Brian Brumpton, Boise Idaho Real Estate

Idaho homeowners behind on the mortgage should exercise caution when reviewing offers to help.  Knowing which offers of help are legitimate and which are designed to take your money, could save you thousands of dollars, and your home. 

When faced with prospect of foreclosure in Idaho a loan modification may be an option.  Chances are your bank is not going to offer this willingly.  I encourage homeowners to contact their lenders directly.  In fact paying someone to do a loan modification in Idaho won't give you any more chance of success.

Loan modification letters that various companies are sending Idaho homeowners in default look very convincing.  Some even appear as if they were sent on behalf of the bank. 

You have to be careful and make sure to read the fine print.  As with most things, if it looks to good to be true, it probably is.

Here's a prime example of such a letter some of my Idaho clients received in the mail:

If you read the wording at the bottom, you see the disclosure stating that this company is not affiliated with the bank.  They are also claiming that your loan can be restructured under the "Economic Stimulus Act." 

What they won't tell you is you can figure all this out on your own with a quick visit to www.MakingHomeAffordable.gov.  You can also get free couceling by calling the number listed on their website. 

While a loan modification is a valid option for Idaho homeowners facing foreclosure, I don't recommend paying someone to do it for you.  Chances are you'll find yourself out of money and worse off than they found you. 

For more information on foreclsoure, short sales, and loan modification in Idaho, visit www.HopeForIdaho.com.

VA compromise sale - A guide for Idaho homeowners facing foreclosure with VA loans

Is a VA compromise sale in Idaho the same as short sale?

Yes and no.

Yes, it is like a short sale in that the proceeds from the sales will not cover the balance owed.

No, in that there is a standard process to follow in order to obtain approval for the VA compromise sale, and they can usually be accomplished much faster than your standard short sale.

VA compromise sales in Idaho have very specific requirements and you will want to work with a real estate professional familiar with the process.

Essentially to get a VA compromise sale approved in Idaho there are several required criteria and the sale must result in savings to the agency, over the costs of foreclosure.

What to do if you have a VA loan, need to sell, and owe more than the home is worth:

Seller Requirements:

1. Once it is apparent that the seller needs to consider the VA Compromise Sale Program, the seller should contact VA or his/her lender if they are a VA approved Servicer Loss Mitigation lender. Attached to this package is a list of VA approved Servicer Loss Mitigation lenders. You can also obtain an updated list from our website: www.vba-Roanoke.com.

2. A financial statement is completed and signed by all parties. The seller may obtain this from the lender if the lender has been approved to process the compromise sale on behalf of VA. Otherwise, the homeowner may obtain this form from VA. A financial statement from the VA can be downloaded from our website.

3. The seller should complete a letter of request.

4. A Compromise Agreement Sale Application should be completed. If the compromise sale will be processed by VA, the application package can be downloaded from our website. If the lender will be processing the compromise sale, an application package must be obtained directly from that lender.

5. On loans that originated on or before December 31, 1989, the seller should be prepared to sign a promissory note at closing agreeing to repay VA for the difference between the sales proceeds and the total debt. This indebtedness may be waived in order to process the transaction and avoid a foreclosure sale.

Here are some factors that will be considered for a VA compromise sale in Idaho:

• The property must be sold for fair market value.
• The closing costs must be reasonable and customary.
• The compromise sale must be less costly for the Government than foreclosure.
• There must be a financial hardship on the part of the seller.
• On loans that originated on or before December 31, 1989, the seller must be willing to sign a promissory note.
• There must be no second liens or other liens (unless the amount is insignificant).
• In situations whereby there are second liens or other liens, the seller can request that the lien holder consider releasing the lien and converting the loan to a personal loan.
• The seller must first obtain a sales contract in order to be considered for the program.
• To protect the seller’s interest, the seller should make the sales contract contingent and/or subject to the approval of a VA compromise sale.

For more information on VA compromise sales in Idaho, you can download the Compromise Sale Program (Click Here).

For more information on Idaho's foreclosure laws and information regarding short sales in Idaho, visit: www.HopeForIdaho.com.

Top five reasons why I love living in Idaho

1. People who are Born and raised here (yes I’m one of them) think that God has granted them exclusive rights to the land and resources of this great state and get perturbed when those ‘out-of-starters try to infringe on those rights.

2. There really in no ‘fast lane’ on the freeway. Apparently here in Idaho you just pick a lane and commit to it for better or worse.

3. It is completely acceptable to complain about how long the journey is from south Boise to Eagle. I’ve even run into a few people who have prepared for the trip by packing extra food and water.

4. When you take a listing it is not as uncommon as you might think to see a rider atop a for sale sign that reads ‘upgrades galore and indoor plumbing.’

5. It does not matter how obviously in the wrong you are… if there is a driver with 2C plates anywhere within view it is customary to transfer blame their way.

Just Sold - 48 Black Cat Road, Kuna, ID 83634

After 270 days on the market with another agent, we were able to get this on closed for out clients.  Both buyer and seller couldn't be happier with the outcome.  The buyers got the perfect home to start their new lives and Idaho.  The sale gave the sellers the opportunity to take the next step in living out their dream of building a new home where they plan to retire.

This is what it's all about, helping people achieve their dreams.

Congrats to the Boise State Broncos for making it to 4th in the BCS rankings!

You can't throw a stone in Boise, Idaho without hitting a couple of Boise State Broncos fans. When college football season rolls around, everyone starts flying their Broncos flags.

If you're wearing anything but blue and orange on game day, you're in the minority around Boise.

I'm not one to just jump on the band wagon like everyone else but how can you not? I love to see these guys so far up there in the rankings. They are hands down one of the most intelligent teams in college ball.

Keep it up Broncos!