We’ve all heard the saying, “you get what you pay for”, today Thom and Dave talk about how true it really is when it comes to home projects! You will want to tune in to hear about our current real estate market and find out from Ron Wieczorek what triggers people’s home buying decisions.
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Boise Idaho Loans and Mortgages
How to get Started Buying a Home, the Pre-Qualification Process, Property Tax Reduction Programs, and Tips and Tricks for Moving
This week on the Idaho Real Estate Buzz we talk about how to get started in the home buying process. Next Dave and Thom talk to Ron Weiczorek from Eagle Home Mortgage about how to start the Pre-Approval process and how it factors into the home buying process. Next up, Thom and Dave talk about a few Property Tax Reduction programs including the Home Owners Exemption and the Circuit Breaker Program. Lastly, Dave and Thom talk about tips for moving, packing and getting organized.
With Mortgage rates currently in the lower 4.%, we have seen a steady increase from the 3.54% from May of last year. Current predictions are that we will see a further increase of about .25% buy the begining of 2015. This means that you and your family could pay more over the term of a 30 year loan if you wait till next year.
In home equity mortgage, the owner takes out a loan using the home as security. Home equity is the balance of the home?s market value less any debts or liens on the property. It is some sort of a second mortgage in that the loan proceeds can be used for improvements that will increase the value of the home.
Many new foreclosure scams caused thousands of people to lose their homes . A late scam in the mid-west conned a large number of individuals into paying upfront fees to clear their debt or end foreclosure .
Charles A. McKuhn began the misleading debt reduction business –Taurian Worldwide Financial, Inc.– that claimed to refinance mortgages and provide lines of credit . He advertised that the company’s foreclosure attorney could go through the tedious papers to stop the foreclosure process.
Despairing homeowners paid the upfront fees , with anticipation to save their properties from foreclosure. Unfortunately though , McKuhn and his company did not solve any debt issues and stop foreclosure. In actuality , his company isn’t even licensed as a loaner or debt counseling agency. Several of the individuals who paid McKuhn their money and trust eventually lost their houses because of knavery and fraud .
Just this year , over fifteen hunded people have forfeited over $2 million in upfront fees to adjustment consultants. Many were told that making contact with their lender immediately would invalidate their loan mod . These people were promised loan modifications yet were never granted them.
The majority of these homeowners eventually lost their homes to foreclosure.
Don’t let yourself be scammed by people who want to take advantage of your situation .
Remember that it is illegal for foreclosure attorneys to demand fees upfront.
There are competent , trustworthy , and ethical corporations that assist with loan modifications, but read the Treasury Departments 3rd quarter 2009 report to see why it is practically pointless to apply for a loan modification.
This report states that 680,000 new modifications were begun in the 3rd quarter of 2009, yet less than 781 became permanent . Even more troubling is the fact that over half of all loan mods that are approved end up in default (foreclosure) within 6-9 months from approval .
Don’t get scammed by scam artists who claim to be on your side. Take the time to ensure the company you’ve chosen is legitimate, and be wary of upfront fees .
Why pay for help that is never given ?