Demolition is underway as the Stadium Clubhouse undergoes some major changes

Short Sales

A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.

A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.

Creditors, their surrogates, and those who politically benefit from the mortgage industry -- especially those in the real-estate, mortgage servicing, and banking -- wrongly portray short sales as difficult to complete or morally questionable[citation needed]. This is simply untrue if the value of the underlying asset, a home, has fallen dramatically and the debtor has limited assets. Short sales are extraordinarily common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.

Negotiatons
Lenders have a department (typically called a loss mitigation department) that processes potential short sale transactions. Typically, lenders do not accept short sale offers or requests for short sales until a Notice of Default has been issued or recorded with the locality where the property is located.

Lenders have a varying tolerance for short sales and mitigated losses. The majority of lenders have a pre-determined criteria for such transactions. Other distressed lenders may allow any reasonable offer subject to a loss mitigator's approval. "Red tape" is very common in short sales, requiring potentially multiple levels of approvals and conditions. Junior liens - such as second mortgages, HELOC lenders, and HOA (special assessment liens) - may need to approve the short sale. Frequent objectors to short sales include tax lieners (income, estate or corporate franchise tax - as opposed to real property taxes, which have priority even when unrecorded) and mechanic's lien holders. It is possible for junior lien holders to prevent the short sale.


Recent Changes to Federal Laws Affecting Mortgages
When the lender decides to forgive all or a portion of a borrower's debt and accept less, the forgiven amount is considered as income for the borrower and is liable to be taxed.

However, after the signing of The Mortgage Forgiveness Debt Relief Act of 2007, amendments have been made to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties. This protection is limited to primary residences -- rental properties are ineligible for relief -- so consultation with a tax advisor is necessary to ensure that a borrower qualifies.[1]

More recent legislation provides for a specialized type of refinancing option, available for mortgages made after in 2006 or later, for owner-occupied homes. Under this program a debtor provides information similar to that necessary for a short-sale but rather than selling the house to a third-party an FHA guaranteed loan at a fixed-rate is available if the original lender is willing to write-off all but 85-percent of outstanding of the debtor's obligations (including principal, interest, late-fees, prepayment penalties, and all other fees). FHA-backed refinance packages are available beginning October, 2008, and carry a fee equal to 1.5% of the value of the house. Debtors who exercise this option must sacrifice 50-100 percent of equity that builds in a house, and may not participate in home equity loan programs. This program is only available to owner-occupied residences. This program requires consent from a lender: consent is not automatic and may be freely withheld, though withholding consent can result in a foreclosure with adverse financial results.


Credit reporting
A short sale does adversely affect a person's credit report, though the negative impact is typically less than a foreclosure. Short sales are a type of settlement. Like all entries except for bankruptcy, short sales remain on a credit report for seven years. Depending upon other credit information it is typically possible to obtain another mortgage 1-3 years after a short sale.

While it is frequent if not common for a lender to forgive the balance of the loan in question, it is unlikely that a lien holder that is not a mortgagee will forgive any of their balance. Further, it is common for a lender to omit updating mortgage balances to reflect a zero balance after a short sale. However, willfully misrepresenting information on a credit report constitutes libel in many states, and lenders may be sued in civil court for engaging in this behavior.

Sid Kirkland donating kidney to friend and co-worker

Sid Kirkland, who turns 43 today, is donating a kidney to his friend and co-worker Betsy Justice.


“When we were first beginning to talk about this, I kept asking him why he wanted to do this for me,” Justice said. “I mean, I've got friends that I've known 25 to 30 years, and none of them stepped up and offered me a kidney.”

The two were scheduled to be wheeled into the operating room at Loma Linda University Medical Center this morning to undergo kidney transplant surgery.

Justice, 48, who was diagnosed with chronic end-stage renal failure — kidney failure — last August, has been on the transplant list for less than a year.

The two have been friends for just as long.

“Most people have to wait five to seven years for a match,” Justice said. “But I am one of the lucky ones. I waited less than a year to get well from this disease.”

Kirkland and Justice, both Realtors and La Quinta residents, met casually through mutual friends during the Bob Hope Chrysler Classic golf tournament about two years ago.

Then in November, Kirkland joined California Lifestyle Realty and began to work side by side with Justice.

He soon learned of Justice's condition and by January Kirkland decided he wanted to do something about it.

“I was with a client at the time, and Sid came over and said, ‘Hey I need to talk to you.' And I said, ‘Really? What about?'”

Imitating Kirkland at that moment, Justice patted her lower back and recalled Kirkland saying: “‘About one of these.'”

Justice said she remembered laughing and saying, “‘That's funny. What? You got an extra kidney you want to give me?' And he says, ‘Matter of fact, I do.'

“I was really taken aback by that. I wasn't sure if he was serious.”

Astonished, baffled and a bit skeptical, Justice said said she found herself constantly asking why he had offered. Then she received her answer.

“I looked at him and said, ‘Seriously, why are you doing this for me? I need to understand your reasoning because this is such a big deal,'” Justice said, crying. “And he said to me, ‘It gives me the opportunity, as a human being, to do something in this lifetime that is bigger than the sum of who I am.'”

She paused again to wipe a tear as it tried creeping down her cheek.

“I thought that was really, very profound,” she said.

A match is found
Justice, who has had a history of high blood pressure but was healthy otherwise, said she began feeling a change in the spring of 2007.

“I didn't have any energy, I had bad skin. ... I had a lot of weird symptoms,” Justice recalled. “I had a rash on my back that was itching all the time — just weird stuff. I knew something was wrong, but I just thought that I was deficient.”

Then when $200 worth of vitamins didn't do it for her, she thought maybe she was “just hormonal.”

But one day last August, she had to figure out what was happening to her body.

“I was shaking all the time. I mean, I could really feel something was wrong inside of me,” she said. “I had a splitting headache, and this was ongoing for several months, so I checked into emergency.”

After a quick blood sample, the wondering was over and a nephrologist on call that night came to her bedside to tell her she had hypertensive nephrosclerosis — which wasn't a surprise because she had a history of high blood pressure — and was suffering from chronic end-stage renal failure.

“I said, ‘What does that mean?' And he answered, ‘Your kidneys are functioning at about 8 percent of 100 (percent) and we need to put you on dialysis immediately' — and then I threw up,” she recalled.

Two days later, a catheter was inserted into her chest — “my rubbery little port where I can get cleaned up” — and has since been taking dialysis treatments three to four times a week for the past year.

During the six months after her diagnosis, she began the screening process to become a transplant candidate.

She ended up on the transplant list for a cadaver donor by January.

Shortly after, Kirkland stepped up to be her living donor.

“The more and more I found out about it, the more and more it just felt right,” he said. “I don't know why I wanted to at first, really. I guess it was just a calling.”

In California to date, 9,831 living donors have given their kidneys to people in need of transplants, according to The Organ Procurement and Transplantation Network.

Of that number, there have been 266 living kidney donors in the state so far this year.

“You can make that 267, thanks to my friend, Sid,” Justice said.

Prepping for the day
Sid says he has had no reservations.

“I've been kind of gung-ho with the whole thing the entire time,” Kirkland said, beaming.

His family initially wasn't as comfortable, though.

“I was nervous about it at first. In fact, I thought he was crazy,” said Kirkland's wife Laurie Kirkland, laughing. “I was concerned about his well-being because if something happened to him, I mean, we have kids.”

The Kirklands have two teens, 14-year-old Curtis who has an autistic related disability and 12-year-old Stephanie.

“But he did a lot of research and that helped with coping,” Laurie said.

As part of Kirkland's preparation for today's surgery, he said he's watched two kidney transplant surgeries via the Internet.

How did Justice prepare for her big day?

“I've just been on my knees, thankful to the good Lord every night,” she said.

Prodding and poking
The screening process to ensure living donors and those receiving the organ is a rigorous one, Kirkland and Justice said.

“She's been pricked, prodded and probed and I've been pricked, prodded and probed,” Kirkland said.

But even after the relief of knowing they were a match in March, Justice and Kirkland had to undergo one more hurdle last week — their last cross-match test.

“It freaked me out,” Justice said. “Up to the very last minute, it could have gone wrong. And I thought this whole time, once you're a match, you're a match.”

Kirkland received his final medical bracelet Aug. 5 and Justice put hers on Aug. 6 to confirm they are matches for the surgery.

The two can't take off their “friendship bracelets” until after the surgery.

“I'm happier than I could ever be knowing I'm going to give her my kidney on my birthday,” Kirkland said. “It's better than a T-shirt or anything I could ever get.”

For Justice, whose birthday isn't until October, this will forever be the greatest gift she'll ever get to accept.

“It's a bit of an overwhelming gift to receive on my part,” Justice said, “knowing that this generous person wants to do this generous deed for me.”

Bob Hope Chrysler Classic Announcement PGA West

As you may have read this morning in the Desert Sun, we are delighted to announce The Club at PGA WEST has been selected as the host site for the Bob Hope Chrysler Classic! The Club has locked in the host site honors for years 2009 through 2013.

New this year, and equally exciting, the Jack Nicklaus Private will be added to the rotation, in addition to the Arnold Palmer Private. This means PGA WEST will host two of the four courses for this prestigious event, during its 50th Anniversary! Finally, Arnold Palmer will serve as the celebrity host to add to the prestige. Tell all your friends, family and neighbors; PGA WEST will have the final round played on the Palmer once again!

For those of you that have attended this tournament in years past, you know how exciting this PGA TOUR event is. For those new Members, consider this:

· David Duval's stunning "59" on his final round for the win on the Palmer
in 1999.

· Phil Mickelson's final round, final hole "monster flop shot" for the win in
2004.

· A clubhouse full of your favorite celebrities & PGA TOUR stars.

· Or, simply the Members' house parties plum full of your friends, enjoying
great golf, drinks and a few laughs along the way.

These are life's great moments, and an opportunity that other Clubs rarely have. Events of this nature are truly great for our community.

PGA West Mid Summer Update

PGA WEST
Mid-Summer Update

Director of Agronomy, Dean Miller

The construction projects are now in full swing on the golf courses. Please read the following updates, which includes an explanation of projects that are on-going or will begin in the near future:

Arnold Palmer Private Course

Installation of the new pump station will be complete during the week of July 28, 2008. Members will notice a large trench moving across the fairway on the 18th hole next week. This trench will be used for the installation of a six inch flush line; the line is necessary for the new filtration system on the pump station.

Jack Nicklaus Private Course

The cart paths are currently under construction as we complete repairs that were not included in last year's project. The cart path around the 8th hole is finished and work on the paths near the 10th, 11th, 12th and 18th holes will begin this week. You will notice fencing along the perimeter of the planter beds in the lakes on the 8th, 13th, and 14th holes; these were installed on a temporary basis to allow the new aquatic plants to root in the soil and establish before the fish eat them. Once the plant material is rooted, the fencing will be removed.


Nicklaus Tournament Course

The lake bank renovations on the 9th and 18th holes are complete. Currently, the sod tie-in work along the new edge and the installation of new sand in the fairway bunker are almost complete. You will notice fencing along the perimeter of the planter beds in the lakes on the 9th and 18th holes. Like on the Jack Nicklaus Private Course, the fencing was installed on a temporary basis to allow the new aquatic plants to root in the soil and establish before the fish eat them. We will be removing the fence once the plant material is rooted. In addition, plant material has been removed around the 1st tee area to improve the view from the tee box to the fairway. Soil material has also been brought in to enlarge the teeing space and improve the year round condition of the surface.

The Stadium Course

The changes to the course have been well received by players, along with positive feedback about the design. The course has a new pump station and the landscape renovation is almost finished. All the Acacia redolens have been removed and cart paths are repaired. The 11th tee boxes have a new bunker and the 12th, 13th and 17th tee boxes have new grass planter beds. In a few weeks, Dye Designs will be visiting the Stadium Course to check on the progress of the projects and will also be spotting the final trees on the 11th, 12th, 13th, 16th and 17th holes.

Time For Some Renovation

Stadium Clubhouse Closure

As you may already know, Morgan Stanley’s commitment to improving Member’s golf experience, as well as the Resort guests’ golf experience continues. We are excited that the Stadium Clubhouse will be completely renovated beginning this month. To complete its amazing transformation, the Stadium Clubhouse will be closing Food and Beverage Operations on July 20, 2008. The beverage carts will continue to be available on the Stadium and Jack Nicklaus Tournament Courses. The Golf Shop will remain open in its current location as long as construction permits. When construction requires, the Golf Shop will be relocated downstairs next to the cart staging area, which is currently being renovated. The Clubhouse will reopen early next year.

Happy 4th of July!!!!!

Fourth of July fireworks shows will light up the sky across the valley tomorrow night.

Here's where you can find the displays and other entertainment:

Palm Desert

Palm Desert will hold a free Independence Day concert beginning at 7:15 p.m. at Civic Center Park, 73-510 Fred Waring Drive.
The event will kick off with a performance of "The Star Spangled Banner" by Coachella Valley resident Ashley Wagner, followed by a concert of popular tunes by Steve Madaio & Friends.
Fireworks, set to patriotic and contemporary music, are set for 9 p.m.
Drinks and snacks will be available for purchase.
Due to construction work, no seating or parking will be available at the College of the Desert or the College Golf Center.
Off-site parking will be available at The Gardens on El Paseo, with free shuttle service between The Gardens and Civic Center Park offered from 6:30 to 10 p.m.
Pick up will be at the San Pablo side of The Gardens and at the San Pablo entrance to the park.
Information: 346-0611

The 12th annual Indio Fourth of July Festival will be held at the Riverside County Fairgrounds, 82-503 Highway 111. Gates will open at 5 p.m. and fireworks will begin at 9 p.m. sharp.
The community event will feature numerous live events including games, water slides, and a "spectacular" fireworks display.
Admission is free. Parking is $5.
Information: 391-4174

Palm Springs
The city of Palm Springs and Palm Springs Power baseball will present an All-American 4th of July extravaganza.
Beginning at 6:05 p.m., the Power will take to the field in a rematch against the Davis-Monthan Mustangs, a team from Davis-Monthan Air Force Base in Tucson, Ariz.
Festivities include pre-game and post-game entertainment by the Impulse Drum and Bugle Corps, an Air Force flyover and a Ruby's pie-eating contest.
The Hotel Zoso will sponsor a dunk tank with proceeds going to help fund the new Palm Springs Animal Shelter and to the Animal Samaritans of the Desert.
Stadium gates open for the game at 5 p.m.
Admission to the game is $7 for adults and $6 for children and seniors.
Beginning at 8 p.m., admission to the stadium is free for everyone.
The fireworks show will begin at 9:15 p.m.
Information: 323-8272.

Desert Hot Springs
The fireworks are going to light up the sky in Desert Hot Springs for Independence Day at Mission Springs Park, 66-750 Park Lane.
The free event, which features entertainment, food and more, will start at 6 p.m. The firework show starts at 9 p.m.
A free shuttle service is available from the Kmart Shopping Center to the park.
Information: 329-0222

Coachella
The Coachella Chamber of Commerce and city of Coachella will celebrate the holiday on July 3 with festivities and fireworks at Coachella Valley High School.
There will be food, games and activities for the kids starting at 6 p.m. with fireworks to follow at dark.