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SHORT SALE AND FORECLOSURE: HOW ARE THEY DIFFERENT?

As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.

A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.

On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender.

On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it. A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner.

After foreclosure, the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.

The Rotary Leadership Wheel keeps on Turning

Rotary WheelRotary International is the ultimate example of how tight term limits can and do work. The vast majority of Rotary leaders, which are unpaid volunteers from all over the world, serve just 1 year at the helm and then hand over the leadership reigns  to their successor.

Every July 1st all of the top leadership at all significant levels (Clubs, Districts and International) changes over; everyone of the 34,000 Rotary Clubs gets a new President, everyone of the 535 +/- Districts gets a new District Governor and Rotary International gets a New President.

This 1-and-done approach keeps our organization fresh with new ideas, new focus and new energy while preventing anything that resembles the entrenched interests that career politicians often bring to the table in most political systems. Future leaders are nominated by their peers. There are no elections, no campaigning, no fundraising of donors, no quid pro quo just good Rotarians trying to make their communities and the world a better place for everyone.

Behind this great leadership shift each year are well orchestrated training and development efforts designed to prepare incoming leaders for their 1 year leadership role.

Incoming District Governors begin their training journey several years prior to taking office. Their training journey has them attending Zone Institute twice; once while they are a District Governor Nominee (2 years out) and a District Governor Elect (1 year out) and then attending the International Assembly as well as the International Convention.

The Governor Elect Training Seminar (GETS) is being held in Toronto this week where District Governor Elect (DGE) Geraldine “Gerry” Tom is attending GETS training and District Governor Nominee (DGN) Christopher “Chris” Johnson is attending Nominee training.

DGE Gerry Tom

DGN Chris Johnson

DGN Chris Johnson

 

 

 

 

 

 

 

 

 

DG Training Progression

Incoming Presidents (Presidents-Elect) typically start their formal training in January by attending various leadership events, followed by PETS, District Assembly, District Conference and then their Installation/Induction.

The Path to Presidency

This year our district has funded 4 Rotarians from our district to attend The Future District Leaders seminar in Toronto.

Best of luck to all of the Future Leaders attending training at Zone Institute this week in Toronto.

 

 

Niantic Rotary holds their 29th annual Gala & Raffle

The Niantic Rotary Club held their 29th annual Gala & Raffle on Saturday evening at the Marriott Hotel in Groton Connecticut.

Over 200 attendees enjoyed this fast moving fun event that featured a robust silent auction, a lively live auction, a ‘heads & tails’ 50/50 event, lively music, dancing,  a delicious ‘surf & turf’ meal, a mega raffle with over $6,000 in prizes, great friends and fabulous fellowship.

The Niantic Rotary Club also awarded a Paul Harris Fellow and recognized Outstanding Community Service.

While loaded with many activities this night flew by quickly and 4 hours elapsed in snap as everything was so well organized that each activity seamlessly transitioned or overlapped with others. The Gala Committee did an excellent job of organizing and executing this very special event.

AT&T Donates $10,000 to Devon Rotary Club’s Trust

Left to Right: CT State Representative James Maroney, Kelly Wade Bettuchi of AT&T, Dr. Jason Jenkins, Rotary President, and CT Senator Gayle Slossberg – Photo by Greyson Schwing

The Devon Rotary Club‘s Trust received a generous donation of $10,000 from Kelly Wade Bettuchi of AT&T last week.

The Devon Rotary Trust  is a 501 (c) (3) recognized charitable foundation trust of the Devon Rotary Club that makes community grants and scholarships annually.

The club just passed the $1 million mark in gifts to the community (read more here) as they generously support; Literacy Center of Milford, Beth El Shelter, Boys and Girls Club and Bridges Mentoring program to name just a few. They also award about $20,000 per year in scholarships to Milford students from their club foundation.