This will be my first year participating in the Barber to Boise event. I'm so excited to be running my first 10K! I'm told it's a beautiful run and it ends in the BSU stadium! How cool is that? There's a pancake breakfast afterwards and a free concert.
The event benefits the Idaho Food Bank and BSU Track and Field.If you're interested in particpating then register soon!
The event takes place on Saturday, October 16.
I’ve been advocating short sales and discussing all possible options with my client and a common question seems to be why short sale over foreclosure? Frequently it’s better for my client to do a short sale but why would a bank want to do a short sale? Do they marvel in the idea that they are “helping America” by processing these requests but secretly laughing as realtors bang their heads against the wall in hopes of finding relief for our clients? Do they toast each other as they go through the motions of reviewing a loan modification only to know that most fail in the long run because it’s a temporary fix?
So I ask…what is the motivation for a bank to do a short sale? It saves them time and we all know time is money. But I wonder does it really save them time? Hiring people to process loads of contracts and then to analyze if it makes better financial sense to accept this offer over another. Really if they can foreclose, go after the seller for the deficiency and get reimbursed for their loss (I love paying taxes for this one)…who makes out?
And let’s not forget about the fabulous OPTIONAL government program to help sellers with a short sale…HAFA. Maybe the bank participates…but maybe the investor backing the loan does not. Ahhh… what! So the bank (yes I know…it’s the investor silly) can pick and choose which loans participate and which do not?
How about this circle of fun! The First will not review the file until the Second releases their lien. The second won’t release their lien until an offer is received. So what should we do? Market the heck out of the property to get an offer or illegally manufacture an offer just to get the ball rolling (please don’t take that one literally. I’m not advocating illegal activities). Which of course then bogs down the entire system with a load of fake offers? Finally, the First refuses to postpone the auction date because of guidelines that allows them to be reimbursed for their loss if they foreclosure within a specific time frame.
Are banks publicly advocating helping homeowners with all these useless programs and silently laughing as they count their money? Why are our government officials so clueless? In ten years will we look back and say “What a textbook example of a public relations success story!”
From HousingWire
Fannie Mae (FNM: 0.9315 +0.16%) announced its version of the Making Home Affordable Foreclosure Alternatives (HAFA) program Tuesday, implementing the program for all conventional mortgages that are held in Fannie's portfolio, that are part of an mortgage-backed security (MBS) pool with a special servicing option, or that are part of a shared-risk MBS pool for which Fannie Mae markets the acquired property.
The Fannie Mae program takes effect August 1, 2010 and is designed to mitigate the impact of foreclosures on borrowers who are eligible for a loan modification under the Home Affordable Modification Program (HAMP) but were unsuccessful in obtaining one, Fannie said. Like the Treasury Department's HAFA program, servicers cannot consider a borrower for HAFA until the borrower is evaluated and eliminated from eligibility for a Making Home Affordable Modification Program (HAMP) workout plan.
Also like the Treasury program, Fannie Mae will offer servicers cash incentives for completed HAFA transactions, $2,200 for short sales and $1,200 for deed-in-lieu of foreclosure agreements. Borrowers are also eligible for $3,000 in incentives.
That's more than in the Treasury's HAFA program, where servicers are eligible for $1,500. Under the Treasury program, borrowers receive $3,000. In addition, the investor is also eligible for a maximum of $2,000 incentive.
Participating servicers will be required to report on their Fannie Mae HAFA activities to both Fannie and the Treasury and the program sunsets on December 31, 2012.
After announcing the program in October 2009, Treasury's HAFA program began in April. The Fannie Mae HAFA program is the latest in a string of programs designed to help borrowers avoid foreclosure. In addition to HAFA and HAMP workouts, Fannie Mae is letting some distressed borrowers stay in their homes as renters, under the deed for lease (D4L) program.
Under D4L, the homeowner-turned-renter is required to pay fair market rent to stay in their home for up to 12 months. The renter must have enough income to sustain a 31% income-to-rent ratio and rental payments are not subsidized by Fannie Mae, but could include renters eligible for Section 8 payments.
Also, in March 2010, Fannie Mae instructed its servicers to consider an "alternative modifications" for all mortgages that did not qualify for a permanent conversion under HAMP. That "Alt Mod" program, which sunsets on August 31, 2010, is similar to HAFA.
Article from HousingWire
I attended a training class this morning offered through Idaho Housing and Finance Association (IHFA). One of the programs they discussed is the NEW Affordable Advantage Program. This program should be available next week...but you know how timelines roll! It is perfect timing considering that the USDA Rural Development funds have run out (they cater to different buyers anyway).
Here are some notes about this loan:
The Ultimate Urban Challenge (UUC) course will navigate downtown Boise and its surrounding areas, focusing on area attractions and landmarks. The course will begin at the North End Zone of Bronco Stadium at Boise State University and end in Julia Davis Park. At the completion of each challenge, teams will be given clues to move on to the next challenge and eventually complete the course. Since the course is a secret, team members will be provided with the first challenge location at registration. At the start of the race, all teams will report to this location to complete their first challenge. After completing the first challenge, participants will then receive the next clue to their second challenge and so on. In addition to receiving the next challenge clue, teams will also receive a “piece of the puzzle” to confirm a challenge has been completed. Once all challenges have been completed, the obtained puzzle pieces will then be used to assemble the entire puzzle which will be required for completion of the race (Yes! This means a team’s time is NOT final until their puzzle is completed and the team has crossed the finish line).
I'm participating in an all day event to help raise money for the March of Dimes. This is an event that will take my team, the Boise Brigades, all around Boise via bike, putting together clues to solve the puzzle!
This is for a great cause and I'll hope you'll visit our webpage and make a donation. However, small or large....every penny helps!
Follow This Link to visit my personal web page and help me in my efforts to support Make-a-Wish Foundation - Idaho
I’m specifically trained in relocation and long-distance electronic communication. I focus on timely communication when working with people. Relaying information quickly and accurately is importan
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