Wednesday, February 15, 2012
Short Sale Latest News Big Money From Chase
If you are underwater and behind in your payments, Chase Bank is offering a much better option than foreclosure. Chase will pay you big money to short sale your house instead of letting the house go to foreclosure. I've heard of payments up to $25,000. Now could be the time to sell your home, get out from under your loss and actually make some money. I am experienced in Short Sales, call me or email me for more information. Suzanne (916) 205-0544 , sgaytan@comcast.net
Thursday, October 13, 2011
Another option to get the new basketball arena
Sacramento arena funding plan might seek foreign investment
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By Dale Kasler
dkasler@sacbee.com
Published: Sunday, Sep. 18, 2011 - 12:00 am | Page 1D
Last Modified: Sunday, Sep. 18, 2011 - 11:07 am
The ticket to building a new basketball arena in downtown Sacramento?
It could be a green card.
A little-known federal program that offers green cards to wealthy immigrants who invest in job-creating enterprises could become an important piece in the financing package for the proposed $387 million arena.
The immigration program, known as EB-5, wouldn't pay for the whole project and is just one of several revenue sources advocated by Mayor Kevin Johnson's arena task force. But the amount of EB-5 money "can be substantial," said Dan Barrett, a Manhattan Beach sports-finance consultant advising the Sacramento arena effort.
The program has been around for about 20 years and has encountered some controversy. But it's also generated huge sums of capital and is becoming increasingly popular as conventional financing remains tight.
Developers of a new NBA arena in Brooklyn, N.Y., raised $249 million from EB-5 investors to finance improvements near the arena. Immigrants have committed around $80 million to a hotel in downtown Los Angeles.
In the Sacramento area, a company raised $18 million from EB-5 investors to help transform McClellan Air Force Base into a business park.
The company that raised the money for McClellan's improvements, CMB Export LLC of Rock Island, Ill., says the Sacramento arena could be a match for immigrant investors.
"We've looked at it," said Kraig Schwigen, the company's senior vice president. "It would be a great undertaking as an EB-5 project."
The program offers immigrants a fast-track method of obtaining green cards to establish permanent residence. They have to invest $500,000 in businesses that create or preserve at least 10 full-time jobs in rural or high-unemployment areas.
Schwigen said immigrant dollars were responsible for at least 529 jobs at McClellan. The $18 million went toward roads, sewers and building improvements.
"The EB-5 program was certainly a help," said Frank Myers, senior vice president at the business park.
The program can offer a relatively cheap source of capital. Investors often will accept a lower return because their main interest is the green cards, Schwigen said.
"What they're really looking to get is a green card and a path to citizenship," said Chris Lehane, executive director of the mayor's arena task force.
The task force has until next March to complete a financing package or risk losing the Sacramento Kings to another city. Money from EB-5 would be one of several funding sources.
Perhaps more importantly, EB-5 cash could soften political resistance to one of the key funding strategies advocated by the task force.
The task force has proposed selling several city-owned land parcels, perhaps raising tens of millions of dollars. Some City Council members oppose that, partly because real estate prices are so low.
The EB-5 money could remedy that, Barrett said.
The consultant said immigrant dollars could be used as a short-term bridge loan. That would help jump-start arena construction until the market recovers and the city can sell the land at better prices.
An entire industry has sprung up around EB-5, with companies that specialize in marketing the program to immigrants and bundling their dollars together. CMB Export, the company that found money for McClellan, says says it has raised a total of $350 million for projects throughout California.
The program carries few guarantees for immigrants. If their investment is approved, they are eligible only for a "conditional" green card, good for two years. If the business flops, they could lose their money and a shot at a permanent green card.
"If the project fails, and it fails within three or four years of their investment, they won't get their green card," said Robert Gafney, a San Francisco immigration lawyer who deals with EB-5.
Some deals have soured.
Last year the U.S. Citizenship and Immigration Services, which oversees EB-5, terminated a program that raised $7.5 million to build a wastewater treatment plant in Victorville.
Officials in the Southern California desert town said the treatment facility enabled Victorville to lure a Dr Pepper Snapple bottling plant and 300 jobs. But the federal agency said it wasn't convinced of the connection between the jobs and the EB-5 investments.
As a result, the city is refunding all the investors' money, said Keith Metzler, Victorville's economic development director. He said only one of the investors ever got a green card – a conditional green card at that, not a permanent card.
Metzler said the termination has caused the city other problems as well. But Victorville isn't giving up on EB-5. It's suing the federal government in an effort to get the program reinstated.
"It is a good program," Metzler said. "It serves a financing need, especially for public works projects."
Read more: http://www.sacbee.com/2011/09/18/3917152/sacramento-arena-funding-plan.html#ixzz1afsZVq2F
Share
By Dale Kasler
dkasler@sacbee.com
Published: Sunday, Sep. 18, 2011 - 12:00 am | Page 1D
Last Modified: Sunday, Sep. 18, 2011 - 11:07 am
The ticket to building a new basketball arena in downtown Sacramento?
It could be a green card.
A little-known federal program that offers green cards to wealthy immigrants who invest in job-creating enterprises could become an important piece in the financing package for the proposed $387 million arena.
The immigration program, known as EB-5, wouldn't pay for the whole project and is just one of several revenue sources advocated by Mayor Kevin Johnson's arena task force. But the amount of EB-5 money "can be substantial," said Dan Barrett, a Manhattan Beach sports-finance consultant advising the Sacramento arena effort.
The program has been around for about 20 years and has encountered some controversy. But it's also generated huge sums of capital and is becoming increasingly popular as conventional financing remains tight.
Developers of a new NBA arena in Brooklyn, N.Y., raised $249 million from EB-5 investors to finance improvements near the arena. Immigrants have committed around $80 million to a hotel in downtown Los Angeles.
In the Sacramento area, a company raised $18 million from EB-5 investors to help transform McClellan Air Force Base into a business park.
The company that raised the money for McClellan's improvements, CMB Export LLC of Rock Island, Ill., says the Sacramento arena could be a match for immigrant investors.
"We've looked at it," said Kraig Schwigen, the company's senior vice president. "It would be a great undertaking as an EB-5 project."
The program offers immigrants a fast-track method of obtaining green cards to establish permanent residence. They have to invest $500,000 in businesses that create or preserve at least 10 full-time jobs in rural or high-unemployment areas.
Schwigen said immigrant dollars were responsible for at least 529 jobs at McClellan. The $18 million went toward roads, sewers and building improvements.
"The EB-5 program was certainly a help," said Frank Myers, senior vice president at the business park.
The program can offer a relatively cheap source of capital. Investors often will accept a lower return because their main interest is the green cards, Schwigen said.
"What they're really looking to get is a green card and a path to citizenship," said Chris Lehane, executive director of the mayor's arena task force.
The task force has until next March to complete a financing package or risk losing the Sacramento Kings to another city. Money from EB-5 would be one of several funding sources.
Perhaps more importantly, EB-5 cash could soften political resistance to one of the key funding strategies advocated by the task force.
The task force has proposed selling several city-owned land parcels, perhaps raising tens of millions of dollars. Some City Council members oppose that, partly because real estate prices are so low.
The EB-5 money could remedy that, Barrett said.
The consultant said immigrant dollars could be used as a short-term bridge loan. That would help jump-start arena construction until the market recovers and the city can sell the land at better prices.
An entire industry has sprung up around EB-5, with companies that specialize in marketing the program to immigrants and bundling their dollars together. CMB Export, the company that found money for McClellan, says says it has raised a total of $350 million for projects throughout California.
The program carries few guarantees for immigrants. If their investment is approved, they are eligible only for a "conditional" green card, good for two years. If the business flops, they could lose their money and a shot at a permanent green card.
"If the project fails, and it fails within three or four years of their investment, they won't get their green card," said Robert Gafney, a San Francisco immigration lawyer who deals with EB-5.
Some deals have soured.
Last year the U.S. Citizenship and Immigration Services, which oversees EB-5, terminated a program that raised $7.5 million to build a wastewater treatment plant in Victorville.
Officials in the Southern California desert town said the treatment facility enabled Victorville to lure a Dr Pepper Snapple bottling plant and 300 jobs. But the federal agency said it wasn't convinced of the connection between the jobs and the EB-5 investments.
As a result, the city is refunding all the investors' money, said Keith Metzler, Victorville's economic development director. He said only one of the investors ever got a green card – a conditional green card at that, not a permanent card.
Metzler said the termination has caused the city other problems as well. But Victorville isn't giving up on EB-5. It's suing the federal government in an effort to get the program reinstated.
"It is a good program," Metzler said. "It serves a financing need, especially for public works projects."
Read more: http://www.sacbee.com/2011/09/18/3917152/sacramento-arena-funding-plan.html#ixzz1afsZVq2F
Wednesday, November 10, 2010
Great Resource for Home Buyers
"Next to credit issues, lack of a down payment is the #1 reason your buyers can't purchase a home. Here is a FREE website buyers can use to help manage their finances!! It even sends them an email if they are going over budget. Go to www.mint.com .
Friday, May 8, 2009
Foreclosure Rescue Scams
With the recent increase in foreclosures, scams through “foreclosure rescue companies” have also appeared on the scene. They claim that they will help you, but really they are intending to make a profit at your expense. If your property is in foreclosure, be cautious.
This is most likely the first time you have been in this situation. This is a time in which the homeowner is very vulnerable. Con artists love to take advantage of you in these uncharted waters.
There are a few points to be aware of when dealing with a “foreclosure rescue company.” Watch out for:
*Asking for mortgage payments to be paid directly to his/her company or bank account, rather than your lender.
Reality: They pocket the money, and you STILL lose your home.
*They claim “We’ll save your credit!” You pay them a fee and transfer your property deed or title to theirs to avoid foreclosure on your record.
Reality: The foreclosure will be reported against the borrowers on the note, not anyone else.
*They say they’ll give you money, if you just sign the house over to them so they cure the default.
Reality: There is nothing wrong with this, as long as the party taking over really does pay the loan current, but you are still ultimately responsible for the loan. BE CAREFUL!
*They say they’ll buy the property, lease it to you, and you’ll have the option to buy it back.
*They ask for money up front before providing any service.
*They instruct you not to contact your lender, lawyer, housing counselor, family, friends, or others.
*They require payment only in the form of cash, cashier’s check, or wire transfer(Moneygram).
Every encounter I have had with this particular point included the request that the money be sent somewhere in Africa, usually Nigeria. They make it seem safe and legitimate. They claim they are out of the country with a church group, and play the part of the devout religious person, ending their communications with “God Bless You.”
Take home message is, if you’re in foreclosure or about to go through foreclosure, DO NOT let yourself become trapped in a scam with a “foreclosure rescue company.” The best thing to do is to contact your lender and a REALTOR. Both can help you through this trying time. Keep your head up. You will get through this.
This is most likely the first time you have been in this situation. This is a time in which the homeowner is very vulnerable. Con artists love to take advantage of you in these uncharted waters.
There are a few points to be aware of when dealing with a “foreclosure rescue company.” Watch out for:
*Asking for mortgage payments to be paid directly to his/her company or bank account, rather than your lender.
Reality: They pocket the money, and you STILL lose your home.
*They claim “We’ll save your credit!” You pay them a fee and transfer your property deed or title to theirs to avoid foreclosure on your record.
Reality: The foreclosure will be reported against the borrowers on the note, not anyone else.
*They say they’ll give you money, if you just sign the house over to them so they cure the default.
Reality: There is nothing wrong with this, as long as the party taking over really does pay the loan current, but you are still ultimately responsible for the loan. BE CAREFUL!
*They say they’ll buy the property, lease it to you, and you’ll have the option to buy it back.
*They ask for money up front before providing any service.
*They instruct you not to contact your lender, lawyer, housing counselor, family, friends, or others.
*They require payment only in the form of cash, cashier’s check, or wire transfer(Moneygram).
Every encounter I have had with this particular point included the request that the money be sent somewhere in Africa, usually Nigeria. They make it seem safe and legitimate. They claim they are out of the country with a church group, and play the part of the devout religious person, ending their communications with “God Bless You.”
Take home message is, if you’re in foreclosure or about to go through foreclosure, DO NOT let yourself become trapped in a scam with a “foreclosure rescue company.” The best thing to do is to contact your lender and a REALTOR. Both can help you through this trying time. Keep your head up. You will get through this.
Friday, May 1, 2009
California School Recognition Program
Every year in California, schools are recognized for their academic achievement, and closing the “achievement gap” among groups. High quality education should be the right of every student in California. The school districts, county offices of education, and the California Department of Education are responsible for making sure that every student, regardless of race, religion, or social status, receive this right. Closing this “achievement gap” between groups has become a top priority for State Superintendent of Public Instruction Jack O’Connell. He believes that all students having access to quality education is important for a strong education system in a strong California.
The 2009 California School Recognition Program (CSRP) honors schools that have shown educational excellence for all students. Schools must meet various eligibility criteria based on No Child Left Behind (NCLB), Adequate Yearly Progress (AYP), and Academic Performance Index (API) requirements. The criteria for selection of schools is based on turning in an application including the school’s signature practices that are directly related to the success of their students, a review of the application, and a site visit to confirm the submitted practices.
Applications are reviewed for completeness by teams of educators chosen by the CDE. Complete applications move forward as a state nominee. Each state nominee receives a site visit to confirm the submitted practices.
Selected schools are recognized at an awards ceremony where Jack O’Connell presents each school with a 2009 California Distinguished School plaque and flag. The event is funded by donations and corporate sponsors, such as the Disneyland Resort.
Schools recognized are leaders in academic achievement and leaders in helping all students succeed. Each school is personally called by Jack O’Connell. O’Connell states “Each principal I spoke to was excited and overjoyed at their recognition for this prestigious award. All of our Distinguished Schools awardees are incredible schools with dedicated teachers, hard-working principals, and successful students.”
The selected schools represent about 10.9 percent of California’s 2,400 middle and high schools. Of those schools, only 341 schools have met the criteria based on student achievement from 170 school districts in 46 counties.
The 2009 Distinguished Schools awards will be held Friday, May 29, 2009 at the Disneyland Hotel in Anaheim. Among schools honored are Sacramento County schools: Elk Grove High School, Delta High School, CK McClatchy High School, John F. Kennedy High School, Bella Vista High School, Casa Roble Fundamental High School, Louis Pasteur Fundamental Middle School, and Westside Prepatory Charter Middle School.
For more information about the CSRP, including a list of schools eligible and sponsors, please visit www.cde.ca.gov/ta/sr/cs/.
The 2009 California School Recognition Program (CSRP) honors schools that have shown educational excellence for all students. Schools must meet various eligibility criteria based on No Child Left Behind (NCLB), Adequate Yearly Progress (AYP), and Academic Performance Index (API) requirements. The criteria for selection of schools is based on turning in an application including the school’s signature practices that are directly related to the success of their students, a review of the application, and a site visit to confirm the submitted practices.
Applications are reviewed for completeness by teams of educators chosen by the CDE. Complete applications move forward as a state nominee. Each state nominee receives a site visit to confirm the submitted practices.
Selected schools are recognized at an awards ceremony where Jack O’Connell presents each school with a 2009 California Distinguished School plaque and flag. The event is funded by donations and corporate sponsors, such as the Disneyland Resort.
Schools recognized are leaders in academic achievement and leaders in helping all students succeed. Each school is personally called by Jack O’Connell. O’Connell states “Each principal I spoke to was excited and overjoyed at their recognition for this prestigious award. All of our Distinguished Schools awardees are incredible schools with dedicated teachers, hard-working principals, and successful students.”
The selected schools represent about 10.9 percent of California’s 2,400 middle and high schools. Of those schools, only 341 schools have met the criteria based on student achievement from 170 school districts in 46 counties.
The 2009 Distinguished Schools awards will be held Friday, May 29, 2009 at the Disneyland Hotel in Anaheim. Among schools honored are Sacramento County schools: Elk Grove High School, Delta High School, CK McClatchy High School, John F. Kennedy High School, Bella Vista High School, Casa Roble Fundamental High School, Louis Pasteur Fundamental Middle School, and Westside Prepatory Charter Middle School.
For more information about the CSRP, including a list of schools eligible and sponsors, please visit www.cde.ca.gov/ta/sr/cs/.
Wednesday, April 22, 2009
Measure A Tax Reduction for Senior Citizens
Good news for those 65 and older! Between April 15th and June 30th of this year, senior citizens and disable citizens within the Elk Grove Unified School District can apply for a 70% reduction in their Measure A assessment. Measure A, approved first in 1987, is a local property tax that funds improvement in schools. The lower rates also apply to apartments and mobile homes. Even if you’re renting, your landlord must pass on the savings to you!
The 1987 Measure A helped to improve every school in the district, including building new structures, funding programs, and buying new playground equipment. It accounted for 7% of the cost of building new schools. The Measure A approved in 1998, contributes around 19% to the cost of new schools. The rest is funded with state funds and developer fees. This measure also helps to modernize schools over 25 years old.
If you or someone you know qualifies for the Measure A tax reduction, you must apply directly with the school district. You must reapply every year by phone, mail, or in person.
To receive an application, contact Marcia Grambusch at 9510 Elk Grove-Florin Rd, Room 206, Elk Grove, CA 95624, call (916)686-7562, or email schooltax@egusd.net.
The 1987 Measure A helped to improve every school in the district, including building new structures, funding programs, and buying new playground equipment. It accounted for 7% of the cost of building new schools. The Measure A approved in 1998, contributes around 19% to the cost of new schools. The rest is funded with state funds and developer fees. This measure also helps to modernize schools over 25 years old.
If you or someone you know qualifies for the Measure A tax reduction, you must apply directly with the school district. You must reapply every year by phone, mail, or in person.
To receive an application, contact Marcia Grambusch at 9510 Elk Grove-Florin Rd, Room 206, Elk Grove, CA 95624, call (916)686-7562, or email schooltax@egusd.net.
Tuesday, March 31, 2009
NAR Internet Rental Scam
We previously alerted renters to the Nigerian internet (Craigslist) scam. Well, they have a new one. The name of the National Association of Realtors (NAR) is being used as a part of the new scam.
Prospective renters are led to believe that NAR is functioning as an intermediary to receive rental deposits.
Be wary if any landlord wants you to send the deposit out of the country via Western Union. In this case, they requested deposits be sent to the NAR in the United Kingdom, and stated that NAR would deliver keys to the property.
The National Association of Realtors does not have an escrow service, nor do they function as an intermediary to receive rental deposits.
Consumers beware! The internet is very convenient, but if the offer sounds too good to be true, it most likely is.
Prospective renters are led to believe that NAR is functioning as an intermediary to receive rental deposits.
Be wary if any landlord wants you to send the deposit out of the country via Western Union. In this case, they requested deposits be sent to the NAR in the United Kingdom, and stated that NAR would deliver keys to the property.
The National Association of Realtors does not have an escrow service, nor do they function as an intermediary to receive rental deposits.
Consumers beware! The internet is very convenient, but if the offer sounds too good to be true, it most likely is.
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