Can't sell your home but have to move and your listing is time is running out?
Top selling Boise Realtors®
Your Boise home is worth more than it was a year ago and a lot more than two years ago. People who had to do a short sale before now may sell their home and pocket real money. If you have to sell your Boise Home we have the tools and experience to help. Click here to see the best place in Boise to have your home listed.
Click her to let us know what you want to sell. We can do a free comparative price analysis and give you a plan.
If you live in Boise, Meridian, Eagle, Kuna, Nampa, Caldwell, Emmett, Mountain Home or anywhere in South West Idaho Call Jon Gosche at 208-870-2115. We may have your solution. Don't wait until it is too late. If you are going to miss a payment soon or you are going to have to move out of the area DO NOT WAIT. If you have waited too long DO NOT just give up and leave! Even if you have had your home for sale for a long time call us first. Short Sales avoid foreclosure and bankruptcy and you may even be able to buy another home that you can afford.
So, your house is in foreclosure… now what?!? Try to look at the situation without attaching your emotions. If viewing the situation from a strictly business viewpoint, you can more successfully analyze which option might best suit your needs and desires and move you towards resolving your financial difficulty. One very important thing to remember: Time is of the essence, so sit and take serious thought of your situation and take quick action in order to allow yourself enough time to complete the chosen process.
Nine options when facing Foreclosure
1. Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option.
2. Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home.
3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.
5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
6. Partial Claim – A loan from the lender for a 2nd loan to include back payments, costs and fees.
7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.
8. Bankruptcy – This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.--
9. Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional home sale. In this case, the homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Real Estate Professional if what is owed is MORE than the property’s value.
Home prices are dropping. Buyers know it. They are looking for short sales, foreclosures and undervalued property because there is a lot of it. If you are sitting on a home paying $2000 per month in payments you have to get $20,000 more 10 months from now than today just to break even. Even if hundreds of people are looking at your home if it is priced higher than market value it will not sell. Alligators eat people alive. Lots of people have gotten upside-down on homes through little or no fault of their own. Things change. Don't give up. Call Jon or John!
I was in a situation where I needed to sell my rental property. I was not able to get it rented and the money was running out. I decided to try and sell the house before it would fall into foreclosure. I relied on John Boles to help me accomplish the impossible, selling a 600k house in a buyers market. We decided to go for the short sale option, which I hadn't heard of before. But that didn't matter, John held my hand through the whole ordeal. One thing I would like to mention is I am in Virginia and John is in Idaho. I had never met him face to face but I truly felt I could trust him. All communications and transactions were done via email and phone calls. I must say it was a very stressful experience, but because of the competence and diligence of John Boles and everyone at the BoiseRealtyStore, I was able to sell the house. Thanks so much John Boles and Jon Gosche. -CG in Virginia.