URGENT SHORT SALE TIME LINE

We know that all of you have heard more about short sales than any of us ever wanted to. Unfortunately, they have become an everyday part of our Real Estate world. However, something that we are realizing is that not everyone realizes that in order to get THE MOST HELP FROM A SHORTSALE you need to react soon.

Bush's Debt Relief Act that was put into effect to help homeowners who have to shortsale or end up losing their homes in foreclosure. It provides tax relief on the deficiency amount to those who find themselves in this situation as long as it is their primary residence. However...THIS ACT EXPIRES ON DECEMBER OF 2012. That means that a short sale or foreclosure must BE COMPLETED by this deadline in order to realize the benefits.

If you or someone you know needs information about a shortsale please pass this information on, as time is running out. We must get started soon in order to have time to compile info, review options, market the property and negotiate with the banks. Please don't be one of the ones who waits and misses out. There has to be something positive about all of this. You can get more info at www.spokaneshortsaleinfo.com

We are not tax accountants and can not give tax advice. Please consult your accountant to see how this may individually affect you and your tax situation.

Help for Our Idaho Clients Seeking Loan Modification or Worried about Foreclosure

Beginning September 1, thanks to a new law, Idaho homeowners will enjoy further protection when seeking loan modification. With a loan modification you take the mortgage you now have and change the interest rate and payment requirements.According to the Better Business Bureau,

"The new law also allows homeowners to request a meeting with their lenders to discuss foreclosure prevention options."

“Homeowners in foreclosure or in danger of foreclosure should familiarize themselves with the rights this new law affords them,” Attorney General Wasden said. “To help homeowners and lenders understand the law, my office created a webpage dedicated to mortgage loan servicing and foreclosure issues. It is available at www.ag.idaho.gov.”

According to the news release, the law requires lenders to notify homeowners whether they qualify for a loan modification within 45 days of a modification request. Lenders may not proceed with a trustee’s sale during the 45-day period. Homeowners also will receive written notice of the date and time of a future trustee’s sale if a scheduled sale date is postponed.


This is good news. Imagine your frustration if, while trying to avoid foreclosure and all its implications, you request a loan modification and never hear back from your lender. Foreclosure proceedings appear to go on without your knowledge or understanding. What a feeling of helplessness!

Please take a moment to read the entire press release, courtesy of the Spokane Better Business Burea, which includes names of real estate reports that are offered for homeowners in distress, phone numbers for help obtaining a mortgage modification [(888) 995-HOPE.]and more.

For more information about avoiding foreclosure, exploring alternatives or short sales, please visit Spokane's Best Short Sale site or request a copy of Nine Alternatives to Foreclosure.

End-of-Year Bonus for Home Buyers (Thank you Fannie Mae)

Like a car dealership at the end of its model year, Fannie Mae is offering special incentives exclusively for owner occupants that purchase property from its sizable inventory of foreclosures, also known as HomePath properties.

Owner occupants that purchase a Fannie Mae HomePath property by December 31 will receive up to 3.5% toward closing costs and a home warranty. These incentives for foreclosures are unheard of – banks typically sell foreclosures “as-is” without incentives, warranties, or repairs. This could help buyers to view a HomePath property more like a traditional sale, not a foreclosure, during their search process.

Owners and investors (see our next blog post for more info) can purchase HomePath properties for 3% down and no mortgage insurance. For homes that are not in tip-top shape, Fannie Mae also offers the HomePath Renovation financing, which works similarly to FHA’s 203(k) mortgage by allowing the cost of light renovation to be included in the mortgage. Furthermore, owner occupants get a 15-day “first dibs” on HomePath properties through the First Look program.

Fannie Mae is also offering agents an additional $1500 for representing owner occupants who purchase these properties, helping to compensate them for the extra paperwork and other potential obstacles that come along with foreclosure transactions.

Buyers should be sure to take a second look at Fannie Mae’s HomePath properties before settling on “the one.” It could mean not just a great deal but an excellent one.

To see Fannie Mae’s HomePath homes, check out HomePath.com

Sources: The Wall Street Journal, Inman News, Keller Williams Research