Okay, sometimes it’s your lender(s), I’ll let you have it, but it’s not the top reason I see failed short sales in Boise, Idaho. As a full time agent, I’ve done my fair share of short sales and in my initial consultations with clients they are always surprised to hear what causes most short sales [...]
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 [...]
Arguing with your lender over lost loan modification or short sale documents is as useful as a trap door on a canoe As someone who spends a lot of time on the phone with lenders negotiating short sales through their various stages, I can tell you that dealing with lost short sale documents is something [...]
In Idaho, the number one deal killer for short sales is time; the time it takes from date an offer is made to recieving an approval from the seller’s lender(s). Well good news for troubled Idaho homeowners trying to avoid foreclosure and the buyers trying to help them out mat be on the way. A new bill [...]
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.
Homeowners in Boise, Idaho who have fallen behind on their mortgage payments may have heard horror stories about the length of time short sales can take. Programs like HAFA (Home Affordability Foreclosure Alternative) were created to help speed up that process. But what about troubled homeowners who don’t qualify for the HAFA program?
All is not lost; Bank of America has created a created a cooperative short sale program to help Boise, Idaho homeowners who many not qualify for any of the government sponsored programs. While their first priority is to keep owners in their homes with a loan modification or another remedy, sometimes “short sales” truly are the best option.
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…
If you can no longer pay what’s due on your mortgage, you’re in the same situation that millions of people have already faced. There are options, in some cases, that may help you to avoid foreclosure. If you’re located in Idaho, short sale requests can be made to your lender if your house is currently worth less than you owe on your loan. Lenders are more likely to accept this offer if specific circumstances apply. The alternative is most likely foreclosure, which is the worst possible outcome of homeownership and something everyone wants to avoid.
Short sales are one way that realtors can help some people to avoid foreclosure. This is a bit different than a standard home sale. It centers on persuading the bank to go along with the deal. You do this by establishing your financial hardship and by establishing that your mortgage is upside down. Idaho short sales can be requested if your mortgage constitutes more debt than the total market value of your home. In this situation, a realtor is the first person you want to visit. They’ll help you make a convincing case to the bank.
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.