Little League World Series Boise One Game Away

Faster Short Sale Approvals after B of A Insurance Scam

Ever feel like your mortgage servicer or company is just toying with you and your HAMP program- It should be black or white, completely transparent and well let’s admit it– Can I get a loan mod and does it even make any sense if my home is totally upside down (bought at 300k now worth 175k)- Here in Idaho job unemployment rate is still above 9% and not looking to drop drastically anytime soon.  If your loan company is jerking you around please don’t hesitate to call or email Josh with your questions. Idaho’s Best Short Sale Specialist! Read below what the big boys in banking are doing it might make you shake your head–

Bank of America gets caught with their hand in the jar and blames Countrywide.

But doesn’t Bank of America own Countrywide?  Yes!

When Bank of America took over Countrywide in 2008 during the worst housing crash since the Great Depression, according to Bloomberg, BofA absorbed Balboa Insurance.  Essentially, Balboa Insurance…now owned and operated by BofA, is insuring their own bad debt.

What does this mean?  Bank of America’s “Countrywide Loans” that have been defaulted against by homeowners are insured, meaning Bank of America is feeling no pain and actually is gaining from this type of bad debt. Meaning that BofA is in no hurry to sell bad debt.  That’s why there is “Shadow Inventory” and Short Sales are taking so long to approve for sale. There’s no hurry when your making money.

Why Bank of America is gaining on a defaulted loan?  It seems that the Federal Trade Commission (FTC) uncovered ”scamming” on behalf of  “Countrywide” last month.  Remember, Bank of America bought/took over, what ever you want to call it, Countrywide at the Federal Governments request.

What was the scamming?

Countrywide had established Balboa Insurance to cover their home loans gone bad.  In an effort to help defray these losses on bad loans, Balboa Insurance and Countrywide would over charge the now defaulted homeowner for any related services to the default…like mowing the lawns, maintenance of the home, painting, etc…yes, Countrywide in it’s need to make money, charged up to 2 times the amount back to the homeowner for these services.  This is in clear violation to FTC guidelines as it pertains to loan servicing.

So what?

Well, Millions and millions of dollars have been scammed from the clients that they hold a fiduciary responsibility. Kinda like Bernie Madoff screwing his own clients out of their money.   Well, it’s now 2 years later, and Bank of America “Countrywide” division has been caught red handed.  However, no one is being held responsible.  Why?

BofA was helping out the Feds by taking over the Countrywide catastrophe and with that comes immunity.  Above the law stuff…”you do us a favor, no one will suffer.”

Know that BofA has been caught, the new CEO, Brian Moynihan stated earlier this month that they have a “desire” to sell Balboa Insurance.  Desire?  What does that mean?

C’mon…let’s be real.  BofA makes tons of money on bad loans.  That’s why it takes so freakin’ long to get a BofA short sale approved!  That’s why there is “shadow Inventory”!

So what happens next?

As soon as CEO Moynihans “desire” is fulfilled and Bolboa is sold…it should open the flood gates to short sales and release of “shadow inventory”.

It’s good news…however, no one person is held responsible. No one goes to jail.

Do the Feds a “solid” and your protected!

Foreclosures Down And Short Sales Up

Here is an insightful video from  CNBC  and what to expect from the housing market in the months ahead. If you have questions or would like assistance with your home please don’t hesitate to call or email, Josh.

Exiting Home Sales Down

Joshua Groesbeck

208-353-7131 or josh@homeswithjosh.com

www.homeswithjosh.com or www.idshortsale.com

Boise Idaho Quick Facts

*  The greater Boise Valley is comprised of the following fast-growing communities: Boise, Meridian, Nampa, Eagle, Star, Emmett, Garden City, and Caldwell.
* Total Population within a 45-minute draw area: 632,000
* Average Age: 33.1 years
* Average Commute Time: 18 minutes
* Forbes, Wall Street Journal and Inc. Magazine rate Boise as one of the best places in the US to live and work.
* Money magazine rates the Boise Valley as one of the best places to live in the U.S.
* National Geographic Adventure says the Boise Valley is one of the Top 31 Best Live & Play Towns.
* The Boise Valley has a workforce of more than 280,000. Nearly 110,000 of the workforce are degreed workers.
* Workforce within a 45-minute draw area: 330,000
* The overall cost of doing business is nearly a third lower than in California or Washington.
* The cost of living is 96 percent of the national average, and the average cost of a home in the boise Valley is approximately $170,000 compared to a national average of $226,000.
* The Boise Valley is located 430 miles from the seaport terminal of Portland, Oregon; 384 miles south of Spokane, Washington; and 360 miles northwest of Salt Lake City, Utah.
* The airport serves more than 3 million people a year and is less than five miles from downtown Boise.
* Idaho Northern & Pacific Railroad (INPR) provides freight service over four branch lines in southwestern Idaho and northeastern Oregon.
* There have been more patents generated in the Boise Valley than any other region in the country
* Boise and Nampa, Idaho, are ranked as the most secure locations to live in the United States among large metropolitan areas with populations of 500,000 or greater. (Source: Third Annual Most Secure U.S. Places to Live rankings from Farmers Insurance Group of Companies)
* According to the National Census Bureau, Idaho is among the top five fastest growing states in the nation.