Idaho Foreclosure Fraud!
Rent Back Fraud! Rent To Own Fraud!
If you are behind on your house payments read all of this. Also click on the Boise short sale tab at the left. If anyone comes to you with a "rescue plan" to buy your home and says they will rent back to you beware. You need an experienced licensed professional to help you make sure you are not being led afoul.
Realtors® are under state laws and must adhere to NAR ethics. But not all Realtors have experience in handling short sales and pre foreclosures. It may be hard for you to get through to a loan mitigator if you do have a buyer and how do you know if your "buyer" is legitimate? You need to find out what the market value of your house is and have professional help if you are missing payments and heading for foreclosure. There are ethcial and legal alternatives that may allow you to cause less harm to your credit. If you are foreclosed on the lender can and may sue for deficiency (the difference in what you owe and what THEY sell it for. A short sale may be the best way out. Please call Jon Gosche at 208-870-2115 or John Boles at 208-830-8615, our short sale experts. Please read the yellow highlighted material below.
If you are in default on your house payment, have been served foreclosure papers, are about or going to miss payments, can't sell your home, or if you have been approached by people or businesses saying they can stop or postpone your foreclosure you need to read this:
The Idaho Legislature has found that "some persons and businesses are engaging in patterns of Conduct that defraud innocent homeowners of their title, equity interest, or other value in residential dwellings under the guise of stopping or postponing a foreclosure sale. Because of this the Idaho legislature has amended Senate Bill NO. 1431 for the protection of homeowners possibly facing foreclosure. A link to the bill is at the bottom of this page. But first, the bill REQUIRES that "During the foreclosure period described in section 45-1506, Idaho Code, any contract or agreement with the owner or owners of record that involves the transfer of any interest in residential real property------subject to foreclosure must be in writing and must be accompanied by and affixed tto the following notice. in (12) point boldface type and on a separate sheet of canary yellow or some similarly colored yellow paper---" (quotes take from Senate Bill NO 1431, As Amended)
"NOTICE REQUIRED BY IDAHO LAW
46 Mortgage foreclosure is a legal proceeding where a lender terminates 47 a borrower's interest in property to satisfy unpaid debt secured by 48 the property. This can mean that when a homeowner gets behind on his 49 or her mortgage payments, the lender forces a sale of the home on 50 which the mortgage loan is based. Some individuals or businesses may
1 say they can "save" your home from foreclosure. You should be cau- 2 tious about such claims. It is important that you understand all the 3 terms of a plan to "rescue" you from mortgage foreclosure and how it 4 will affect you. It may result in your losing valuable equity that 5 you may have in your home. If possible, you should consult with an 6 attorney or financial professional to find out what other options you 7 may have. Do not delay seeking advice, because the longer you wait, 8 the fewer options you may have.
9 Under Idaho law, you have five (5) days to rescind or undo certain 10 contracts or agreements that relate to transferring interests in 11 property or money in a foreclosure situation. An attorney or finan- 12 cial professional can tell you more about this option.".
13 If the trust deed, or any assignments of the trust deed, are in the Span- 14 ish language, the written notice set forth in this section shall be in the 15 Spanish language on a form to be prepared and made available by the office of 16 the attorney general. 17 (4) No action, suit or proceeding has been instituted to recover the debt 18 then remaining secured by the trust deed, or any part thereof, or if such 19 action or proceeding has been instituted, the action or proceeding has been 20 dismissed. Statement of Purpose / Fiscal Impact
STATEMENT OF PURPOSE
This legislation provides that all contracts entered into while a residential home is in the foreclosure process must be in writing and that consumers have a five day right of rescission. In addition, a warning for consumers about foreclosure rescue scams is included in foreclosure notification papers and in any written contract.
Jon Gosche Real Estate and its agents are committed to help you find the information and help you should you be in danger of loosing your home, damage your credit, bankruptcy, and any complications due to your inability to keep up with your house payments. We have experience with short sales and foreclosures and will do all we can to mitigate the damage and loss that you may insure. Not only should you understand this bill, you should also consult an attorney if you do not understand your rights. Please call Jon Gosche at 208-870-2115 or John Boles at 208 830-6185 if you are facing foreclosure, missing payments, or struggling to sell your home. We are here to help.
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.