Tagged : foreclosure

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The Obama Administration has begun laying out its Homeowner Affordability and Stability Plan.  The plan will have three areas of emphasis and is expected to help 7 to 9 million homeowners avoid foreclosure and others refinance into more affordable loans.  Complete details of the plan are expected by March 4, 2009.  Below is a summary of the United States Treasury press release.

1) Refinancing assistance to combat equity hurdles. Interest rates have been at record lows in recent months but many homeowners do not have the equity to allow them to refinance and benefit from reduced mortgage payments.  This new program will allow responsible borrowers to refinance and is expected to benefit 4 to 5 million homeowners.

2) A stability initiative to prevent

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When it comes to buying foreclosures in the Boise Idaho area, there's really three main stages or opportunities to do so: pre-foreclosures, foreclosure auctions, or bank foreclosures (bank-owned).

idaho-foreclosure-timeline

1) Idaho Pre-Foreclosures. A home that's for sale before it actually goes to the foreclosure auction is known as a pre-foreclosure.  Most short sales are pre-foreclosures- they have usually missed payments and are trying to get it sold before the auction to mitigate the damage done to their credit.  Please understand, a home is a short sale when it is being offered for sale for less than what is owed and asking the lender to take the loss.  It's called a "short sale" because the sale price does not cover the loan amount, not because it's being purchased

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The first step for a lender starting the foreclosure process is when a "notice of default" (NOD) is recorded with the county.  A local company, Idaho Data Providers, tracks foreclosure filings and reported NOD's in November were down about 30% compared to October (221 compared to 315).

Ada County is comprised of Boise, Meridian, Kuna, Star, and Eagle Idaho.  Canyon County notice of defaults also decreased.

Before homes go to the foreclosure auction, they are known as "pre-foreclosures." Many of the short sales you see are in the pre-foreclosure stage.  You can browse the Boise short sales here.  Also check out the Meridian short sales and Eagle short sales real estate links.  Be sure to sign up for email alerts!

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