The number of new foreclosure starts for the first five months of 2009 has reached one million according to the Center for Responsible Lending.  They are projecting 2.4 million foreclosure starts by the end of the year, which it says will reduce property values of some 70 million households by $502 billion, or at an average of $7,200 per homeowner.

This is so unfortunate and hopefully will end soon.  I wish we were notified how many of the foreclosures were due to job losses, negative ammortization loans, stated income loans, 100% loans, etc.  And, I wish the average loss for the homeowner in our area was $7,200. 

Hopefully we will start seeing some sales that are not foreclosure or short sale so home values can be more accurate.

Coordinating the successful closing of a short sale takes talent when you are working with a home that was 100% financed with a first and 2nd mortgage and the lenders are taking a 47% loss.  Up until now, I had joined the chorus of realtors that steer clients away from short sales due to the high percentage of offers that never result in hopes and dreams becoming reality.  But I must say at this time, that if everyone involved in the transaction is really good at what they do, you can get a great deal.  It is an AWESOME time to buy whether it is a first time homebuyer or a move up buyer.

Point and case is my daughter who is a recent college graduate.  She wanted to seize the opportunity of buying a home that was a steal, the best interest rates, and a first time hombuyer $8,000 credit too boot.  She found townhouses and homes that she wanted to put an offer on but was either too late, or a higher offer was accepted. After a few months of looking, she was about to hang up the house hunting and just rent. 

Recently that changed.  Here is what we found worked:

• When a home is listed for sale, take the time to view it IMMEDIATELY.  Drop everything and go, within 24 hours! 
• If you have done your homework on the community, neighborhood, home values and financing, IMMEDIATELY make an offer if it meets all your criteria and is what you want.  You WANT to be the FIRST offer received.
• If you would like and can do it in your state, put in for a home inspection.  Even though the short sale lender won't make any adjustments for defects, etc. it can give you an "out" if when you go back for a 2nd visit or with an inspector you change your mind.  (Oh, please don't think badly of me for this one!)
• Have your professional lender contact the listing agent to confirm that a Pre-Qualified Letter is being sent to...have them verify the fax or email address.  While they are doing this, have them reiterate that the client is ready to close and a solid buyer.  Agents want to work with an offer that will close.
• When they accept your offer.  Inquire as to the title company they are using for the seller. Let me reiterate that you DO NOT have to use the title company the sellers are using.  You can use the one you are comfortable with.
• Have your professional lender call the sellers title company and interview the closer that will be handling the transaction.  How long has the title company been in business.  How long has the closer been in that line of work?  How long have they been with the current company?  How many short sales have they closed?  How many short sales are they currently working with?  What is the success ratio of closing their short sale files?  Is there a difference in a successful closing if a different title company is used?  Is there a difference in allowable fees if you do not use the sellers title company?  How soon could we get title work to review?  To me this call is critical.  In this call I learned: 90% of the transaction closed with this closer doing both sides (more incentive!) and 60% with individual title companies; and, the owner's title policy would be paid by the sellers if we used them.   Needless to say, I ignored our realtor urging us to use a title company we were comfortable with, AND I forwarded the title work to my regular title company to have them review. 

The listing agent had said that because it was the first offered received, it would have first consideration.  We offered full price with 3% seller contribution to closing costs and prepaids.  I believe because we made the appropriate professional calls it also gave the listing agent a comfort level that he did not want to jeapardize losing.  There ended up being NINE offers, one was $30,000 over the list price.  The terms of those offers are unknown to me. 

The reason I think this worked without a hitch is PROFESSIONALS in all areas - Realtor, Lender, Title.  Good luck to anyone looking to buy in 2009 - what a FABULOUS time to buy!

And the Grinch, with his Grinch-feet ice cold in the snow, stood puzzling and puzzling, how could it be so?  It came without ribbons.  It came without tags.  It came without packages, boxes or bags.  And he puzzled and puzzled 'till his puzzler was sore.  Then the Grinch thought of something he hadn't before.  What if Christmas, he thought, doesn't come from a store.  What if Christmas, perhaps, means a little bit more.  Dr. Seuss

Special Events This Weekend:

Christmas Concert- Sun., Dec. 14 @ 5pm, 12th annual Advent/Christmas Concert @ St. Victoria Church.  Free. Donations accepted for the CAP Agency Food Shelf.  Featuring Adult Choir, Handbell Choir, and the Praise and Worship Band.  Cake and coffee reception following concert.

Macy's 46th Annual Animated Holiday Show and Santa Claus:  Nov 8th-December 31.  "A Day in the Life of an Elf at Macy's Santa Land" Free.  Downtown Minneapolis, 8th Floor Auditorium.  See their website for hours www.macys.com

Holidazzle Parade: Nov. 28 through Dec. 21, Thurs., Fri., Sat., Sun @ 6:30pm.  Nicollet Mall between 12th & 4th Street.  612-338-3807 or www.holidazzle.com

Disney on Ice-Mickey and Minnie's Magical Journey @ Excel Energy Center: Thurs-Sunday times vary.  www.xcelenergycenter.com

Santa Run to benefit Legal Aid starts @ downtown YMCA @ 4p on Saturday.  www.midmnlegal.org

Holiday Traditions @ Minneapolis Institute of Art.  Daily hours, Tues-Saturday www.artsmia.org

A Christmas Carol Feast @ Harriet Island Pavilion, Thur-Sat @ 7p; Sun @ 1 & 5p; www.actorsmn.org

The Arts:

Santa's Train Shop @ Jackson Street Roundhouse; Sat & Sun 1-4p; www.trainride.org

Moscow Ballets Great Russian Nutcracker @ Orpheum Theater; Fri @ 7:30p; Sat @ 3p & 7:30p; www.hennepintheatredistrict.org

Lorie Line-Christmas Around the World @ State Theater; Fri @ 8p @ Sat @ 3p & 8p; www.lorieline.com

Chaska Valley Family Theater - The Sound of Music: Feb. 12- Mar 1, 2009, www.cvft.org

Entertainment:

The School II Bistro & Wine Bar- Fri: Suede Baby.  Sat: BoJoNo.  8pm-midnight.  600 Market Street, Chanhassen  www.schooofthewise.net

Floyd's -  Bavaria Bend, Fri, 8:30. The Limns: Sat. 8:30. 1758 Arboretum Blvd., Victoria, 952-443-9944

Sports:

Chaska High School Girls Basketball vs Eagan -  Fri. @ 7:15pm @ CHS

Chaska High School Girls Hockey vs. Lakeview North-Thurs @ 7:15p; Chaska Community Center

Chaska High School Girls Hockey vs. Burnsville-Thurs @ 7:15p; Chaska Community Center

Chaska High School Boys Wrestling vs Lakeville South-Thurs @ 5:30p @ CHS

Chaska High School Boys Wresting Tournament - 9a @ CHS

Gopher Mens Hockey vs. Colorado -  Sat @ 7:07p; Sun @ 4:07p; Williams Arena; www.gophersports.com

Timberwolves vs San Antonio - Fri @ 7p; Target Center, www.nba.com/timberwolves

MN Rollergirls vs Dagger Dolls-Sat @ 7:30p; Roy Wilkens Auditorium; www.mnrollergirls.com

Movie Releases:

The Day the Earth Stood Still (PG 13)

Delgo (PG)

Nothing Like the Holidays (PG 13)

Dark Streets ( R )

Doubt (PG 13)

Special Events This Weekend:

Chaska Valley Family Theater: A Christmas Carol: Dec. 4-7, Tickets: 952-250-7206 or www.cvft.org

Tree Lighting Ceremony: Sat, Dec 6, 5pm, City Center Park, Chanhassen.  Come and enjoy the lighting of the holiday tree, refreshments, and of course, a special visit from Santa Claus.

Celebrate with Market Square: Sat., Dec 6, 11am-1pm; Free hot chocolate, pictures with Santa, horse drawn sleigh rides and Christmas crafts. 

Breakfast with Santa: Sun, Dec. 7, 8am-1pm.  Adults $8, Seniors $4, kids under 12 $4.  Profits go to local charities.  952-361-3391.  Co-sponsored by the Chanhassen Rotary Club and the City of Chanhassen.  Tickets available at City Hall and the Chanhassen Recreation Center.

Victoria Lions Club Semi-Annual Pancake, French Toast and Sausage Breakfast: Sun 8a-1p; Adults $7, Kids $3, under 5-free; Victoria City Hall, 7591 Rose Street

Arboretum Auxiliary Holiday Sale: Sat 9a-3p; Sun 11a-3p.  Minnesota Landscape Arboretum, 3675 Arboretum Drive, Chanhasssen  952-443-1400

Linda's Cellar Occasional Sale: Sat/Sun 10a-5p; 112 E. 2nd St., Chaska  612-987-9898

Lillians: Thurs/Fri 9-8, Sat 9-5, Sun 12-4, 438 2nd Street, Chaska 952-442-9900

Macy's 46th Annual Animated Holiday Show and Santa Claus:  Nov 8th-December 31.  "A Day in the Life of an Elf at Macy's Santa Land" will tell the story of Santa's elves at the North Pole as they prepare for Christmas.  Guests will enjoy seeing what happens in a elf's life from waking up and getting Santa's mail to teaching the reindeer how to fly and learning about Christmas traditions.  At the end of the display, guests will find Mrs. Claus' holiday bakery and Santa's Toy Stores.  Free.  Downtown Minneapolis, 8th Floor Auditorium.  See their website for hours www.macys.com

Holidazzle Parade: Nov. 28 through Dec. 21, Thurs., Fri., Sat., Sun @ 6:30pm.  Nicollet Mall between 12th & 4th Street.  612-338-3807 or www.holidazzle.com

The Arts:

Chaska Valley Family Theater: The Sound of Music: Feb. 12- Mar 1, 2009, www.cvft.org

Entertainment:

The School II Bistro & Wine Bar: Thurs. Moses Oakland Hosts Open Mike; Fri: Davina & The Vagabonds.  Sat: Lisa Wenger Band.  8pm-midnight.  600 Market Street, Chanhassen  www.schooofthewise.net

Floyd's: Wide Open Road, Fri, 8:30, $3.  Traveled Ground: Sat. 8:30 $3 1758 Arboretum Blvd., Victoria, 952-443-9944

Sports:

Chaska High School Boys Basketball vs Rochester Mayo:  Fri. @ 7:30pm @ CHS

Chaska High School Girls Hockey vs. Eastview: Thurs @ 7:15p; Chaska Community Center

Gopher Mens Basketball vs. Cornell: Sat @ 1p; Williams Arena; www.gophersports.com

Timberwolves vs LA Clippers  - Sat @ 7p; Target Center, www.nba.com/timberwolves

Wild vs Canucks, Fri @ 7; Excel Energy Center, www.wild.nhl.com

Upcoming Special Events:

Christmas Concert - Sun., Dec. 14 @ 5pm, 12th annual Advent/Christmas Concert @ St. Victoria Church.  Free. Donations accepted for the CAP Agency Food Shelf.  Featuring Adult Choir, Handbell Choir, and the Praise and Worship Band.  Cake and coffee reception following concert.

"The indispensable first step to getting the things you want out of life is this: decide what you want."  Ben Stein

Happy Thanksgiving!

Special Events This Weekend:

Musical Celebration of the Christmas Season-presented by the Chanhassen Historical Society Sun., Nov 30 @ 4pm, Historic St. Hubert's Church in downtown Chanhassen.  The event will feature the Chaska valley Family Theatre Players, The Chan-o-laires and the St. Hubert's Brass.

Lillians-Nov 28 & 29, 10-4, 438 2nd Street, Chaska- First 100 shoppes get free earrings and bracelet.  Handbags $45 or less, select flat wallets $10.

Guardian Angels - Discover a little bit of Central Europe right here at GA.  One of the oldest buildings in Minnesota will be open for guided exploration.  Nov. 22, and 29.  Doors of the church and friary will open from 2:30-4:30pm.  During that time there will be two guided tours. 

Macy's 46th Annual Animated Holiday Show and Santa Claus:  Nov 8th-December 31.  "A Day in the Life of an Elf at Macy's Santa Land" will tell the story of Santa's elves at the North Pole as they prepare for Christmas.  Guests will enjoy seeing what happens in a elf's life from waking up and getting Santa's mail to teaching the reindeer how to fly and learning about Christmas traditions.  At the end of the display, guests will find Mrs. Claus' holiday bakery and Santa's Toy Stores.  Free.  Downtown Minneapolis, 8th Floor Auditorium.  See their website for hours www.macys.com

Holidazzle Parade-Nov. 28 through Dec. 21, Thurs., Fri., Sat., Sun @ 6:30pm.  Nicollet Mall between 12th & 4th Street.  612-338-3807 or www.holidazzle.com

The Arts:

Chaska Valley Family Theater - A Christmas Carol: Dec. 4-7, The Sound of Music: Feb. 12- Mar 1, 2009, www.cvft.org

Entertainment:

The School II Bistro & Wine Bar - Fri: Tina scheliske.  Sat: Jimi "Prime Time" Smith & the Chicago Flavor.  8pm-midnight.  600 Market Street, Chanhassen  www.schooofthewise.net

Shaggin'Wagon-Wed., 8:30, $3; Eagle River Band  - Fri, 8:30, $5.  Lamont Cranston: on Sat. 8:30 $5  Floyd's, 1758 Arboretum Blvd., Victoria, 952-443-9944

Sports:

Chaska High School Boys Hockey vs Minnetonka -  Sat. @ 7:30pm; Chaska Community Center

Gopher Women's Hockey vs. Harvard - Fri @ 6:07;  Sat @ 4:07pm; Ridder Arena; www.gophersports.com

Gopher Men's Hockey vs. Michigan - Fri @ 7:07;  Sat @ 7:07pm; Marriuci Arena; www.gophersports.com

Gopher Mens Basketball vs. North Dakota -  Sat @ 1p; Williams Arena; www.gophersports.com

Timberwolves vs Denver  - Sat @ 7p; Target Center, www.nba.com/timberwolves

Vikings vs. Chicago Bears -  Sun @ 7:30; Metrodome

Upcoming Special Events:

Tree Lighting Ceremony-Sat, Dec 6, 5pm, City Center Park, Chanhassen.  Come and enjoy the lighting of the holiday tree, refreshments, and of course, a special visit from Santa Claus.

Celebrate with Market Square-Sat., Dec 6, 11am-1pm; Free hot chocolate, pictures with Santa, horse drawn sleigh rides and Christmas crafts. 

Breakfast with Santa-Sun, Dec. 7, 8am-1pm.  Adults $8, Seniors $4, kids under 12 $4.  Profits go to local charities.  952-361-3391.  Co-sponsored by the Chanhassen Rotary Club and the City of Chanhassen.  Tickets available at City Hall and the Chanhassen Recreation Center.

Christmas Concert - Sun., Dec. 14 @ 5pm, 12th annual Advent/Christmas Concert @ St. Victoria Church.  Free. Donations accepted for the CAP Agency Food Shelf.  Featuring Adult Choir, Handbell Choir, and the Praise and Worship Band.  Cake and coffee reception following concert.

Special Events This Weekend:

Linda's Cellar  -  Fri 10a-4p; Sat 10a-3p.  Vintage junk, antiques and seasonal décor.  112 E. 2nd Street, Chaska, 612-987-9898

Mustard Moon Occasional Sale  -  Fri & Sat 10a-4p; Vintage wares, home goods and seasonal décor.  300 North Broadway, Carver 952-361-3282.

Guardian Angels - Discover a little bit of Central Europe right here at GA.  One of the oldest buildings in Minnesota will be open for guided exploration.  Nov. 22, and 29.  Doors of the church and friary will open from 2:30-4:30pm.  During that time there will be two guided tours.

Community Thanksgiving Ecumenical Service- Wed., Nov. 26  Chanhassen @St. Hubert's @ 7:00pm-freewill offering for the CAP Agency.  Victoria @ St. Victoria @ 7:00-freewill offering for the CAP Agency.

The Arts:

Chaska High School - West Side Story - Nov. 14, 15, 20, 21, 22 @ 7:30; Nov 16 @ 2, Adults $10, Students $8.  

Musical Celebration of the Christmas Season-presented by the Chanhassen Historical Society Sun., Nov 30 @ 4pm, Historic St. Hubert's Church in downtown Chanhassen.  The event will feature the Chaska valley Family Theatre Players, The Chan-o-laires and the St. Hubert's Brass.

Chaska Valley Family Theater - A Christmas Carol: Dec. 4-7, The Sound of Music: Feb. 12- Mar 1, 2009, www.cvft.org

Chaos In Chaska-A two-act "whodunit" murder mystery dinner theater show.  Fri: Dinner @ 6:30p, curtain @ 8p; Oak Ridge Dolce Hotel, 1 Oak Ridge Drive, Chaska, 763-391-3754.

Entertainment:

The School II Bistro & Wine Bar- Fri: Daddy Squeeze Trio.  Sat: Tom Hunter Blues.  8pm-midnight.  600 Market Street, Chanhassen  www.schooofthewise.net

Concentual  - Fri, 8:30, $3.  Thunderheads: on Sat. 8:30 $5  Floyd's, 1758 Arboretum Blvd., Victoria, 952-443-9944

Sports:

Chaska High School Girls Hockey vs Kennedy-  Sat. @ 7:15pm; Chaska Community CenterGopher Men's Hockey vs. Michigan Tech -  Sat @ 1:07pm; Marriuci Arena; www.gophersports.co

Gopher Mens Basketbal vs. Concordia St. Paul  -  Fri @ 8p; Williams Arena; www.gophersports.com

Timberwolves vs Boston  - Fri @ 7p; Target Center, www.nba.com/timberwolves

Wild vs. Blue Jackets  -  Sat 7p; Xcel Energy Center, www.wild.nhl.com

Movie releases:

Bolt (PG)

Twilight (PG13)

I Can't Think Straight ( R )

Lake City ( R )

Special ( R )

Upcoming Special Events:

Tree Lighting Ceremony-Sat, Dec 6, 5pm, City Center Park, Chanhassen.  Come and enjoy the lighting of the holiday tree, refreshments, and of course, a special visit from Santa Claus.

Breakfast with Santa-Sun, Dec. 7, 8am-1pm.  Adults $8, Seniors $4, kids under 12 $4.  Profits go to local charities.  952-361-3391.

Christmas Concert- Sun., Dec. 14 @ 5pm, 12th annual Advent/Christmas Concert @ St. Victoria Church.  Free. Donations accepted for the CAP Agency Food Shelf.  Featuring Adult Choir, Handbell Choir, and the Praise and Worship Band.  Cake and coffee reception following concert.

Macy's 46th Annual Animated Holiday Show and Santa Claus:  Nov 8th-December 31.  "A Day in the Life of an Elf at Macy's Santa Land" will tell the story of Santa's elves at the North Pole as they prepare for Christmas.  Guests will enjoy seeing what happens in a elf's life from waking up and getting Santa's mail to teaching the reindeer how to fly and learning about Christmas traditions.  At the end of the display, guests will find Mrs. Claus' holiday bakery and Santa's Toy Stores.  Free.  Downtown Minneapolis, 8th Floor Auditorium.  See their website for hours www.macys.com

Holidazzle Parade-Nov. 28 through Dec. 21, Thurs., Fri., Sat., Sun @ 6:30pm.  Nicollet Mall between 12th & 4th Street.  612-338-3807 or www.holidazzle.com

 "Infinitely more important than sharing one's material wealth is sharing the wealth of ourselves - our time and energy, our passion and commitment, and, above all, our love." - William E Simon

Special Events This Weekend:

4th Annual Chaska Turkey Trot 5K Run/Walk and Gobbler Races- Sat. Nov 15  7-10a  register online at www.active.com or call Mary Anderson 651-688-9143  All proceeds support the Muscular Dystrophy Association and Chaska Students.  Chaska High School, 545 Pioneer Trail, Chaska.

Guardian Angels - Discover a little bit of Central Europe right here at GA.  One of the oldest buildings in Minnesota will be open for guided exploration.  Nov. 15, 22, and 29.  Doors of the church and friary will open from 2:30-4:30pm.  During that time there will be two guided tours. 

Knights of Columbus - Pancake & French Toast & Sausage Breakfast.  Nov 16.  8am-noon.  Guardian Angels School Gym, 1st & Cedar St.  Adults $7, children 5-12 $3.

Capital Civil War Tour - State Capital, Saturday 1-2:30.  www.mnhs.org/statecapitol

The Arts:

Chaska High School - West Side Story- Nov. 14, 15, 20, 21, 22 @ 7:30; Nov 16 @ 2, Adults $10, Students $8. Order tickets online at www.cvft.org

Craft Festival - Canterbury Park, Thu/Fri 11a-9p; Sat 9a-7p, Sun 10a-5p.  Adults $8, Seniors $7 www.canterburypark.com

Chaska Valley Family Theater - A Christmas Carol: Dec. 4-7, The Sound of Music: Feb. 12- Mar 1, 2009, www.cvft.org

Entertainment:

The School II Bistro & Wine Bar- Fri: Jimi "Prime Time" Smith & the Chicago Flavor.  Sat: Tex Pistols.  8pm-midnight.  600 Market Street, Chanhassen  www.schooofthewise.net

Jonathan Earl Band - Fri, 8:30, $3.  No Exit  on Sat. 8:30 $5  Floyd's, 1758 Arboretum Blvd., Victoria, 952-443-9944

Sports:

Gopher Men's Hockey vs. Michigan Tech-  Sat @ 1:07pm; Marriuci Arena; www.gophersports.com

Gopher Mens Basketbal vs. Concordia St. Paul  -  Fri @ 8p; Williams Arena; www.gophersports.com

Timberwolves vs Portland  - Sat @ 7p; Target Center, www.nba.com/timberwolves 

Wild vs. Blue Jackets  -  Sat 7p; Xcel Energy Center, wild.nhl.com

Movie releases:

Quantum of Solace (PG13)

The Dukes (PG13)

Faded Memories (PG13

Upcoming Special Events: 

Community Thanksgiving Ecumenical Service- Wed., Nov. 26  Chanhassen @St. Hubert's @ 7:00pm-freewill offering for the CAP Agency.  Victoria @ St. Victoria @ 7:00-freewill offering for the CAP Agency.

Tree Lighting Ceremony-Sat, Dec 6, 5pm, City Center Park, Chanhassen.  Come and enjoy the lighting of the holiday tree, refreshments, and of course, a special visit from Santa Claus.

Breakfast with Santa-Sun, Dec. 7, 8am-1pm.  Adults $8, Seniors $4, kids under 12 $4.  Profits go to local charities.  952-361-3391.

Christmas Concert- Sun., Dec. 14 @ 5pm, 12th annual Advent/Christmas Concert @ St. Victoria Church.  Free. Donations accepted for the CAP Agency Food Shelf.  Featuring Adult Choir, Handbell Choir, and the Praise and Worship Band.  Cake and coffee reception following concert.

Macy's 46th Annual Animated Holiday Show and Santa Claus:  Nov 8th-December 31.  "A Day in the Life of an Elf at Macy's Santa Land" will tell the story of Santa's elves at the North Pole as they prepare for Christmas.  Guests will enjoy seeing what happens in a elf's life from waking up and getting Santa's mail to teaching the reindeer how to fly and learning about Christmas traditions.  At the end of the display, guests will find Mrs. Claus' holiday bakery and Santa's Toy Stores.  Free.  Downtown Minneapolis, 8th Floor Auditorium.  See their website for hours www.macys.com

Holidazzle Parade-Nov. 28 through Dec. 21, Thurs., Fri., Sat., Sun @ 6:30pm.  Nicollet Mall between 12th & 4th Street.  612-338-3807 or www.holidazzle.com

This is just a heads up that as our lending industry changes, everything is under more scrutiny including Debt Forgiveness.  Lenders are now concerned about misleading and possibly illegal practices in the industry associated with debt forgiveness programs and refinance offers.

Be careful if you or your client is offered "debt forgiveness OR settlements with the promise that any negative information will NOT be reported to the credit bureaus related to the settlement or delinquent payments, if the loan is refinanced". 

Some lenders (others will follow suit) now require the following verifications for Rate/Term and Cash-Out Refinance transactions where the loan payoff amount is considerably less than the amount indicated on the credit report:

• Borrowers must explain why the balance is different (did they/you pay additional payments or principal on the loan after the date of the credit report)
• 12 month payment history that supports the explanation
• Copy of all canceled checks or bank statements supporting the on-time payment history.

This is a change that many do not know about or anticipated.  I have found that if one lender starts the action, it is only a matter of time before they are all following the same guidelines. 

I hope this helps you in some small, but possibly important way....

"Some may try and tell us that this is the end of an era.   But what they overlook is that in America, every day is a new beginning, and every sunset is merely the latest milestone on a voyage that never ends.  For this is the land that has never become, but is always in the act of becoming.  Emerson is right:  America is the land of tomorrow."  - Ronald Reagan

Special Events :

Excelsior Arts & Crafts Fair - 30 local vendors selling paintings, photo's, jewelry, clothing and other works.  Nov 8 11a-4p.  3820 Grandway, St. Louis Park

Chaska High School - West Side Story - Nov. 14, 15, 20, 21, 22 @ 7:30; Nov 16 @ 2, Adults $10, Students $8.  Order tickets online at www.cvft.org

Upcoming Special Events:

4th Annual Chaska Turkey Trot 5K Run/Walk and Gobbler Races - Sat. Nov 15  7-10a  register online at www.active.com or call Mary Anderson 651-688-9143  All proceeds support the Muscular Dystrophy Association and Chaska Students.  Chaska High School, 545 Pioneer Trail, Chaska

Community Thanksgiving Ecumenical Service - Wed., Nov. 26:

Chanhassen @St. Hubert's @ 7:00pm-freewill offering for the CAP Agency.

Victoria @ St. Victoria @ 7:00-freewill offering for the CAP Agency.

Tree Lighting Ceremony - Sat, Dec 6, 5pm, City Center Park, Chanhassen.  Come and enjoy the lighting of the holiday tree, refreshments, and of course, a special visit from Santa Claus.

Breakfast with Santa - Sun, Dec. 7, 8am-1pm.  Adults $8, Seniors $4, kids under 12 $4.  Profits go to local charities.  952-361-3391.

Christmas Concert - Sun., Dec. 14 @ 5pm, 12th annual Advent/Christmas Concert @ St. Victoria Church.  Free. Donations accepted for the CAP Agency Food Shelf.  Featuring Adult Choir, Handbell Choir, and the Praise and Worship Band.  Cake and coffee reception following concert.

Macy's 46th Annual Animated Holiday Show and Santa Claus:  Nov 8th-December 31.  "A Day in the Life of an Elf at Macy's Santa Land" will tell the story of Santa's elves at the North Pole as they prepare for Christmas.  Guests will enjoy seeing what happens in a elf's life from waking up and getting Santa's mail to teaching the reindeer how to fly and learning about Christmas traditions.  At the end of the display, guests will find Mrs. Claus' holiday bakery and Santa's Toy Stores.  Free.  Downtown Minneapolis, 8th Floor Auditorium.  See their website for hours www.macys.com

Holidazzle Parade - Nov. 28 through Dec. 21, Thurs., Fri., Sat., Sun @ 6:30pm.  Nicollet Mall between 12th & 4th Street.  612-338-3807 or www.holidazzle.com

Entertainment:

Schleprocks - Fri, 8:30, $5, Floyd's, 1758 Arboretum Blvd., Victoria, 952-443-9944

Sports:

Gopher Men's Hockey vs. New Hampshire  - Fri @ 7:07pm, Sat @ 6:07pm; Marriuci Arena; www.gophersports.com

Vikings vs. Green Bay - Metrodome, Sun @ 12p; www.vikings.com

MSHSL State High School Volleyball Tournament - Thursday-Saturday, Xcel Energy Center, www.xcelenergycenter.com

2008 Tour of Gymnastics Superstars - Sun 4pm; Excel Energy Center, www.xcelenergycenter.com

Movie releases:

Madagasca: Escape 2 (PG)

Role Models (NA)

Soul Men ( R )

House ( R )

The Boy in the Striped Pajamas (PG13)

The Arts:

Chaska Valley Family Theater -A Christmas Carol: Dec. 4-7, The Sound of Music: Feb. 12- Mar 1, 2009, www.cvft.org

The other day I had a parent contact me via ActiveRain from my local community.  Their son and daughter-in-law both lost their jobs and the wife was pregnant.  Their kids decided to walkaway from the home that the parents co-signed for on the mortgage.  Can they do a short sale?  Yes, if ALL parties on the mortgage application are in a REAL financial hardship.  The hardship will have to be proven with all asset and liability documentation.  Will it affect their credit score?  It depends on how they report the short sale or if there are mortgage lates.  Our conversation also detailed alternative options to consider.  I felt really bad for the parents as they just tried to help their son and didn't expect this to happen.  She was grateful she had found a non-judgmental and knowledgeable person to assist them through ActiveRain.

But the question remains, should we loan money to our grown kids or co-sign for a mortgage?  Have I done it?  Absolutely, for all three of my kids - loaning them money and co-signing.  But not all kids and situations will procure the same results.  Nor are our economic times and the housing market conducive to stability in your loan.

Getting a home loan is more difficult.  If your kids do not have much cash or credit history you may be their only option to take advantage of the current buyers market. 

Just be careful that you do not lend money to support bad habits or ruin the relationship you have with your kids.  If you decide to lend them money, carefully think out a plan and set up the terms.

Things to consider:

• The request - is it for a really good reason?
• Are they financially responsible?  Understand the logistics of whether you will be paid back.
• Can you afford to loan them the money?  
• Can you survive if they do not make the payment or you do not get paid back at all?

If you have doubt about any of the above, consider all other options first:

• Co-sign loan - you are still liable and it will affect your credit if the payment is not on time.
• Wait to purchase.

Let's say you decide to loan the money for a home purchase or give them a gift - make sure the TERMS are CLEAR.  Communicate that you are making a loan not a gift and what the repayment terms are.  If it is a mortgage or 2nd mortgage, make sure you have the proper documentation filed and of record at the courthouse. 

Are you going to charge interest for the interest earnings you lose because it is not invested?  You might charge the same rate the money would be earning if it were in a savings account, or what the bank charges for a similar loan, or perhaps the prime rate.  It is up to you and your children as to what you agree to.  You will also want to talk to your CPA for tax purposes.

And please, protect yourself and your children - put every last detail in writing with all parties signing to make it official before a notary.  This can become a serious transaction if something should happen to one of you, or conflict arises and you risk ruining your relationship.

All that being said, my parents helped me when I bought my first house.  They charged me interest.  A mortgage and note were filed.  Every payment was made.  The foundation of financial responsibility was long established for my children as the apple doesn't fall far from the tree.

This is my personal opinion and not a professional opinion.

Make today a great day.