A SPECIAL ANNOUNCEMENT FROM THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY

Reverse Mortgage Myths

The lender will own my home if I take out a Reverse Mortgage.
Not true. The homeowner retains title to their home throughout the life of the Reverse Mortgage.

My heirs will be responsible for repayment of the Reverse Mortgage.
Not True. The Reverse Mortgage is a non-recourse loan. The lender can only look for repayment from the sale of the property, although the repayment may be made from any other source and your heirs may keep the home. The lender cannot look to the estate for repayment of the loan.

Your home must be debt free to qualify for a Reverse Mortgage.
Not True. You may have a mortgage or other debt on your home. The mortgage or debt however, must be paid off first with the proceeds of the reverse mortgage.

Only those with excellent credit, income and/or health can qualify.
Not True. There are no credit, income or health requirements for a Reverse Mortgage. The only requirements are that you be at least 62 years of age, that the home be your primary residence and that you have equity in the home.

I will need to make monthly payments on the Reverse Mortgage.
Not True. The homeowner is only responsible for paying the taxes, insurance and upkeep of the home. As long as the home is your primary residence you will never have to make a payment.

Only the “cash poor” or desolate seniors can benefit from the Reverse Mortgage.
Not True. Even though some seniors may have a greater need than others for the cash or monthly income, the Reverse Mortgage can also be an excellent financial or estate planning tool.

Call Toll-Free 1-877-476-9600 to speak with one of our Loan Specialist to find out more about reverse mortgages or to request more information. There is no obligation or cost for their services.

Market Condition Report - July 2007

MARKET CONDITION REPORT

INLAND EMPIRE WEST
July 8, 2007
PROVIDED BY CHICAGO TITLE

The market stalls as demand declines and supply is relatively constant.

Price weakness looks inevitable as pending price is less than current closing price.

See all the details in the attached Market Condition Report (MCR) for the Inland Empire West area.

Selling 3 Times Is Not The Charm

Oh my gosh, it fell out of escrow a second time! Back on the market for the third time? As if once wasn’t enough?

That's the reality you’re hearing from a lot of sellers as this market cools off and the buyer’s lenders scrutinize the property values on the homes they are trying to buy with a giant magnifying glass.

Why three times, you ask? Take a look at this very real scenario . . .

A seller lists his home for sale higher than his agent recommends. The first time around the buyer and seller agreed upon a price. Of course it was more than the buyer wanted to pay and less than the seller wanted to accept, but a deal no less.

Read more>>

Who Ya Gonna Call?

For emergencies, you know to call 911, but do you know who to call at other times? Here's a list of various Fontana agencies and their numbers:

http://www.fontana.org/main/mgmt_serv/who_ya_call.pdf

Internet Safety Training

Information on how children are utilizing websites such as MySpace and other social networking sites. Click here to view the training video.

SEVEN CALIFORNIA CITIES AMONG NATION'S FASTEST GROWING

Seven cities in the Golden State rank among the top 25 cities with the fastest growth rates in the nation, according to a recent report from the U.S. Census Bureau. North Las Vegas, Nev., led the nation with an 11.9 percent population increase between July 2005 and July 2006. The fastest-growing city in California during the same time period was Lancaster, which experienced a 5 percent population increase. Other California cities listed in the top 25 include Bakersfield (14), Visalia (19), Irvine (20), Fontana (21), Elk Grove (24), and Palmdale (25).

California also is home to four of the nation's largest cities, according to the Census Bureau's report. With 3.8 million residents, Los Angeles remains the nation's second most populous city, while San Diego, San Jose, and San Francisco rank eighth, 10th, and 14th, respectively.

Protect Yourself. Protect Your Identity.

WHAT HAPPENS AFTER YOUR MORTGAGE ORIGINATOR PULLS YOUR CREDIT REPORT?

1. Your mortgage originator pulls your credit report from the credit bureaus to obtain your credit score and process your loan application.

2. The credit bureaus may place your personal information on a prescreened list (also called a trigger list).

3. Within hours the credit bureaus may sell the list to hundreds of companies. Your mortgage originator does not authorize the sale of your personal information and cannot stop it. Only you have the ability to stop this practice.

4. Within hours you begin to receive phone solicitations for mortgage products from numbers and companies you don’t recognize.

5. Within days you begin to receive mail solicitations for mortgage products.

WHAT TO LOOK OUT FOR

1. The “bait-and-switch” scheme. This scheme is run by companies who get business by luring consumers in with low rates and then switching the loan product.

2. Solicitations (phone and mail) that appear to be from your current mortgage company. Always confirm who you are speaking with.

3. Solicitations asking for pin numbers, passwords, your mother’s maiden name and/or your social security number.

4. If you believe you have been the target of one of these deceitful practices or some other abuse of the system, please report the incident to the Federal Trade Commission at 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

WHAT YOU CAN DO

1. Opt-Out of prescreened offers.

2. Register with the Do-Not-Call Registry, www.donotcall.gov.

3. Contact the Federal Trade Commission.

4. Contact Congress.

5. Stop other forms of direct marketing by visiting the Direct Mail Association's Web site at: www.dmaconsumers.org/consumerassistance.html.

Worried? Want To Do More To Protect Your Information?

Voice your concerns by calling your Congressional Representative at 202-224-3121.

FAQs

WHAT IS A PRESCREENED OFFER OF CREDIT OR INSURANCE?

A firm offer of credit or insurance is defined as any offer of credit or insurance to a consumer that will be honored if the consumer is determined, based on the consumer's credit report, to meet the specific criteria used to select the consumer for the offer, subject to certain confirmation requirements.

WHAT IS OPT-OUT?

Opting-Out refers to the process of removing your name from lists supplied by the Consumer Credit Reporting Companies, Equifax, Experian, Innovis and TransUnion (“Credit Bureaus”), to be used for firm (pre-approved /prescreened) offers of credit or insurance. Your rights as a consumer under the Fair Credit Reporting Act include the right to "Opt-Out" for 5 years or permanently.

HOW TO OPT-OUT

You can opt-out by visiting www.optoutprescreen.com or through the toll-free telephone number, 888-567-8688. When you call or visit the website, you’ll be asked to provide personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out.

DOES EXERCISING MY RIGHT TO OPT-OUT AFFECT MY ABILITY TO APPLY FOR CREDIT OR INSURANCE?

No, removing your name from these lists does not affect your ability to apply for or obtain credit or insurance.

DOES OPTING-OUT IMPROVE MY CREDIT SCORE?

No, since inquiries for firm offers for credit or insurance are not used in calculating credit scores, Opting-Out does not improve your credit score. Similarly, inquiries for firm offers for credit or insurance do not reduce your credit score.

HOW DO I CONTACT THE FTC?

Federal Trade Commission

Consumer Response Center

Room 130600 Pennsylvania Avenue, N.W.

Washington, D.C. 20580

www.ftc.gov/credit/

How Homeowners Are Making The Most Of Outdoor Spaces

Have fond memories of sleeping under the stars as a child? Apparently it's not just for kids anymore. The Washington Post reports that many homeowners are moving their bedrooms outdoors. The kitchen and living room were the first to move out; now major retailers are introducing all-weather furnishings for outfitting the al fresco bedroom--everything from weatherproof mattresses, mildew-proof pillows and mosquito-netting canopies to all-weather flat-screen TVs, chandeliers, lamps and rugs.

The Great Outdoors

What's fueling the demand in outdoor living spaces? Experts point to a number of reasons, including the fact that homeowners want to invest more in their property as the cost of land rises. One trend forecaster says it's all about "celebrating and embracing nature" while another insists it's simply because we have no more room inside our homes.

According to research by Kiplinger's, homeowners are expected to spend more than $40 billion this year creating outdoor living retreats, the second-most popular home remodeling project after remodeling kitchens.

Wise Improvements

There are dozens of ways to improve your outdoor living space, but some projects and amenities are more likely to add value to your property than others. Experts say patios paved in high-quality brick or stone, perhaps with a covering to provide shade and protection from rain are a good bet. Outdoor kitchens complete with refrigerator, grill and sink can also add value, but beware the pricey weatherproof television, which many considered a luxury item. What about the outdoor fireplace or firepit? While portable firepits are a relatively inexpensive way to create a cozy outdoor setting, built-in fireplaces can cost a pretty penny, some say up to $35,000.

Swimming pools, as many landscape designers can tell you, can add or detract from the value of your property depending on the type of pool you have. Custom-made pools get the thumbs up from experts while prefabricated pools get a thumbs-down.

If you're thinking of moving more of your living space outdoors, we can help you determine what remodeling projects and amenities will add value to your home now and bring you top dollar if you decide to sell. Contact us!

Reverse Mortgages

Reverse Mortgage: Does it really make sense?

Traditionally reverse mortgages have been a convenient way for seniors in need of cash to access some of the equity in their home to supplement their lifestyles. I’m coming around to the idea of the concept of reverse mortgages because it’s becoming apparent that they enable seniors to do more than augment their income. Of course I’m probably seeing more merit in them too because I am quickly becoming a senior.

Maintaining one’s independence is a very important priority and a reverse mortgage can make it possible for seniors to extend that independence significantly. Part of maintaining one’s independence has to do with being able to remain in one’s home. The expenses associated with living in a house can often prove overwhelming for seniors who may not have the physical wherewithal to perform maintenance tasks around the house.

This could be one very good way of putting a reverse mortgage to work. For those who are unfamiliar with the concept of a reverse mortgage, it is a financial product that’s exclusively geared toward mortgage free seniors. A reverse mortgage enables seniors to tap into the equity of their home, in some cases by as much as 60% of the total value, without ever having to make a payment. The financial institution advancing the funds will take repayment plus the agreed-upon accrued interest upon the eventual sale of the home or upon the demise of the owner, regardless of how long it takes.

So if you own a home worth $500,000 and you want to take a reverse mortgage, say for 60% of the home’s value, the financial institution advances $300,000 to the senior owning the home and the senior can use these funds in any way he or she wishes without ever having to repay a cent until the home is sold or the senior passes away.

At that time, the financial institution, which has a mortgage secured on the property, is entitled to sell the property and take its principal and interest from the proceeds of the sale, or the senior’s heirs can pay out the principal and interest and keep the home. In either case, any amount above and beyond the mortgage and interest must by law be turned over to the senior’s estate.

Personally, I like the idea of a reverse mortgage. Many seniors don’t because they’re thinking about their children’s inheritance. But then, when you consider that in the United States inheritance taxes are confiscatory, to put it mildly, and probating a will is very expensive; it only makes sense to enjoy the fruits of your labor while you’re still alive. Besides, your grown children should be able to look after themselves without counting on a windfall from your death.

So, does a reverse mortgage make good financial sense? Overall I’d say it does and I think many seniors would benefit greatly by tapping into the equity of their home to help maintain their independence.

Call Toll-Free 1-877-476-9600 to speak with one of our Loan Specialist to find out more about reverse mortgages or to request more information. There is no obligation or cost for their services.

Welcome to the We Love Summit Heights Community Blog!

This is not just another blah, blah Blog; The conversation will not be what I want to talk about, but what you want to talk about. We’re taking the I-me-mine of the normal blog hierarchy and turning it into we-us-ours. We are giving every registrant on our community blog an on-going stake in our community.

I’d like to take this opportunity to cordially invite you to register and participate. We are constantly searching for valuable information to provide and we value contributions from our community of readers.

Let's work together to make this Community Blog a safe, environment for residents to share information, a forum to discuss local issues, ideas and experiences, a place to develop a deeper sense of "community" in our lives and build relationships - with each other and with us!

On the sidebar, you'll see a menu entry called Contributor Profiles where we're encouraging people to register. This is your Community Blog and we encourage you to register and contribute. Everyone who registers is a Contributor by default. You can comment on anything you see, but you can also create and edit your own original blog posts. An editor will go over it to make sure there's no inappropriate content (this is a family site, after all) and to make sure everything flows, but the first word is yours. Once it has been approved, your submission will be posted on the site!

Also on the sidebar, you’ll see the profiles of other contributors. When we add your profile to this page, we’ll send you a link URL, so you can share your contributions with friends and family.

Four Questions a FSBO Should Ask A Buyer

Decided to try selling For Sale By Owner (FSBO)? It looks like you and I will be in the same business during that process . . . The business of selling homes.

Let me share these four important questions that you should ask any buyer before you let them in to see your For Sale by Owner house.

1. Are you Pre-Qualified?

2. How much are you Pre-Qualified for?

3. Who Pre-Qualified you?

4. May I contact the person that pre-qualified you?

If they are not willing to answer these questions, then they are not serious buyers and there is no need to waste your time showing them your home that they most likely can’t even afford. There may be reasons why they are contacting a For Sale by Owner. A real estate professional might have pre-qualified them and found out any number of reasons why not to work with that buyer. (Poor credit, not motivated, unrealistic…)

I’m sure you already have a busy life and going For Sale By Owner is a pretty awesome, time consuming responsibility. There’s no need to make it more difficult than it has to be.

Let me know if I can help.

5 – 4 – 3 – 2 – 1

The timer counted down

I can’t believe it’s finally here. Friday, June 29th. After months of hype . . . endless promotional campaigns . . . lots of media exposure; the anticipation; the build up.

At 6 p.m today hundreds came to the Apple Store in Victoria Gardens and local AT&T retail outlets, with 3 things in their pockets and purses (an i Pod, a PDA, and a cell phone) hoping to leave with just one thing . . . the new Apple iPhone.

Everybody had the same goal in mind, to be among the first to lay their hands on Apple’s new I Phone before everyone else.

Does it live up to the hype? You be the judge!

Pros - The iPhone offers an amazing resolution, with a clear, bright screen, and organic-looking buttons and an interface with all kinds of visual cues to let you know what you can and can’t do. For example, when viewing photos, you scroll with a finger flick to the left and right. But what happens when you try to scroll up and down? If nothing happened, you’d think there was something wrong. So instead, Apple has made it so the image moves up a couple of centimeters but “bounces” quickly back down. In other words, it lets you know the phone recognized your action but also shows you the action cannot be done. Also, the “finger pinch” action for zooming in on things will make you smile the first few times you do it.

The iPhone offers a 3.5-inch screen that offers widescreen viewing that looks so good that you can put your laptop in the overhead bin on long flights and watch movies and TV shows on the iPhone.

Cons - AT&T’s EDGE network is as slow as everyone says it is—going to even the simplest Web page takes minutes. But if you are on a Wi-Fi network, things are relatively speedy. You’re not going to throw away your laptop in favor of browsing on the iPhone. But you will use the Net features for quick information hits while you’re in an airport, stuck on a bus, in class, and so forth.

The iPhone’s camera is only a 2-megapixel camera phone with all the limitations of any other camera phone—it has no flash, no zoom and, while the entire screen becomes the viewfinder, it does a poor job of capturing motion or images in low-light conditions.

I was also disappointed to learn that the iPhone will not wirelessly sync with your Mac but syncing is still fairly easy.

The iPhone is not the Perfect Device. But it’s a real cool piece of technology that does a lot of things surprisingly well – And we know the next generation will only get better!

Getting Safely Out Of ARMs Way

Here's another great way to protect yourself from the current meltdown in the housing market. If you own a home and have an adjustable rate mortgage (ARM) set to adjust higher you need to:

• Know your credit score.
• Know the contents of your credit report.
• Clean up your credit report and remove inaccuracies to maximize your credit score.

With the recent changes to the housing market the lenders have made changes to underwriting guidelines. Underwriting guidelines are based on your credit. When underwriting guidelines get more stringent it is the people with the better credit that continue to qualify for good home loans.

READ MORE>>

Are We On The Rebound?

While the housing market continues to decline, there is a broad consensus among economists that a rebound will occur in 2008.

According to the ECONOMIC FOCUS, Volume 11, Issue 24 for the week of June 22nd, inorder for a rebound in 2008 the housing market must first bottom out. So, simple logic dictates that if we are a few months away from the rebound then we must be even fewer months away from the bottom.

"I still think we're not at the bottom in terms of housing construction," says Mark Vitner, a senior economist at Wachovia Corp. "Sales have to bottom out first. …We haven’t seen that yet. And then construction starts will probably bottom out nine months after that."

If this holds true, a decline in new home construction should indicate that we are months closer to a bottoming out moving us closer to a recovery. Further, if there is a nine month lag in construction starts and if the industry will start its recovery in 2008 then simple math would place the bottom sometime prior to 2nd Quarter 08.

• May's numbers were mixed, but in line with expectations, and reflected weakness in the South and West, offsetting construction gains in the Northeast and Midwest. The positive message is that numbers are mixed and not down across the board.
• Construction of single-family homes dropped 3.3 percent in May while apartment construction rose by 3.1 percent, another mixed signal. Historically, a hot housing market draws buyers from the rental rolls and causes a decline in apartment starts. This reversal indicates market corrections at the beginning of the manufacturing process, and as new home inventories shrink, demand will build in the coming months.
• Finally, interest rates remain flat. The Fed has held their rates steady for nearly a year with no indication of sharp rises in the near future. The last thing the Fed wants to do is take the remaining breath out of housing with higher mortgage rates.

Perhaps the soothsayers are correct and we are nearing the bottom and a recovery in the housing market is near.

Seniors in Fontana - Catch a Fox!

Since February of 1999 seniors have had the blessing of transportation to the grocery store and to the James L. Brulte Senior Center for the many health, wellness and recreational offerings. This transportation has been provided by the City of Rancho Cucamonga and Rancho Cucamonga & Fontana Family YMCA and it's just getting better!

A door-to-door service, as of this summer it has been enhanced with added route services and dedicated Grocery Store and Medical Visit stops Monday – Friday. It's even been given a whole new name and look - Silver Fox Express!

Seniors ages 60+ can take advantage of this service for an annual fee of $25*. Quite a bargain when you think of all of the traffic, parking, and expensive trips to the gas station you can avoid! "Fox Funds" are available to assist those seniors that qualify. The Silver Fox Express operates within the City limits of the City of Rancho Cucamonga and, for routine medical visits, certain destinations in Upland and Fontana as well.

Contact the James L. Brulte Senior Center for more information (909) 477-2780, or you can go into the Center - 11200 Base Line Road - to complete an application. Once you you're signed up, call the Reservation Line (909) 987-0777 to schedule your pick-up! The Senior Center has an entire Resource Guide of additional transportation resources available, so make sure to get one next time you drop by.

Fontana Fireworks Spectacular!!

Wednesday - July 4th, 2007 - 5:00pm - 9:30pm

Fontana High School Stadium 9453 Citrus Ave.

$2.00 per person or $5.00 for a family of four (4)

Musical Pyro-Spectacular Fireworks Show!

Interactive Game Zone - Food & Craft Booths - Live Entertainment

New Wagon & Stroller Parade - Fun For The Whole Family

TICKETS ON SALE NOW!

At the following locations:

Cypress Center - 8380 Cypress Ave. - 909/428-8374

Don Day Center - 14501 Live Oak Ave - 909/428-8383

Jack Bulik Teen Center - 16581 Filbert St - 909/428-8393

Miller Fitness Center - 17004 Arrow Blvd - 909/428-8363

Due to security reasons the following will not be permitted in the stadium or parking lots:

• Closed containers
• Ice chests
• Alcohol or drugs
• Recreational vehicles

For more information, please call 909/428-8360.

'Spider-Man' Maguire Sells Hollywood Hills Home For 11.5 Million

Spiderman star Tobey Maguire sold his 3 bedroom Hollywood Hills home for an estimated 11.5 million dollars. The actor had previously purchased the 5,000 square foot home in Hollywood Hills in 2002 for 3.7 million.

Maguire, who was born in Santa Monica, Calif., spent a lot of time growing up in Oregon, and admits he'd like his daughter to spend her childhood well away from the madness of Hollywood. The little girl was born five months ago and the actor is already thinking about where he wants to school his child.

Top 10 Markets With Highest Mortgage Risk, Summer 2007

The PMI Group has come out with their summer analysis of the metropolitan regions that have the highest risk of housing losing it's value in the next two years. The Inland Empire region of Southern California is leading the way followed closely by Phoenix and Las Vegas. All 3 of these regions experienced huge housing gains during 2004 - 2005 so expectations of a flat or negative period are not expected.

PMI Group is one of the largest underwriters of Private Mortgage Insurance so it is in their best interest to know and understand markets and calibrate their PMI rates to counter the risk that is faced.

Top 10 Markets With Highest Mortgage Risk, Summer 2007

1. Riverside-San Bernardino-Ontario, CA (652)
2. Phoenix-Mesa-Scottsdale, AZ (646)
3. Las Vegas-Paradise, NV (614)
4. West Palm Beach-Boca Raton-Boynton Beach, FL (607)
5. Los Angeles-Long Beach-Glendale, CA (586)
6. Santa Ana-Anaheim-Irvine, CA (577)
7. Oakland-Fremont-Hayward, CA (572)
8. Orlando-Kissimee, FL (563)
9. Sacramento-Arden-Arcade-Roseville, CA (560)
10. San Diego-Carslbad-San Marcos, CA (555)

Subprime Lending Fallout Goes Upstream to Take Down Two Major Hedge Funds: What does this Mean To Real Estate Investors?

By: Michael Cook

Two major Bear Stearns Hedge Funds face foreclosure due to their significant exposure to the subprime lending market. While this does not fall under the category of real estate investor, I spent last summer working for Bear Stearns and interacting with many of their hedge funds. Based on the very limited details of the stories out now, I cannot be certain if I have worked with these two particular funds. I can be certain; however, that it would not be a good time to be in the mortgage space at Bear Stearns.

In my three months at Bear Stearns, I met some of the smartest people in the businiess. While this is not an advertisement to work at Bear Stearns, I think they are a very well run organization with smart people. This of course begs the question, how could something like this happen to such smart people? Furthermore, with all of the subprime lending issues out there, what does this mean for borrowers who are less creditworthy?

Simply put, in my humble opinion, the subprime market will be doomed for some years (at least five or more). Since I know this site is filled with a ton of very smart mortgage brokers, I will outline my reasoning.

Consider the following information:

1. Many subprime lenders have filed for bankruptcy
2. Major buyers of Mortgage Backed Securities (like Bear Stearns) are having issues with subprime mortgages
3. Despite what the National Association of Realtors says, the housing market seems to be taking a slow and steady turn for the worse
4. Major Banks have tightened their lending policies

Let's take an example of a typical transaction before the subprime fallout. A low creditworthy borrower applies for a subprime loan. Some intermediary or mortgage broker, supplies them with the best loan for them from either a bank or a conduit lender. The bank/conduit lender then sells the loan to an investment bank (like a Bear Stearns or Goldman Sachs) to free up more money to lend and to remove the risk off their books. Finally, the investment bank packages this loan in the form of bonds that investors looking for high rates of return are eager to purchase. While this seems like a complicated cycle, it actually works quite smoothly as long as there are investors looking to buy these loans.

Now reflecting today's market conditions, the picture has a lot more holes. When the low creditworthy borrower applies for a subprime loan, many of the intermediaries no longer exist. Even if they try to go to a mortgage broker, they will be hard pressed to find a lender. If they do find a lender, this lender will have trouble moving the loan to an investment bank. Investors, who have been burned by heavy defaults ( i.e. Bear Stearns Hedge Funds), will not be looking to buy high yield bonds backed by subprime loans. Additionally, those who are looking will expect to pay deep discounts.

To put the final nail in the coffin, consider areas like California where subprime lending was a driver of the housing market. With very few alternatives, a lot of buyers will be sucked out of the market. Additionally, these buyers will probably not be back for a while. For those buyers expecting a quick rebound, think again. Until prices get to levels buyers deem affordable (meaning they can afford the down payment), a recovery simply cannot happen. I would love to hear from others who have different opinion, but as an investor, I am looking into apartments more now then ever. If buyers cannot afford to buy, they will have to rent.

Courtney Cox, Realtor?

It's official. Courtney Cox has applied to get her Real Estate License in California. She is best known as Monica on friends, but she's a pretty amazing Real Estate Flipper in Los Angeles. She recently sold her blockbusting Malibu estate around 30 million...she paid around 10 million for it a few years back. I suppose Cox decided to apply for a real-estate license so that she can get more of the commission on properties that she buys and sells. Shrewd, indeed! I wish her the best of luck...


How Would You Describe Courteney's Efforts to Get a Real-Estate License?

Greedy

Smart

The Credit Card Companies Strike Again!

Hitting Consumers Where It Hurts

When it comes to developing innovative ways of burying consumers in debt, the credit card companies take the cake. According to MSNBC, credit card fees alone have skyrocketed from $2.6 billion to $21.5 billion since 1980. Plus, in addition to late charges, some credit card lenders add insult to injury by applying interest rates, in some cases as high as 31.99%, to an existing balance!

But, of all of the credit card companies' sneaky tricks, the most egregious by far has to be the "universal default clause", a provision that allows lenders to tack on an exorbitant "penalty" interest rate even when the borrower's account is paid on time. That's right. The default clause, a common practice among lenders today, allows for an increase to the ridiculous penalty interest rate if a consumer is late on any of his or her bills, including things like utilities. According to the advocacy group Consumer Action, while most default interest rates hover around 30%, it's not uncommon to see a penalty rate of up to 35%. Some analysts have even reported rates in excess of 40%!

Buried in the fine print, the default clause and other terms and conditions of a credit card account can be easily amended by the lender with a simple written notification that usually accompanies the monthly statement. Some reports suggest that many consumers end up trashing the notification, along with the usual pile of unwanted marketing material enclosed in the envelopes, without ever reading it.

If you have large credit card balances and don't think you can handle your monthly credit card payments doubling overnight, a Home Equity Line of Credit (HELOC) could be less expensive than credit financing, depending on your situation, and it may even be tax deductible.

If you or someone you know has an Adjustable Rate Mortgage (ARM) or Hybrid ARM that's about to adjust to a higher rate, the universal default may be the last of your worries right now.

Did you know:

• Many ARMs holders are facing 50% or even 100% increases in their monthly mortgage payments once their ARMs reset?
• There is no cap on the first adjustment of most subprime loans?
• Credit standards are tightening and, with each passing day, you may no longer qualify to refinance?

Please call us right away for a free consultation. Together, we'll sit down, analyze your debt, and make sure you're taking full advantage of every opportunity available to you.

Time To Vacation...

But Where Does Your Mail Go When You Want To Get Away?

Think about what lands in your mailbox...bank statements, credit card bills, and maybe even DVD's. Where do they all go when you're gone? If you've been asking a nosy neighbor to pick up your mail - or worse, letting your mail pile up in the box-there's a better option and it's easier than ever!

Whether you're on vacation or an unexpected business trip, you can rest easy knowing your mail is safe and sound by asking the Post Office to suspend delivery while you're gone. They'll hold your mail from 3 to 30 days, and then resume normal delivery on the date you specify. It's convenient, easy to do, and most of all it’s SAFE!

Make It Even Easier with the Internet

Now you can notify the Post Office to hold your mail in two minutes flat without even leaving your house. Just hit this link, and you can quickly fill out the form online: USPS Mail Hold. If your area isn't served online, simply call 1 800 ASK USPS (1 800 275 8777) and a representative can assist you.

Then, have the time of your life...without worrying about your mail while you're gone!

Caution: Children Swimming This Summer

Protect Your Family from Summer Tragedy

Last summer, Jim Sahnger, a contributing editor for our newsletter, shared a very personal story. Jim almost lost his 13-month old son, Sterling, when he nearly drowned in their backyard pool. Jim and his family were lucky. Sterling survived, with no lingering effects.

The unfortunate truth is that this summer many families will not be as lucky as the Sahngers. According to Safe Kids Worldwide, drowning is the second leading cause of accidental death for children ages 1 to 14, surpassed only by car accidents. For children ages 1 to 4, it is the leading cause of accidental death.

If you are a parent, or know anyone who has children, we ask that you please read Jim’s account of that almost tragic day.

This request is not an attempt at sensationalism or the melodramatic. We believe that this topic is a highly important one. By reading and forwarding this article, you may just save a life and, at the same time, spare countless people from the pain that one family nearly experienced.

Here is Jim’s story...

While on the phone with my 10-year old son, Paul, I heard a scream and then nothing. Concerned for the safety of my family, I called back only to hear Paul answer the phone, crying inconsolably. The only words I could make out were "Sterling", "dead", and "pool". After a few moments, he said, "Dad, I have to call 911!" The line went dead.

My name is Jim Sahnger, and I am one of the contributing editors for your monthly newsletter. In March of 2006, my youngest son Sterling, 13-months old at the time, nearly drowned in my family's backyard swimming pool.

I had left my home not 30 minutes prior. Surely I had misunderstood Paul. Surely this was a mistake. The drive home was one of my longest ever. Thoughts ranging from "How could this happen?" to "I can't believe my son just died," went through my head.

While pulling up to the house, I began looking for confirmation that what I'd heard on the phone was a mistake. The pit that developed in my stomach was indescribable as I saw over ten emergency vehicles parked in front. They all had one purpose, to save my son's life.

Sterling had crawled through an open door to a pool deck where the barrier gate had been left opened. He inevitably made it to the pool and fell in.

I have a responsible, very attentive family and thought that we were always aware of Sterling's whereabouts. If this could happen to us, it could happen to you or someone you know and love.

We were lucky. Paul had seen Sterling floating in the pool after he'd been in an estimated two and a half minutes. In just 30 more seconds, Sterling could have experienced irreparable brain damage; and after a few more minutes, we could have lost him forever.

Sterling was released from the hospital after seven hours and multiple tests to determine if he'd suffered any harm from the lack of oxygen. To see Sterling today, you would never know what took place that day in March.

The U.S. Consumer Product Safety Commission states that every year 300 children drown in a swimming pool, usually owned by their family. The commission also states that 2,000 children are treated annually for submersion injuries. Several things can be done to prevent those you care about from becoming a part of these statistics. The tips you're about to read apply to everyone with young children, but they're especially relevant to those who own a pool of any size.

• Install a self-closing pool gate. This is first and foremost for any pool owner. For a little one, it can act as a final barrier between the house and your pool. A rigid pool cover is also a great tool, but it should always be used in conjunction with the self-closing gate.
• Prepare yourself for emergencies by having every family member who's reached the appropriate age certified in CPR.
• Keep a phone by the pool in case someone needs to call 911. This will save a lot of time during a worst-case scenario.
• Clear the pool and surrounding area of any toys that may attract toddlers.
• Equip your home's back door and pool gate with a buzzer that sounds when opened. You can also buy alarms that float in the pool and sound any time the water is disturbed.
• Plastic or inflatable pools are often un-gated and carry a huge risk. The tendency is to keep them filled since it is rationalized that the child can stand up in the water and they'll be OK. It’s best to drain these types of pools after every use. It only takes several inches of water for a child to drown.

If your family does not own a pool, your child's water safety still requires due diligence. It's not enough to simply know where children are at all times. Whether you're at the beach, lake, or a pool, keep your child within arm's reach. Do not rely on babysitters or anyone else to do this. Keep your child close to you.

It is also a good idea to choose your swimming locations carefully. On-duty lifeguards are a plus but should not be relied upon completely. Keep a close eye on waves and current conditions as they can easily pull a child under water.

Swimming lessons are a good idea but can provide a false sense of security for those with younger children. Revisit lessons every summer until you are 100% sure your child is a competent swimmer.

While it's popular to forward jokes, funny videos, and other information to family and friends, we encourage you to forward this story for a different reason. The purpose is not to make someone laugh, but rather to potentially help save lives.

© Copyright 2007. All About News, Inc.

The Bond & Home Loan Markets Are In Turmoil

Is Your Financial Future Secure?

Interest rates, including those tied to home loans, soared sharply last week across several markets, alarming consumers and investors alike. Let's examine what caused rates to increase, how it could impact you, and what you should do about it.

The sharp rise we saw last week was the result of an economic shift in the global market. Two different foreign central banks, similar to the Federal Reserve in the US, increased their short-term interest rates in an effort to fend off inflation. The first increase took place in Europe, with New Zealand following soon after. The results, while dramatic worldwide, were particularly so here in the United States, where interest rates increased across the board.

This had an immediate impact on those seeking home financing, as rates rose to the highest levels seen since last summer. While interest rates are currently under 7.00% , they may not remain there for long. As past years have demonstrated, a rapid rise in interest rates sometimes serves as merely a pre-cursor to even higher rates in the coming months.

Could we see a repeat of 1993-1994, when 30-year fixed interest rates rose from 6.69% to 8.23% in just five months? (These figures are according to HSH Associates.)


If you are considering a new home purchase or a refinance, act now. Waiting could cost you significantly. If we were to experience a similar increase on a mortgage amount of $250,000, the monthly payment would increase by over $263 a month.


While no one can predict exactly what will happen, experts in the bond arena have expressed concerns that rates will continue to increase throughout the rest of the year. Some believe that the Federal Reserve will be forced to raise interest rates prior to year end. This would increase interest rates for existing Home Equity loans, credit card loans, and potentially existing ARMs.

Please contact us as soon as possible. We will provide you with a Free, No Cost Analysis of how we can improve your financial position today and save you from a potential increase in monthly payments.

CONGRATULATIONS CLASS OF 2007!!

Seven graduating seniors from high schools around the Inland area express their thoughts and feelings to the Press-Enterprise. Click here to see more!

And if you’re a new graduate, feel free to post YOUR thoughts and feelings right here in the comments section!

Property Tax Facts

When you buy a house, lenders allow you the option of impounding your taxes and home owners insurance by including them in your monthly payment every month or paying them separately twice a year at specified times on your own. Either option you select, you'll still be paying the same amount in property taxes annually.

Most people don't impound their taxes and insurance because of money. When you choose to impound you pay up to 6 months of taxes up front in your down payment, depending on what time of year it is. By doing this, the money is already there when the upcoming tax bill comes to the lender. Each subsequent bill can be paid with the cumulative money that you send every month along with your mortgage payment specifically towards your impound account. When given the choice, most don't choose to part with the upfront money to set up an impound account.

The problem, especially for first time home buyers or buyers on a strict budget, is they don’t realize- and often experience financial difficulties when they find out- that in addition to their normal annual property tax bill, the first year they will be assessed a Supplemental Tax. That Supplemental Tax Bill can often total up to a few thousand dollars in addition to their normal tax bill. This can catch a borrower off guard and be enough to start that borrower on a downward spiral leading to late mortgage payments and worse. Some borrowers may never recover because they didn't know to plan ahead.

The moral of this story: Experience does not cost…it pays! Work with an experienced Realtor. Ask questions. Knowledge is Power. Know the ramification of your options so you can plan ahead. We believe that if we do a good job coaching our borrowers and following up with them, they will be in better shape to handle what's coming their way and our clients appreciate that. We want to keep our clients for life - both as their real estate and financial advisor.

Don’t Let Your Lender Run Away With Your Equity!

Say you, as the Borrower, fall behind on your Mortgage. You need to catch your delinquent mortgage amount up to ward off going into default and eventually foreclosure.

Did you know that before foreclosure occurs, a repayment plan can be proposed to your mortgage holder/lender to satisfy the amount owed?

A Loss Mitigation Specialist can propose several plans or strategies to the lender to put the loan back in good standing.

Lenders always want to avoid the foreclosure process when at all possible. It's much more equitable if a "meeting of the minds" can occur and an agreement made on a repayment strategy in which you, the homeowner and your lender can benefit.

Loss Mitigation can prevent your home from going to foreclosure. This solution to your mortgage problem is based on your ability to pay, not your credit score.

KEEP READING>>>>

Buyer’s Best Interest . . . Rates That Is!

In researching the market, it may be a wise move for all you Buyers take a few minutes to have lenders re-qualify them. In the last few weeks we have seen mortgage rates jump as much as .75%. This can change a Buyers whole financial picture by greatly diminishing his borrowing power.

Re-qualifying is a great way to ensure you aren't disappointed once you fine a home that you could have afforded last week; but this week’s interest rate has priced you out of the market for!

If you’re out looking to buy a home, securing a rate lock commitment from your lender is vital.

• Identify when your rate will expire
• Close timely
• Request an extension

Rates locked two weeks ago are golden in today's market.Be sure the mortgage professional you are working with is keeping a close eye on the bond market. A bond-savvy mortgage professional can spot price changes before lenders announce them. Locking ahead of an interest rate hike can save you thousands of dollars over the life of your loan.

Inland Empire Residents: Get Your Career In Gear!!

By Fall 2007, look for the launching of the Inland Empire’s first career-oriented web site dedicated solely to preparing Inland Empire residents for careers in the I.E.

CareerQuest TV (www.CareerQuest.TV), will provide comprehensive, interactive career information on six different categories: Business, Computers, Engineering, Education, Health Care, and Industrial.

Visitors “tuning in” to CareerQuest TV will be presented with potential long-term job prospects that exist locally. The site will also include current postings of Inland Empire area job fairs, career-related events, and other resources that may be beneficial to those looking to advance their career.

Click here to open a link to Rancho Cucamonga’s Fast Track Newsletter and found out more about this innovative way that the Inland Empire is preparing it’s residents to meet the employment needs of local companies to ensure a strong local economy.

The Secret - The Phenomenon Everyone's Talking About!

This message isn’t about real estate, but it is something we thought you might be interested in. You may have heard all the excitement about 'The Secret' after it was featured on Oprah a couple months back. ‘The Secret’ talks about The Laws of Attraction, and how your attitude affects your life…

If you haven't seen the movie as yet, you can check it out by clicking the image below. In the meantime, check out this quick preview. If you watch this video clip once every morning (maybe right when you sit down at work in the morning), it will definitely start your day in a positive way, and remind you how much power you truly have.

Judge Orders Paris Hilton Back to Jail

Jun 8, 6:07 PM EST
The Associated Press

LOS ANGELES -- Paris Hilton was sent screaming and crying back to jail Friday after a judge ruled that she must serve out her sentence behind bars rather than in the comfort of her Hollywood Hills home.

Read the whole article here.

SOUND OFF: Do you feel sorry for Paris? Post your comments now!

One Flew Out of The Cuckoos Nest

She's out! Paris to finish sentence at home Paris Hilton was released from a Los Angeles County jail early Thursday because of an unspecified medical problem and will fulfill the remainder of her sentence for probation violation in home confinement, a sheriff's spokesman said. This video just in!

For Sale: Godfather of Soul’s Manhattan Apartment

James Brown’s former Manhattan apartment is now on the market. Mr. Brown lived on this property during the seventies and eighties, when he was enjoying an upswing in his career. While it’s not as lavish as you might expect, it IS a spacious and sunny three bedroom on Third Avenue and 67th Street priced at just under one and a half million dollars. The two-story property is in the heart of the Upper East Side where any apartment is at a premium, much less one with such an illustrious past.

On The Market: 730 Acres in Malibu Near Pepperdine University Being Sold By Movie Director James Cameron

Famed film director James Cameron is selling 730 acres of ranch land in the Malibu, CA area for a reported 25 million dollars. Mr. Cameron originally bought the land in smaller parcels to create a vast ranch called “Tranquility Base” for himself and his family. He had the site completed by 2000, but has since decided to focus on filmmaking instead of developing real estate.

The property is mostly pastureland adjacent to Pepperdine University. It has views of both the Malibu coastline and the Santa Monica Bay. The site is accessed by Puerco Canyon Road off Pacific Coast Highway. To view this property, visit the listing on the CB Richard Ellis website by clicking here.

Now There's Even MORE to Watch on YouTube!

Google Inc.'s YouTube confirmed a Wall Street Journal story that it has reached a revenue-sharing deal with Hearst-Argyle Television in which local TV stations will be paid when users of the video-sharing site watch their programming. This marks the first time the video-sharing site has paid for local TV content.

Under terms of the deal, YouTube will offer programming from stations in Sacramento, Calif., Boston, Pittsburgh, Baltimore, and Manchester, N.H. The channels will feature news, weather, entertainment, local high school football and basketball content as well as original local programming.

Since Google bought YouTube last October for $1.65 billion, the companies have been bombarded with legal complaints over the use of copyrighted works on the popular video-sharing site and they have been busy signing deals to pre-empt further legal battles

Google struck a deal with EMI Group last week that will allow it to show the record label's collection of music videos and artist performances on YouTube. Before that deal Google had successfully negotiated licensing deals with Warner Music Group, Universal Music Group, Sony BMG Music Entertainment, CBS and the BBC making the world's major music companies official YouTube partners.
For Web surfers, this deal will allow YouTube users not only to watch and play authorized professionally produced music videos and recordings from EMI artists, but also to incorporate elements of these videos in YouTube users own user-generated content.

The record label will rely on YouTube's content management tools to track EMI content and compensate its artists and police copyright infringements.

You Tube's Even Taught Me Some New Tricks!

FOR SALE

5486 Pepper Tree Pl

Situated High in the Hills of Alta Loma

Enjoy Elegant Living with a Distinct Equestrian Flavor

The New $85 Computer!

The computer industry is constantly producing faster, smaller, cooler machines in an attempt to get you to shell out big bucks. And while some people are willing (and able) to pay upwards of $1,000 for a PC, what about the rest of us? Do we really need, or want, all of the the bells and whistles crammed into today's PCs? I don't know about you, but in an average month I probably use less than half of the applications my computer is capable of.

The average consumer spends around $741 on a personal computer today - signifigantly less than the $912 we spent three years ago according to the Consumer Electronics Association. Surprising, considering advances in technology mean new PCs have more processing power, memory and other features than ever before.

Truth be told, most consumers don't really need to upgrade. A bare-bones computer suits them just fine - and they can now get one for as little as $85.

That unbelievable price is is for Norhtec's Microclient JrSX, a desktop PC the size of a large novel. Now, the Microclient is not a hugely powerful PC; it has only 128 megabytes of RAM and a 300-megahertz processor. It does not come with the extras - like a keyboard or monitor (although these items can be purchased fairly cheaply on sites like Amazon.com) and instead of a hard drive, it's designed to store data on flash cards.

Interested? You can get more information and purchase one on the Norhtec website.

Google Maps Hits the Streets

Recently at the Where 2.0 conference, Google announced it has rolled out city level street view in several metropolitan areas, including San Francisco ( e.g., a search for " 94111").

Unlike Microsoft Virtual Earth's Birds Eye photos, which are shot from low flying aircraft, Google's imagery gives you an immediate on-the-ground perspective and using a nifty Flash interface actually allows you to navigate the streets in a nearly 3D environment.

Clearly, this has great application in real estate, as you will now be able to scope out a potential neighborhood or property from the ground up. Of course, it still doesn't beat seeing it in real life - but becomes another handy way to narrow down search results.

It remains to be seen whether Google will roll out this feature to its API users (Trulia et al.) or if it'll keep this card close to its chest.

Also at Where 2.0, Google announced Mapplets, widget-like applications that you can add your Google Maps searches and create your own customized Maps pages. There's already a pretty substantial Real Estate Mapplets Gallery that includes contributions from Zillow, Propsmart and others. You can see what a Mapplet enabled page would look like at Google Maps.

Paris Hilton Begins Three Week Jail Sentence

Mere hours after strolling down the red carpet in a strapless black dress, Paris Hilton traded her designer duds for a jail-issued jumpsuit.

The 26-year-old heiress entered the Century Regional Detention Facility in Lynwood just after 11:30 p.m. Sunday to begin serving her three week sentence for violating her probation in an alcohol-related reckless driving case.

At the MTV Movie Awards earlier that day, she briefly spoke to reporters about her sentence. "I am trying to be strong right now," Hilton said. "I'm really scared but I'm ready to face my sentence."

Steve Whitmore, a spokesman for the Sheriff's office said Hilton was obliging. "Her demeanor was helpful. She was focused, she was cooperative," he said.

Hilton turned herself in a little after 10:30 p.m. and was escorted to the all women's facility in Lynwood. There she was booked, fingerprinted, photographed, medically screened and issued an orange top and pants. Hilton's booking photo, shown on the left, revealed the heiress in what seemed to be a V-neck shirt, eye makeup and lip gloss with her hair draped over one shoulder.

That same night, the "Simple Life" star was given her first meal: cereal, bread and juice. She will be housed in the "special needs" unit of the 13-year-old jail and will be separate from most of its 2,200 inmates. The unit contains 12 two-person cells reserved for police officers, public officials, celebrities and other high-profile inmates. Hilton's cell has two bunks, a table, a sink, a toilet and a small windowand she will not have a cellmate.

Hilton will take her meals in her cell and will be allowed outside the 12-by-8-foot space for at least an hour each day to shower, watch TV in the day room, participate in outdoor recreation or talk on the communal telephone (no cell phones or BlackBerrys are permitted in the facility, even for visitors).

The jail is a two-story concrete building next to train tracks and beneath a bustling freeway. It has been an all-female facility since March 2006 and is located in an industrial area about 12 miles southeast of downtown Los Angeles.

Hilton said Sunday, "I did have a choice to go to a pay jail, but I declined because I feel like the media portrays me in a way that I'm not and that's why I wanted to go to county, to show that I can do it and I'm going to be treated like everyone else. I'm going to do the time, I'm going to do it the right way."

She was sentenced May 4 and Superior Court Judge Michael T. Sauer ruled that she would not be allowed any work release, furloughs or use of an alternative jail or electronic monitoring in lieu of jail.

In the past, stars have been allowed to do their time in a jail of their choosing, paying a daily room-and-board fee to the smaller jails, which afford them more privacy and comfort. Zsa Zsa Gabor, for example, paid $85 a day and served three days behind bars in 1990 at the El Segundo jail near the Los Angeles International Airport.

Hilton arrived in an unmarked sport utility vehicle with her mother, Kathy, on Sunday in front of about a dozen photographers and television crews staked out at the Lynwood facility.

Hilton's publicist, Elliot Mintz, said he spoke with Kathy Hilton after she returned from the jail. "She told me it was very emotional," Mintz said. "She also said that she feels this will be a time when Paris will be able to think and reflect and to spend time alone to learn from the experience because in Paris' life she's never alone -- there's always a constant chatter around her."

Officers arrested Hilton in Hollywood on Sept. 7. In January, she pleaded no contest to the reckless-driving charge and was sentenced to 36 months' probation, alcohol education and $1,500 in fines. She was pulled over by California Highway Patrol on Jan. 15. Officers informed Hilton she was driving on a suspended license and she signed a document acknowledging she was not to drive. She then was pulled over by sheriff's deputies on Feb. 27, at which time she was charged with violating her probation.