ever feel like your mortgage servicer or company is just...
Idaho Short Sale Process Goal: Avoiding Foreclosure The following are the steps that you...

Related posts brought to you by Yet Another Related Posts Plugin.

Housing Recovery and Idaho

Josh Groesbeck — Sat, 31 Jul 2010 17:20:35 +0000

Take a look at this video to see what one major economist is saying about the housing recovery. Major cities such as New York, Boston, Washington D.C., Los Angeles, San Fransico will recover faster due to location, jobs and population let’s not forget about our own beautiful city Boise,Idaho. For years we were the undiscovered jewel in the northwest and then POW we were found like the rediscovering of America. Families came from all across the U.S. usually bringing the rest of their family and some friends. Boise, Eagle, Meridian, Nampa, Caldwell, Star, Middleton, Kuna are just a few of the wonderful cities and towns that offer their own identities. The Boise river flowing throught the middle of the city mountain ranges surrounding what’s not to love. Enjoy the Boise Music Festival , Alive After 5 with the Basque Festival going on right now and if we are lucky maybe the once very popular River Festival will come back. Idaho is our State and with smart growth and improving economy I can’t wait to see what the future brings. Epic growth and we still feel like a small town where it’s no uncommon to see your friends and family at the local parks and stores.

Idaho Housing Market Recovery Here are 6 reasons why the Idaho’s housing market has...
Money Saving Tips In Your Idaho Home Whether it is your primary residence or your second home...
Bank Owned and Short Sale Properties Star,Idaho There are 14 Bank Owned properties in Star, Idaho adding...

Related posts brought to you by Yet Another Related Posts Plugin.

Money Saving Tips In Your Idaho Home

Josh Groesbeck — Thu, 29 Jul 2010 02:52:32 +0000

Whether it is your primary residence or your second home in Idaho you can always save a few bucks. These tips are just a few ways to save some money in all four seasons for your home here in Idaho. Living and working here in the Treasure Valley we all know in this crazy economy that your bank account can change much like the weather. When a storm is a brewing you wouldn’t leave your home without a jacket so compare that to the economic future (chance of rain) why wouldn’t you start saving some money. Joshua Groesbeck 208-353-7131 or josh@homeswithjosh.com and www.homeswithjosh.com

1. Install a programmable thermostat: Installing one of these little guys can
really help your utility bills and the earlier you get it installed, the more it saves!
Estimates are that for every degree you lower the thermostat, that’s 5% off your bill
(in the winter). I like to think of it this way – why spend money to heat or cool
something that I’m not even going to be there (or awake) and enjoy? The power
company has enough of my money!
2. Lower the temperature on the thermostat: HVAC systems have two settings
- off and on. By lowering the temperature of the thermostat, you leave it in the off
state for longer periods and thus use less energy. Less energy, lower bill!
3. Wash your clothes in cold water: Detergent technology has gotten so good
that washing in hot water is no longer necessary, you can save lots of energy by
washing with cold water rather than hot water.
4. Line dry your clothes: Get a rack or clothesline and dry your clothes on that,
instead of in your dryer. If that idea isn’t entirely appealing, consider drying larger
items (towels, sheets) on the line and your regular clothes in the dryer to cut down
on the time.
5. Lower the temperature of your water heater: You can turn the temperature
of your water heater down to conserve some extra energy, there’s no sense in
making it really hot only to add cold water to it during showers. (the only caveat is
that you should check your dishwasher for a booster, it’ll need the temps that high
for cleaning purposes)
6. Wrap your water heater with a water heater blanket: One of your biggest
energy sucks in the house is your water heater, that tank that keeps your water nice
and hot for your showers. Wrapping a blanket reduces the amount of heat it loses
into the area around it.
7. Clean out your refrigerator coils: Dust off the coils on the refrigerator and
you can improve its efficiency, thus lowering the electricity bill of the one thing in
your house that’s always on.
8. Find and plug drafts: You don’t need the cold air from the outside to infiltrate
your home (or your warm air blowing out), so try to find all the drafty windows and
doors in your home and seal them up. Your energy bill will thank you.
9. Change your air filter: The more you run your HVAC system, the more that air
filter will catch. The more it catches, the more it clogs. Yep, you guessed it, the
dirtier it gets, the harder your HVAC needs to work to push air. Swap that baby out
and improve your system’s operating efficiency.
10. Get your furnace tuned: I had no idea but you’re supposed to get your furnaced
“tuned” every few years, it could increase your efficiency considerably.
11. Swap out regular light bulbs with CFLs: The technology in CFLs now is so
good that most people can’t even tell the difference (other than by looking at them).
Swapping them out reduces your energy use and are best used in areas where the
lights are on most often. They’re more expensive but they last longer and use less
power.
12. Institute a one light, one person rule: Leaving the lights on in your house is a
great way to spend money, so try reducing your electricity usage by instituting a
one light, one person rule. Each person in the house can only have one light on at a
time.
13. Reduce phantom electricity use: Phantom electricity is the electricity your
appliances use when they’re “off.” This happens because we love our instant on
appliances! To help reduce this, you can plug them all into a surge protector and
turn that off to ensure you aren’t losing power to something you’re not even using.
14. When buying appliances, reliability trumps price: When you’re buying new
appliances, be sure to read reliability reports because you don’t want to spend less
only to find out you bought an inferior product that won’t last.
15. Shop around for homeowner’s or renter’s insurance: Renter’s insurance is
already pretty cheap so you might not get much savings there but homeowner’s can
vary greatly.
16. Consider a home energy audit: These aren’t cheap but they can identify things
you can do to make your home more efficient and thus save you more money.
17. Remember to return those cans and bottles for deposits: If you live in a
state that collects a deposit on cans and bottles, remember to redeem them!
Unfortunately in Maryland we don’t do that (but that also means we don’t pay it),
but I’d love to see it instituted here so that we could entice more recycling.

By following some of these steps you just never know you could be on your way to an early retirement……..

Joshua Groesbeck or josh@homeswithjosh.com and www.homeswithjosh.com

Idaho Short Sale Process Goal: Avoiding Foreclosure The following are the steps that you...
Faster Short Sale Approvals after B of A Insurance Scam Ever feel like your mortgage servicer or company is just...
Home Owners Leaving Government Hamp Program Facts for the Idaho homeowners who are working towards a...

Related posts brought to you by Yet Another Related Posts Plugin.