Spring Newsletter of 2012

Beccie McDonell

Realty One Centre

850-3062

2012 Spring

Letter from The Idaho Attorney Generals Housing Office

National Mortgage Servicing Settlement. On February 9, 2012, the U.S. Department of Justice and the State Attorneys General announced an agreement in principle to the terms of a global settlement with the largest mortgage servicers, including Bank of America. I have posted the entire letter with summaries and links on my blog.  There is also a link for restitution recovery 

  

On March 17^th the Mortgage Rescue Act, finally started filtering out to the Public.  I was most interested in the  HARP2 which encumbrances the existing conventional loans that were backed by Freddie Mac and Fannie Mae.  You must be current on your Mortgage payments.  This program allows homeowners to refinance at a lower interest rate, which today is at 3.75% per year, the entire amount owed.  I am working with:

Jim Dildine @

Amerifirst Financial

703-9696

I tried working with Bank of America but they are setting their own guide lines…. Which are not conducive with the needs of most folks.  I have posted an in depth article on my blog.

February Market Report

There is no longer any doubt

We are in full recovery mode. Our biggest challenge is lack of inventory.  The shortest supply is <$119,000 @ 2.5 months. 

Sales in February 2012 were 439 in Ada County, an increase of 13.4% over February 2011. This is the strongest February sales we’ve had since 2007.  Year-to-date sales are 829; 13% over the first two months of 2011. Go to my blog:

 www.BoiseValleyRealtor.blogspot.com            For the full detailed reports

Things are getting better in our part of the world of Real Estate. I probably gave you  an overload of information on this page , please just call me.  It is important for you to know I am here to help you, your family and friends.  I need and greatly appreciate your referrals.

 Home Project Idea

I’m wanting Jim to build for me at home and I will cover it with Grapes for juicing.   Your backyard can be beautiful feature of your home.

Dear Friends,  It was raining like cats and dogs  this morning and now it is clear.  Typical Idaho Spring weather. 

It was a good reminder to make sure the gutters are cleaned out!

We have spinach, lettuce, radish, peas all coming up in the garden, just put in onions and potatoes.  And my daffodils are starting bloom.

I’m going to make mushroom soup for dinner because it is a little chilly!  So here is that recipe for your enjoyment!

Homemade Mushroom Soup by Season with Spice
Serves 2

Ingredients:
300g or 2 cups fresh mushrooms - cleaned and chopped finely (I used a mix of swiss brown and white button)
1 tbsp olive oil
3 cloves garlic - chopped
1 tbsp butter
1 tbsp chopped fresh thyme or 1 teaspoon dried thyme
1 - 2 bay leaf
1 tsp Worcestershire sauce
1 cup chicken or vegetable stock
1 tbsp flour dissolved in 1 tbsp water
Salt to taste
1/2 cup heavy cream
1/2 cup milk
Dash of nutmeg
Freshly ground black pepper to taste
Fresh parsley or thyme for garnish

Method:
1. Heat olive oil in a sauce pan. Add butter and lightly sauté garlic on medium heat.
2. Add in mushrooms, thyme, bay leaf and Worcestershire sauce. Cook over medium heat for 5 minutes, or until the moisture from the mushrooms disappears.
3. Add in chicken broth. Stir occasionally until broth boils, then reduce heat and simmer for 10 minutes.
4 Add diluted flour in, and stir constantly (while simmering) until the mixture thickens. Season with salt and nutmeg. Taste and adjust seasoning.
5. Finally, add milk and heavy cream, and bring to a simmer. Turn heat off.
6. Serve hot in your soup bowl. Add freshly ground black pepper. Garnish with fresh parsley or thyme if you have them on hand. And warm up this Spring season!
Notes:
- You can thicken the soup by adding in another tablespoon of flour or cut down on the broth, for use in pasta or your Christmas casserole dishes.

Warm Regards,

Beccie McDonell,  GRI

Realty One

850-3062

BeccieP@msn.com

BoiseValleyRealtor.com

BoiseValleyRealtor.blogspot.com

Judge OKs $26B Foreclosure Settlement

Daily Real Estate News | Monday, April 09, 2012

A federal judge granted final approval to a landmark $26 billion settlement over foreclosure processing errors, clearing the way for the nation’s five largest lenders to begin unraveling aid to home owners. The settlement includes guidelines for banks in compensating home owners who may have been wrongfully foreclosed upon as well as mortgage modifications — including principal write-downs — of up to 1 million home owners.
The settlement was first announced more than a month ago but awaited a judge’s final approval. The settlement is between the nation’s five largest mortgage lenders and the attorneys general of 49 states and the District of Columbia. The five lenders part of the settlement are Bank of America, Citibank, JPMorgan Chase, Wells Fargo, and Ally Financial.
Here's a breakdown of how the settlement money will be allocated:

• At least $17 billion will go toward modifying mortgages of delinquent borrowers. The modifications may include principal reductions to mortgages of up to $100,000 or more for 1 million home owners who are underwater or delinquent on their loans. 
• About $3.7 billion will go toward refinancing mortgages for home owners who are current on their payments. This aid is estimated to help about 750,000 home owners. 
• $5 billion will go toward banks’ paying fines to the states and federal government for the foreclosure errors. A portion of that will go to funding compensation to home owners who lost their homes to foreclosure due to errors. They stand to receive payments of $1,500 to $2,000. 

The banks have also agreed to adopt stricter standards in processing foreclosures to avoid future errors.
As long as the banks abide by the terms of the settlement, they will have immunity from future claims by the state governments for wrongdoings in the processing of foreclosures.
Oklahoma is the only state that did not participate in the settlement agreement. In early February, the state reached a separate agreement with the nation’s five largest lenders for an $18.6 million settlement.