Prescott Real Estate News Blog's purpose is to keep current, past, and potential clients apprised of the real estate market conditions for the Prescott, Arizona Area. National and state news and events will be posted but special emphasis will be placed on Prescott Area and the Yavapai County - Prescott, Prescott Valley, Chino Valley, Dewey and Kirkland/Skull Valley.
-Prescott Real Estate News
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 http://sp1.actemarketing.com/SpeClicks.aspx?X=5L0XNUK1HVKHQ1XK00YJWV. 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 Loans: FHA & Conventional Financing
Investor "Flip" Loans
VA Loans up to $1.5 MILLION!
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 HostlerSenior Mortgage Loan Consultant Lenders Direct a division of Gateway Business Bank Direct: 928.225.7418 Email: JHostler@elendersdirect.com Fax: 928.527.7943