Tagged : idaho foreclosures

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The Idaho Housing and Finance Association (IHFA) will be spending $17,640,000 to purchase foreclosures throughout Idaho.  The plan comes as a result of the Housing and Economic Recovery Act of 2008.  The largest shares of the budget will be focused on foreclosures in Ada and Canyon County.

Why is IFHA purchasing Idaho foreclosures? The program will focus on buying foreclosures in zip codes that have been hit the hardest by the housing downturn.  IHFA will purchase the homes for at least 15% below current market value, make repairs, and sell them at cost to low and and moderate income buyers.

How did they determine what areas to purchase foreclosures? IHFA used a federal database to determine the Idaho zip codes hardest-hit by foreclosures, sub-prime

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Countrywide is instituting a national program to help some 400,000 customers nationwide.  The program is designed to help certain sub-prime and adjustable rate borrowers avoid foreclosure.  About $700,000 will be directed to Idaho.

The program came out after some states, not including Idaho, sued the company.  Under a settlement agreement, Countrywide will:

  • Waive approximately $243,000 in prepayment penalties.
  • Suspend foreclosures pending a determination of the borrower's ability to afford the loan modification.
  • Reduce interest payments and principal balances.
  • Provide approximately $179,000 in relocation assistance payments to certain other borrowers to help meet the cost of transitioning out of home ownership.
  • Waive about $275,000 in
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