David Stout_2

Though we realize that this month’s Guardian Angel from Guardian Mortgage isn’t from around here, David Stout does have a lot of the characteristics you’ll find in a true Texan. We forgive this New York native for his Yankee past, but we have to laud his wonderful ability to guide his clients through one of the most stressful transactions in their lives.

“Each customer has a different story, a different history, and a different goal,” said Stout. “I make sure I know and understand all three before beginning the process with them.”

Now that’s a sentiment worth applauding, and that’s one of the reasons this sports fan is this month’s Guardian Angel. Stout goes the extra mile for his clients in their mortgage process, and makes sure they are educated about their loan options. Now that’s service worth recognizing!

Read more about Stout after the jump!

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We are in the process of refinancing and it has been hell. So you can imagine my surprise yesterday when I learned that my very own Congressman, Pete Sessions, along with three other members of Congress, is under investigation for the favorable rates they received from Countrywide Financial Corp., which was a poster child for sub-prime lending. The favorable rates are one thing; I’ll bet these guys also did not have to have the financial proctology exam most borrowers have to go though these days. His press spokesperson says he didn’t know he received below-market rates. You know the first question I ask my darling (he really is) mortgage broker? What’s the rate?

So I’ve started digging on just what Pete bought back in 2007 with this groovy tunes loan from Countrywide, which is now in the B of A portfolio and dragging down B of A’s stock performance, thank you very much. Yes, we are talking 2007 and it was a whole different world. If you were Angelo’s friend, you ruled. I did some light digging and for the life of me, I cannot find any property in Dallas County under Pete’s name this year. Found one under Juanita Diaz, his estranged wife’s name. The couple sold a home on 6/26/2007 at 7535 Benedict Drive in The Cloisters in 2007, and apparently purchased 4657 Chapel Hill on May 23, 2007. DCAD value: $1,242,000, the Sessions paid $1,300,500 and to their credit did not “Z” out the sales price. 

I just want to know where my Congressman lives with the sweetheart deal he got on his home mortgage because we self-employed who have assets and equity are having a devil of a time. His office assures me he still lives in 75206. The home the Sessions sold in The Cloisters was a 3222 square foot home (no pool) valued at $534,000 today, maybe a little less than the value in 2007. 4657 Chapel Hill has 5561 square feet, a pool, all on .95 an acre. According to DCAD, this home is now 100% in Juanita’s name.  

BTW where’s Angelo when you need him? Trying to sell his Thousand Oaks, CA home for $3.4 million.

Former home of Pete Sessions bought with his sweetheart loan?

 

I was in Southlake over the weekend, and on radio 1160 am with renown mortgage broker Ron Schultz. He said what I’ve written now about a hundred times: there are loans out there for folks with good credit scores and W-2s. The biggest problem is finding mortgage loans for the self-employed. Those deals are near impossible because most self-employed work off K-1 income to control taxes so when they go to get a loan now it’s like, hey, how can you loan this person a penny, he doesn’t earn any money! When the self-employed mortgage loan comes back, says Ron, then our market will get moving.

Interesting: Ron says jumbos are back now big-time, with great rates.

Free house, anyone? Or how to save on real estate big time. You’ve got to read this story by my colleague Sheree Curry and chime in — hope I get it straight: a couple in Iowa made one payment on their $278,000 home and then went to see a bankruptcy attorney about letting the house go after just one payment. The guy lost his business and could no longer afford it. Matt and Jamie Rae Danielson were in a pickle, a big pickle. First of all, they had just lost a larger home and property, and I am not clear on how they managed to get this second, smaller home financed after that you-know-what show, but they did. And Jamie even worked for a mortgage broker, First Horizon. Well, that bankruptcy attorney they went to see ended up being their best friend ever. He found a loophole in the Iowa homestead laws. Seems their mortgage with CitiMortgage was invalid or void without the signature of both spouses, not merely void-able by the spouse who did not sign. In other words, both spouses must sign a mortgage in order for it to be valid. But Jamie never signed it. Matt met the mortgage broker at a Food Court and signed without her because he could not reach her. I guess no one caught it and — now they own a home.

I sent Sheree an email with some questions, but here’s my BIG question: could this happen here in Texas with our Homestead laws?

Let’s find out!