Albemarle Tradewinds February 2020 Web Final

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JIM KAIGHN INSURANCE AGENCY- HOME OF THE “INSURANCE DOCTOR” Today’s article is off the beaten’ path a little!! I came to light to me talking with two families within the past three months on an unrelated subject within Real Estate financing. I, back in the 1990’s, ran my own Real Estate office called “Property Finders Reality” after I earned my salesman license and then my brokers license.. One of the most confusing parts of the financing procedure was PMI or Private Mortgage Insurance.. It was not until recently, that I found out that some people had the wrong idea of what this is, and if two families thought this, many others might be trapped in this dilemma and potential nightmare..PMI is simply insurance paid by the buyer of the property( or person borrowing the money) in order to protect the bank or lending company from losing a lot of money if the borrower defaults on their loan and can not pay it.. When you go to the bank to borrow money, say to buy a house, and you borrow almost all the money and put very little down, the main bank you first see can not lend you all the money by themselves.. it is just to much risk for them to take, so they go to a secondary bank, to borrow the rest so you can get all the money you need..But, they need some kind of protection for this extra money THEY had to borrow in order to close the loan..This is where PMI comes in, It is for the protection OF THE BANK to get around 20 to 25% of the value of the loan back to them if the borrower,(you) can not pay and you default or are foreclosed on.. IT IS NOT FOR THE BORROWER TO HAVE THE LOAN PAID OFF IF THAT PER- SON DIES!!!!! repeat.. It is not for the person who dies to have the mortgage paid off.. Even though the borrower pays an extra premium within the loan amount they pay each month, it is not Jakes Outdoor Adventures In 2008, a group of men gathered on the Outer Banks with the purpose of organizing a club for fishing. The group consisted of small boat recreational fishermen who wanted a club where they could share fishing stories and learn from each other. The group was created and adopted bylaws that stated the club was formed “for the entertainment and education” of the membership that would “promote safety, good fellowship and true sportsmanship of their members.” This group of about eight members grew to a group of over a hundred members in a few years. This group is the Outer Banks Anglers Club,and they just recently celebrated a decade anniversary of fulfilling those ideals the charter members created. I have been a member since 2011 when I joined at the ripe age of 12! The OBXAC meets the last Monday of every month at the Kern-Pitts Center located behind the Southern Shores Town Hall at 7:00 pm. The meetings are open to anyone, whether they are an experienced fisherman or those who are just starting out. At each meeting, the club has a monthly guest speaker that may be a member, a local fishing captain, biologists, state or local marine agencies, or has a connection with fishermen. Also members will discuss their fishing trips and share information and sometimes pictures from the trips. Every month, members will submit their exemplary catches for the Fish of the Month contest. A break is taken where refreshments are served and members and guests can network. After the break, a short business meeting is conducted. Then there is a raffle for a $50 gift certificate from TW’s Bait and Tackle, as well as a 50/50 raffle. The club also conducts several fishing tournaments for its members during the year. There is a Catfish Tournament in early spring, a Cobia/ Dolphin Tournament in by Jim KAIGHN, CLU,CHFC,RHU,AABA, BSBA,LUTCF set up to help out that family to have the home paid off..THAT Veteran of U.S. NAVY and COAST GUARD IS FOR PERSONAL MORTGAGE LIFE INSURANCE TO DO THAT!!! Imagine if a family believed that PMI was set up to pay for the mortgage, say $300,000 balance, then someone died and THEN they found out the hard way that it will not be...someone, some family is going to be in for quite a SURPRISE!! Like, LOSING THEIR HOME!!!!!!!!!! and that remaining family has no recourse.. This MAJOR BOO-BOO is not the fault of you ,the borrower, it is the bank or the Real Estate agent for not explaining it correctly to you.. Now, for your knowledge, YOU CAN SUE THEM for this gross goof up.. You see, they carry insurance in case they goof up like this, called “Errors and Omission “ insurance, like doctors carry malpractice insurance in case they cut off the the wrong leg..It would be hard to prove that they did not tell you at the beginning, it is a chance for you !! So, please make sure that you have personal LIFE INSURANCE that is set up to pay off the balance of your loan, if a member of your family dies and the money stops coming in.. and please do not let the bank talk you into buying the insurance through them and putting that premium into your loan,, Buy it yourself so you can control the policy not them..I will explain more of this next month.. Knowledge is Power!! if you wish to contact me on this or on any other insurance matters, the Insurance Doctor makes house calls.. contact me at 252 202 5983 or 252 335 5983 or my e-mail is “insdr@roadrunner.com”.. Until next , smile and laugh!! May and June, a Speckled Trout/Puppy Drum/ Flounder Tournament in August and September. The last tourney of the year is the Striped Bass/Rockfish Tournament which generally lasts for a couple of months to give everyone an opportunity to participate. Awards and cash are given for prizes for each tournament. In addition to tournaments, the club has an annual Pig Pickin’, an Oyster Roast and an Annual Awards Banquet. The OBXAC has taken the lead and formed a committee to create a new Artificial Reef. The OBXAC was awarded a grant from the NCDMF to create a new Artificial Reef that will be about 6 miles south of Oregon Inlet. Terry and Robin Stewart, owners of TW’s Bait and Tackle, made a very generous donation in support of the new reef. TW’s Bait and Tackle has also been a strong supporter of the club for the last 11 years. The club also supports the annual Fritz Boyden Youth Fishing Tournament every June, the Beach Food Pantry, and the Southern Shores Fire Department. So if you are in the area and want to join a club that promotes and supports fishing, then we hope to see you there! Check out the club’s webpage http://www.outerbanksanglersclub. com for more information about the club. Follow me on Facebook at Jakes Outdoor Adventures buymidway.com 252-335-9800 10 Albemarle Tradewinds February 2020 albemarletradewinds.com
Thompson & Son Auto Repair 130 Brickhouse Lane, Elizabeth City, NC 27909 Mechanical & Electrical Work AC Repair, Suspension, Brakes, Steering, Computer Diagnostics (252)-312-5046 Clay Thompson Owner/Mechanic Dear Dr. Crime Dr. Crime is a pseudonym for a social scientist holding a Ph.D. degree in sociology and in criminology. He has worked in all major parts of the criminal justice system. Drop him a note at the website www.keepkidshome.net If you or your child is in trouble, he may be able to help, give him a call (2523390000) or E-mail at reedadams@yahoo.com Phone: 252-334-9671 Fax: 252-334-9646 202 Barnhill Rd Elizabeth City, NC 27909 afc@albfence.com Danielle's Boutique daniellesbridalandtuxedo.com Mention this Ad for $40.00 OFF! Weddings Proms Each tuxedo is $40.00 off. Grooms tuxedo is rent free with 5 or more rentals Dear Dr. Crime: You wrote in the past that we should try to help kids that might kill themselves. I don’t see a lot of kids doing that. Are you sure it is a problem? HiSchool- Teacher • Dear Teach: Recent research showed that although we spent more health funds than most developed countries, we have lower life expectancy than most and highest suicide rates. Criminal justice issues tend to overlap with other problems, and depressed kids might be involved in many issues. Yes, it pays off to act if you feel a kid is unusually “upset”. Research on college students found depressed students had a high rate of crime, and there were no gender differences. Dear Dr. Crime: What makes women scared of being assaulted? BoyFriend • Dear Boyfriend: Research on women in Canada found that ladies are more afraid of strangers than men they know. Yet, they are more likely to be assaulted by a someone they know. Dear Dr. Crime. Our criminal justice system works to reduce repeat offenses, right? Citizen • Dear Citizen: The US Bureau of Justice Statistics followed up state court offenders after release and found that 5 OUT OF 6 STATE PRISONERS WERE ARREST- ED WITHIN 9 YEARS OF THEIR RELEASE. It is fair to say that our body of criminological research shows that more objective, research based information must be used to guide policy. We can do better. Dear Dr. Crime: Are we having a lot of “mass shootings”? It seems it is on the TV every day. Mayor Dear Mayor: You should be planning for mass shooting, just in case. National TV (CBS News) reported that by the end of 2019, there were 417 mass shootings in the U.S.. The study was produced by the Gun Violence Archive (GVA). Thirty-one of those shootings were mass murders. Dear Dr. Crime: What are the people called “LBGTQ” and are they more criminal than others? Confused fellow Dear Confused. The term you mention changes from time to time. One definition includes lesbian, gay, bisexual, transgender, queer or questioning, intersex, and asexual or allied. This involves social change of importance. The Williams Institute reported that LGBQ Youth are Disproportionately Incarcerated in the U.S. Juvenile Justice System. Almost 60% of locked up girls fall in one of those categories. Danielle’s Boutique, Bridals, Formals, & Tuxedo Rentals 401 South Griffin St Suite 175 Elizabeth City NC (252)335-5252 or (252)338-8965 Historic Downtown Elizabeth City 252-562-6541 7 Days a Week Open 6am Colonial Cafe Special: Public Safety Officers: Uniform Police, Firefighters, Rescue -10% discount if in Uniform facebook.com/AlbemarleTradingPost Albemarle Tradewinds February 2020 11
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