The Idaho Housing and Finance Association has received approval from HUD to begin administering the 13 million dollar Emergency Home Loan program. ELHP is designed to help Idaho homeowners who are currently unemployed or are under employed (loss of at least 15% of income) and are at risk of foreclosure cover mortgage payments while [...]
Financial Insight Center, finacial advisor, and Watching Idaho’s Money radio host, Brian Wiley and Keller Williams Boise, real estate agent, Brian Brumpton discuss short sales, foreclosures, and loan modifications in the Boise Area. Listen along as they talk about the realities of a distressed market and the issues buyers and sellers are dealing with.
There are many reasons that Idaho residents may want to consider a short sale on their home. The housing market, of course, famously collapsed and this has left many homeowners in a bad situation. That situation is defined by owning a home that is not worth as much as the amount of money that you still owe on it. The inflated real estate markets have left many people in this position and, if you don’t know what to do because this has happened to you, you’re certainly not the only person in that situation. A short sale is one of your options…
A short sale is a way that you and your bank can both come out ahead in a bad situation. When this measure is taken, you sell your home for its current market value and the bank takes the proceeds. This is a way of avoiding foreclosure, which is something that the bank wants to avoid every bit as much as you do. A Boise short sale can be arranged with the help of a realtor. If your mortgage debt is currently worth more than the value of your house, you have this option.
Your mortgage is underwater when the loan is larger than the current market value of the home. Only a few years ago, many enthusiastic first-time homeowners would have thought this situation to be virtually impossible. It is, however, often the situation at present. You do have an option if you live in Idaho. Short sales allow you to get out of these mortgages if you’re experiencing financial hardships. The bank doesn’t have to approve, but there are many people facing foreclosures at present and many times through no fault of their own.
A short sale is sometimes the best option for a bank and homeowner. To avoid these costs, the banks will sometimes consider a short sale. You have to present them with a convincing case that this option is in the best interest of the bank. You also have to explain to them why you’re unable to pay on your mortgage.
The practice of putting in multiple offers on short sales in Idaho may be leaving you at risk. While it can be done, it is important that you do so in a way the legally protects you from liability. Before you write an offer on a short sale in Idaho, you’ll want to read this…