Info on Short Sale/Foreclosure & both/and - either/or

Reminder FHA Insurance Premiums going UP
Just as a reminder, effective Oct. 1st, FHA's mortgage insurance premium is changing. The up front premium was 2.25% is dropping to 1% but the monthly premium is going from .5 or .55 percent to .85 percent...almost double! The benefit is a much lower up front premium but the down side is with the monthly premium being higher, that will take borrowers who marginally qualified for a home and lower the amount they qualify for!
Interesting Article on Foreclosures
In this ever changing short sale / foreclosure market I offer yet another interesting article I found this week. Visit This article describes how and why MERS was formed and how some people are getting around foreclosures. Personally, I see yet one more perspective / article on how the big banks and greed came together to make mortgages a commodity and make yet more money and now their system got away from them.
Helping People Facing Losing Their Home
This week I received several calls, three to be exact, concerning people in trouble with keeping their home and the home had been purchased by ONE of the spouses PRIOR to them getting married. The other spouse, the one not on title, not on the mortgage was looking to purchase another home. Can't be done, it's called "Buy & Bail", a.k.a. fraud. Between living in a community property state and joint tax returns basically, it is now their home. Legally and ethically, our (Lender & Realtor) responsibility is to advise them to continue to make payments. However, I am not living in a vortex in Sedona, so IF they end up losing the home, short sale or foreclosure, at that time I believe we can have a new conversation with the borrowers to further try and help them out.

I Offer the Following Home Financing Options

  • Home Path Loans, 3% Down
  • Manufactured Home LoansFHA & Conventional Financing
  • Investor "Flip" Loans
  • Conventional Loans
  • FHA Loans
  • VA Loans up to $1.5 MILLION!
  • Jumbo Loans
  • Second / Vacation Home Loans
Both/And - Either/Or, Choose

Most of us, when interacting with others come from a "either/or" perspective...its either your way or my way. This perspective sets up frustration, win-lose and separation. In this perspective, we forget that we always have far more in common with others than not, yet in perspective we too often get lost in the differences.

Instead look at issues from a "both/and" perspective. Look at your perspective AND look at the other person's perspective. Look for similarities, look for ways to make it happen...your way AND my way. Too often in this perspective creativity, intuition kick in and solutions pop up like magic. The results are often greater than what was initially sought in the either/or way of thinking.

I invite you to try both/and thinking on. It reduces stress, looks for solutions and invites connectedness vs.. separation.

Jim Hostler
Senior Mortgage Loan Consultant

Lenders Direct
a division of Gateway Business Bank
Direct: 928.225.7418

Fax: 928.527.7943

NMLS #6410200021

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