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lifestyle & arts

The Gourmet Frog BAKERY & CARRY OUT 847.433.7038

THe North shore weekend

12/21 – 12/22/13

Travel firm focuses on textiles and more for women

Yule Log Specials Dark Chocolate Praline or White Chocolate Espresso Each serves 10 people for $23

Holiday Specials Fresh Foie Gras Terrine of Foie Gras Home made terrine & pates (Miniatures, Sweet Tables, Gifts)

We have other European pastries and much more!

We are Open Sunday, December 23, 9 a.m.-5p.m. Monday, December 24, 9 a.m.-2 p.m. and New Years Eve

Happy Holidays!

316 Green Bay Road, Highwood

Let’s Talk Real Estate by Jean Wright, President/Broker Owner Crs, GrI

LOan FundamentaLs: What Is a mOrtGaGe? Mortgage is the term collectively used by most people when they refer to a loan used to buy real estate. This can be misleading, in that these securities are not always mortgages, but deeds of trust. A true mortgage is a written contract that specifies how the property will be used as a term of security for the loan. In these contracts, the primary mortgage lender will usually have a first lien on the property, giving the lender priority over all other lien holders, with the only exception being a tax lien. In a true mortgage contract, all due taxes must be paid prior to closing and the mortgager (borrower and buyer of real estate) is required to pay into an escrow account specifically earmarked for taxes and insurance, thereby protecting the interests of the primary lender. In these contracts, however, the title of the property is in the name of the mortgager, not the lender; should the mortgager default on the loan, the lender (mortgagee) is required to foreclose on the property in court. If the court approves the action, the property is sold to the highest bidder. A deed of trust differs from a mortgage in that it gives the title to a neutral third party (trustee) who is partial to neither the interests of the borrower nor the lender. In these contracts, the lender is the beneficiary; should the borrower (trustor) default on the loan, the lender then asks the trustee (neutral third party) to foreclose on the property. Following the procedure set forth in the deed of trust and adhering to state laws and regulations, the trustee then forecloses on the property. Lenders prefer deeds of trusts over true mortgages for the provision of security in the event of a defaulted loan due to their quicker and less costly method of foreclosure. The ease and security of deeds of trust has not weakened the state of mortgage contracts. Mortgages are still the prevalent security instrument in many states whose laws and regulations favor the specifications of mortgage contracts. These states are called lien theory states. States whose legal regulations favor deeds of trust are referred to as title theory states. Other states have adapted their legal structures to an intermediary approach, which grants security to both the borrower and the lender in cases of default. The intermediary approach makes provisions for deeds of trust, but also requires the lender to provide a notice of foreclosure to the borrower prior to the physical repossession, allowing the borrower the opportunity to rectify the default. Before entering into any kind of real estate contract, discuss with both your Realtor® and your lender whether you live in a lien or title theory state, or if your state takes an intermediary approach. Though one never enters into a contract with the goal to default on the loan, it is important in today’s economy to be informed and well-prepared for the worst-case scenario.

For professional advice from an experienced Realtor, call Jean Wright at (847) 217-1906 or email at

Victoria Frank

photography by george pfoertner ■ by s.h. sweet For “wonderful tours that are provocative and stimulate your mind, while you are well cared for,” check out Northfield resident Victoria Frank’s offerings (www. They may be perfect for “women of a certain age” who may not have travel companions — but still wish to travel. The groups are always small and include both Frank and local tour guides who not only know their country but who are experts in textiles. “You don’t need to weave or needlepoint to enjoy these trips, but you do need an interest in the arts,” Frank says. “We don’t do the typical tourist things, since we’re focused on textiles,” but for anyone wishing to arrive early or stay to sightsee after her tours, Frank arranges discounted hotel rates. And because Frank works ahead of time with curators and experts, one is treated to not only what’s on display at the museum, but also the archives and hidden secrets of the craft. In Belgium, the group saw breathtaking ancient lace, called Kant, made from materials no longer available. In Arizona, the group heard lectures on Southwest native American art as they travelled to Flagstaff. Textiles are a tradition practiced worldwide with unique variations. What began in Frank’s mind as tours for needlepoint enthusiasts have evolved to include specialized textiles such as Belgian tapestries (Aubusson learned from the Belgians in Tournai, she notes) and lace, British Columbian First Nation weaving, Portuguese needlepoint known as

Arraiolos, and Navajo rug traditions. Frank is particularly well suited to organize these tours. Not only is she a life-long stitcher with an academic background in art and art history, but she has also planned special events around the world. She is the president of The Textile Society at the Art Institute and participates in other textile organizations.

“Victoria planned the most beautiful lunches and dinners. Really, nothing is left to chance.” | Bonnie Stepan While a typical agenda is filled with museums, lectures, and demonstrations, her guests’ time is not overly organized. Each day features luncheons as a group, but evenings offer opportunities to explore an area on your own or get together in smaller groups. On the trip to Portugal in March 2014, Frank promises the gala final banquet will be held at a palace — and will even include cocktails with the princess. Lifelong North Shore resident Bonnie Stepan travelled with VCF Inc. to Belgium. “When you take a VCF trip, you are going on an adventure. It’s not an ordinary experience,” she says. “Our sleeping accommodations were in the finest hotels. Victoria planned the most beautiful lunches and dinners. Really, nothing is left to chance. Even our free time for shopping and wandering occurred at just the right time.” ■

The North Shore Weekend EAST, Issue 63  
The North Shore Weekend EAST, Issue 63  

The North Shore Weekend (East Zone) is published weekly and features the news and personalities of Wilmette, Kenilworth, Winnetka, Northfiel...