Newspaper Archive of
Pahrump Mirror
Pahrump, Nevada
April 17, 1997     Pahrump Mirror
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April 17, 1997

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Bored kids may get a slap in the face this summer By C Michael Carlson PAHRUMP--Pahrump's youthful scholars will make a dash for the door when the bell rings one final time this school year. As many students put the past academic year behind them, a nagging question surfaces in the minds of parents across the val- ley. "What are they going to do all summer?" An avid boxer, Michael Giannasco, has an answer to this question. "I offer an alternative to de- linquent misconduct by promot- ing pride, hard work, and good citizenship through the partici- pation of the sport of boxing." b; Giannasco started boxing when he was 14. 26 years later, he still teaches aspiring adoles- cents a love for the sport. "I love the sport," said three year veteran Luke Rubio. Even though Michael Brown isn't quite a teenager, he has discovered early why he boxes. "I like contact sports," said Brown, who has only been boxing for five months. One of the goals Giannasco has is to open a boxing gym for anyone who is interested in box- i ng. Right no'w, his group of about i i .... 20 people practices in the back yard of his south Pahrump home. "Our biggest need right now is a 40x40 steel building or any- thing similar. Along with any other materials that could be used," said Giannasco. Used sports equipment is also appreciated. Local residents, B obTomaro, Larry and Luke Rubio have helped. Tomaro donated equipment, while the Rubios helped install it. "Your contribution doesn't only help us, it also helps you. Not only by being apart of a program to keep kids safe and off the street, contributions can be written offon your taxes." For more information on this program call (702) 727-8470. Bryan issues warning to seniors about reverse mortgage fees When Mickey Kimberlin and her husband James of Las Vegas were interested in finding more information about a reverse mortgage, they decided to meet with a representative from America's Trust to learn about the program. The repre- sentative from the company told the couple they would have to pay 8.5 percent of their loan amount to America's Trust, a total of $4,000. Mrs. Kimberlin refused payment and was told by America's trust that she would be sued. The Kimberlins agreed to pay the company $2,400 after being told by the company they had never lost a case and that the Kimberlins would lose in court. Reverse mortgages are a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. These loans have helped tens of thousands of elderly homeowners tap into their home equity to expense major health care costs, meet basic living needs and pay for home repairs. Elderly Americans participating in the Department of Housing and Urban Devel- opment reverse mortgage program make no repayments while they live in their homes. Lenders recover the loan plus interest from the sale of the house, when the resident moves, dies, or reaches the end of the loan term. About 125 of the being charged thousands of dollars for information about HUD's reverse mortgage program. The directive will inform lenders that issue mortgages insured by the Federal Housing Administration to stop doing business with companies that charge large fees for providing information on HUD's reverse mortgage program. HUD provides access to the information free of charge through a telephone information line. The HUD directive will go to the 8,000 FHA-approved lenders around the nation. HUD is also conducting its own investigation of the companies charging high fees for reverse mortgage information and is asking the Federal Trade Com- mission to investigate the firms. According to HUD, many older Americans who sign contracts with estate planning services are reportedly un- aware that the firms charge a fee of 6 to 10 percent of the total amount borrowed through a reverse mortgage. This works out to be a fee of $3,000 to $5,000 on $50,000 reverse mortgage, and $6,000 to $10,000 on a $100,000 reverse mortgage. Reverse mortgages offer a way for thousands of senior citizens to borrow against the value of their homes. HUD has made a good decision in directing lenders to stop doing business with companies that have been scamming unsus- Williamson, Chairman of the Commission, the attorney general have strongly urged the Commission to make several amendments to the provisions of the Bankruptcy Code and Rules, including (1) improving the notice re- quired to be given governmental entities of the bankruptcy ?)filing, (2) providing governmental agencies with clearer authority to enforce state police covers and regulatory laws against debtors in bankruptcy so that bankruptcy does not become a haven for continuing violations of state laws protecting the health, safety and security of its citizens, (3) clarifying the obligation of debtors to continue to pay their taxes as they become due while in bankruptcy, and the right of government taxing entities to offset refunds against amounts owed, (4) protecting real property tax Pahrump Valley Gazette, Thursday, April 17, 1997 7 ll00tiles Since 4.982 .... ast paced no/Fast Foe Dine In or Carry Out 10 ctm - 8 pm 727-4300 Phone Ode Welcome , Patrol Services Guard Services Vacation Watch Immediate Communicatio and Observation During Child Visitati0n- Personal ! Harrassment/lntirnidation 727-1609 Latch Key Children ] Boundry Surveys Subdivisions Topography Improvement Location Surveys Full Construction STaking Surveys Plot & Grading Plans IIII I I "l"'r'on''"ndsm"''Su''n''' ! 25 years experience IWe Buy Cars For Casbi 1420 E. Sl'ato Hlghvr/372 .v, 89o41 727-6615 VALLEY DENTAL GROUP nation's lenders participate in the HUD Reverse Mortgage peering seniors Consumers should not be ripped off for ' ,-" __  "- Program. Unfortunately, hundreds of elderly Americans, like thousands of dollars for information on services that can be ...... t i obtmned " ' I1 L i the Kimberhns, have been vlcnms of so called es ate p an- free through the Department of Housing and Urban a00 , 0 ning services," companies that charge thousands of dollars Development. for services that are available free from HUD. Individuals with questions aboutreverse mortgages should Recently, the Department of Housing and Urban Develop- call the HUD information line at 1-888-466-3487 for free ment announced a directive to prevent senior citizens from information about the program. Attorney General announces support for bankruptcy reforms Nevada Attorney General Frankie Sue Del Papa has liens from being set aside in bankruptcy, and (5) reforming joined 29 other attorneys general throughout the nation in provisions governing the discharge of debts in Chapter 13 support of reform legislation designed to curb abuses of cases to deny a discharge of debts to dishonest debtors., the federal bankruptcy code. Current law is considered lax Attorney General Frankie Sue Del Papa said While the by the attorney general who believe that it allows debtors majority of persons and businesses who file bankruptcy do to evade their legal obligations and to defraud creditors, so for legitimate reasons and comply in good faith with the The Bankruptcy Review Commission was created to law, some may abuse the bankruptcy law to evade their consider reforms to the Bankruptcy Code and to make legal obligations and to defraud their creditors. If these recommendations to Congress. In a letter to Brady reforms are enacted, they will curb at least some of the abuse of the bankruptcy laws that have been seen." A full service surveying firm