Archives for September 2007

St Tammany Foreclosures, Sold Properties 9/26/07

September 28, 2007 by admin Leave a Comment

Sheriff’s Sale # 2005-13423
64355 Fielder Lane, Pearl River, LA 70452
Writ Amount – $54,284.01 sold with the benefit of appraisement

Appraisal Amount – $62,500.00
Minimum starting bid – $41,667.00
Sold for $41,667.00
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Sheriff’s Sale # 2006-13063
60378 Dixie Ranch Road, Slidell, LA. 70460
Parcel # 1 (2.71 Acres), and Parcel # 2 (3.40 acres)
Writ Amount – $246,066.20 sold with the benefit of appraisement

Appraisal Amount – $200,000.00
Minimum starting bid – $133,334.00
Sold for $133,334.00
———————————

Sheriff’s Sale # 2006-15847
75050 Robert Bush Road, Covington, LA 7043X
Writ Amount – $213,152.77 sold with the benefit of appraisement

Appraisal Amount – $225,000.00
Minimum starting bid – $150,000.00
Sold for $160,000.00
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Sheriff’s Sale # 2007-10307
Lot 345 and a Parcel of Land between Lots 345 and 436, Lakeshore Estates Subdivision, Phase 1A-1
Writ Amount – $210,199.49 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $50K
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Sheriff’s Sale # 2007-11715
295 Monitor Drive, Slidell, LA 70460
(Lot 5, Block 10, Centennial Park Subdivision)
Writ Amount – $87,780.46 sold with the benefit of appraisement

Appraisal Amount – $57,500.00
Minimum starting bid – $38,334.00
Sold for $38,334.00
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Sheriff’s Sale # 2007-12036
2419 Robin Street, Slidell, LA 70460
(Lot 22, Square 33, Ozone Woods Subdivision, Addition 3)
Writ Amount – $52,345.03 sold with the benefit of appraisement

Appraisal Amount – $57,500.00
Minimum starting bid – $38,334.00
Sold for $39,000.00
——————————————-

Sheriff’s Sale # 2007-12886
1222 Springwater Drive, Mandeville, LA 70448
(Lot 165, Meadowbrook Subdivision, Phase 4A)
Writ Amount – $31,849.78 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $225,000.00
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Sheriff’s Sale # 2007-13211
Lot 33, Post Oak Landing, Madisonville, LA 70447
(Lot 33, Post Oak Landing Subdivision)
Writ Amount – $254,000.00 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $175,000.00
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Visit
www.StTammanyHomesAndLand.com
for a Free Weekly List of Foreclosures in St Tammany Parish Louisiana.
Thank You
Marc Pellettiere Realtor
Scoggin Properties / GMAC Real Estate
985-867-8670

St Tammany Foreclosures Scheduled Sale Date 9/26/07

September 27, 2007 by admin Leave a Comment

St Tammany Parish Louisiana Foreclosures / Distressed Properties List
Date of Sale to be Wednesday, September 26th, 2007

This information is deemed reliable, not verified or guaranteed. Please check for accuracy, completeness, and status of all information.
These properties are not offered for sale by Scoggin Properties/GMAC Real Estate
This list is a recap of properties advertised for foreclosure sale by the
St Tammany Parish Civil Sheriff’s Office

Sheriff’s Sale # 2007-13211
Lot 33, Post Oak Landing, Madisonville, LA 70447
(Lot 33, Post Oak Landing Subdivision)
Writ Amount – $254,000.00 sold without the benefit of appraisement

Sheriff’s Sale # 2007-11738
62898 N Pontchartrain Drive, Lacombe, LA 70445
Writ Amount – $50,450.93 sold without the benefit of appraisement

Sheriff’s Sale # 2007-12886
1222 Springwater Drive, Mandeville, LA 70448
(Lot 165, Meadowbrook Subdivision, Phase 4A)
Writ Amount – $31,849.78 sold without the benefit of appraisement

Sheriff’s Sale # 2007-12670
64285 West Powerline Road Extension, Pearl River, LA 70452
(6.0 Acres w/ 1998 Chandeluer Mobile Home VIN # FLHML281359-1990A&B)
Writ Amount – $39,727.90 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13205
57445 Claiborne St, Slidell, LA 70460
(Lot 8A, Square 1, Bayou Oaks Subdivision)
Writ Amount – $156,850.28 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12036
2419 Robin Street, Slidell, LA 70460
(Lot 22, Square 33, Ozone Woods Subdivision, Addition 3)
Writ Amount – $52,345.03 sold with the benefit of appraisement

Sheriff’s Sale # 2007-10307
Lot 345 and a Parcel of Land between Lots 345 and 436, Lakeshore Estates Subdivision, Phase 1A-1
Writ Amount – $210,199.49 sold without the benefit of appraisement

Sheriff’s Sale # 2006-13063
60378 Dixie Ranch Road, Slidell, LA. 70460
Parcel # 1 (2.71 Acres), and Parcel # 2 (3.40 acres)
Writ Amount – $402,701.19 sold with the benefit of appraisement

Sheriff’s Sale # 2005-12582
160 – A Lakeview Drive, Slidell, LA 70458
(Lot 19-A Eden Isles Subdivision Unit No. 2)
Writ Amount – $138,320.47 sold without the benefit of appraisement

Sheriff’s Sale # 2005-12638
1614 Barrymore Street, Slidell, LA 70461
(Lot 236, Pinehurst of Kingspoint Subdivision, Phase 8-H)
Writ Amount – $129,684.60 sold with the benefit of appraisement

Sheriff’s Sale # 2006-15847
75050 Robert Bush Road, Covington, LA 7043X
Writ Amount – $213,152.77 sold with the benefit of appraisement

Sheriff’s Sale # 2007-11715
295 Monitor Drive, Slidell, LA 70460
(Lot 5, Block 10, Centennial Park Subdivision)
Writ Amount – $87,780.46 sold with the benefit of appraisement

Sheriff’s Sale # 2007-10669
179 Belle Terre Blvd, Covington, LA 70433
(Lot 11 Riverwood Forest Subdivision)
Writ Amount – $212,000.00 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13383
30232 Nina Drive, Lacombe, LA 70445
(Lot 4, Square 8, Oaklawn East Subdivision, Section 2)
Writ Amount – $156,919.97 sold with the benefit of appraisement

Sheriff’s Sale # 2005-13423
64355 Fielder Lane, Pearl River, LA 70452
Writ Amount – $54,284.01 sold with the benefit of appraisement

Sheriff’s Sale # 2007-10494
350 Emerald Forest Blvd, Unit 2102, Covington, LA 70433
(Unit 2102 Emerald Forest Condominiums)
Writ Amount – $65,008.90 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13456
16054 Kuhn Road, Covington, LA 70435
Writ Amount – $148,936.29 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13411
1621 Shylock Drive, Slidell, LA 70461
(Lot 481, Pinehurst of Kingspoint Subdivision, Phase 8-G)
Writ Amount – $96,408.59 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13001
23060 3rd Street, Mandeville, LA 70471
(Lots 19, 20, 21, and 22, Square 18, Ponchatolawa Subdivision)
Writ Amount – $71,118.99 sold with the benefit of appraisement

Sheriff’s Sale # 2007-11911
747 Labarre Street, Mandeville, LA 70448
Writ Amount – $181,839.42 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13282
2381 Cours Carson Dr. Mandeville, LA 70448
(Lot 9-B, Square 343-B, Town of Mandeville)
Writ Amount – $170,256.45 sold with the benefit of appraisement
—————————————————————————
Visit
www.StTammanyHomesAndLand.com
for a Free Weekly List of Foreclosures in St Tammany Parish Louisiana.
Thank You
Marc Pellettiere Realtor
Scoggin Properties / GMAC Real Estate
985-867-8670

St Tammany Parish Important Links

September 22, 2007 by admin Leave a Comment

My Favorite Links.

St Tammany Homes And Land / Marc Pellettiere
This is my website. Here you can sign up to receive lists of foreclosures in St Tammany Parish. or request a CMA, Comparable Market Analysis, for your home.
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St Tammany LA Real Estate
Search for local real estate, or create an account. Have new properties matching your criteria emailed directly to you.
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Scoggin Properties / GMAC Real Estate
This is my team.
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The Rainforest Site
I go to this website everyday and click for free, also they have several sister websites that are philanthropic in nature. It is also an excellent website to find unique gifts.
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LSU Agricultural Center / Extension Service
If you have any questions about growing a garden, farming, or raising livestock in St Tammany, or Louisiana overall. This is the place to go.
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The Arbor Day Foundation
Get 10 Free Trees, of your choice, with membership. I encourage everyone to join and plant trees on their property. I have planted Cypress trees around my pond for several years, as well as White Dogwoods, Hazelnuts, and Crepe Myrtles.
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St Tammany West Chamber of Commerce
610 Hollycrest Blvd
Covington, LA 70433
Phone: (985) 892-3216
Fax: (985) 893-4244
St Tammany West Chamber of Commerce
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East St Tammany Chamber of Commerce
118 West Hall Ave
Slidell, LA 70460
Phone: (985) 643-5678
Fax: (985) 649-2460
East St Tammany Chamber of Commerce
also Slidell, LA Chamber of Commerce
Both websites will bring you to the same place.
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West St Tammany YMCA
71256 Francis Road
Covington, LA 70433
985-893-9622 – Phone
985-893-4866 – Fax
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St Tammany Parish Home Builders Association
St Tammany Home Builder’s Association Online
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St Tammany Humane Society
St Tammany Humane Society
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St Tammany Parish Registrar of Voters
St Tammany Registrar of Voters
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City of Covington
317 North Jefferson Street, #120
Covington, LA 70433
985-892-1873
www.cityofcovingtonla.com
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City of Mandeville
3101 East Causeway Approach
Mandeville, LA 70448
985-626-3144
City of Mandeville Online
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City of Slidell
P.O. Box 828
Slidell, LA
985-646-4375
City of Slidell Online
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Town of Abita Springs
P.O. Box 461
Abita Springs, LA 70471
985-892-0711
City of Abita Springs Online
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Tammany Trace Foundation
21490 Koop Drive
Mandeville, LA
985-867-9490
Tammany Trace Online
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St Tammany Parish Library
Covington Branch
310 West 21st Avenue
Covington, LA 70433
985-893-6280
St Tammany Parish Library (Covington Branch) Online
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Lake Pontchartrain Basin Maritime Museum
133 Mabel Drive
Madisonville, LA 70442
985-845-9200
Lake Pontchartrain Basin Maritime Museum Online
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My FICO
Keep accurate track of your Credit Score
This is an excellent site. Everyone should keep better track of their credit scores.
Free Trial period.
My FICO
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This is a link to United States Treasury Department / IRS Auctions of seized assets. United States Treasury Auctions

There are also several good links off of this site. There are portals to the US Marshal’s Service as well as the US Postal Service, and the auctions that these govermental agencies have. You can also sign up to be notified of upcoming sales. These sales are not held locally and I have never been to one of them but they are out there for the right investor.
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The City of New Orleans
The City of New Orleans Online
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DeedFax Online for SouthEastern Louisiana
DeedFax Online
For anyone wanting in-depth information of sold comparisons. IE Residential and Commercial Comps.
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Some good information on Government Grants.
Information on Government Grants
I think this is a good site.
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The Louisiana Gulf Opportunity Zone Business Guide
Louisiana Gulf Opportunity Guide
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LoopNet, An Excellent Site of Commercial Real Estate.
LoopNet
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Louisiana Department of Agriculture and Forestry
LA Dept of Agriculture and Forestry
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St Tammany Parish Sheriff’s Office
St Tammany Parish Sheriff’s Office
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St Tammany Parish Government Online
St Tammany Parish Government Online
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United States Post Office Auctions
USPS Auctions
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The Homepage of The Nature Conservancy. The Nature Conservancy
I think the Nature Conservancy has a good idea about saving land for the future. I like forests and wildlife, and there is harmony in nature. I have supported them with money and time. I wish I could support more.
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The Louisiana Department of Enviromental Quality
LA Dept of Enviromental Quality
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Free Education on the Internet
Free Education Online
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The St Tammany Hospital Foundation
1202 South Tyler St
985-898-4435
St Tammany Hospital Foundation
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Saint Joseph Abbey and Seminary College
75376 River Road
St Benedict
985-867-2233
St Joseph Abbey
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United Way
Greater New Orleans Area, St Tammany
United Way, St Tammany
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Ponchartrain Vineyards
81250 Highway 1082
Bush
985-892-9742
Pontchartrain Vineyards

You can go to Jazzin’ in the Vines. Drink some wine, listen to some music. Bring bug spray.
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Playmaker’s Theater
19106 Playmakers Road
Covington
985-893-1671
Playmakers Theater
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Southeastern Louisiana University
Southeastern Louisiana University
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Mandeville Trailhead Center
675 Lafitte St
Mandeville
985-624-3147
Mandeville Trailhead
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Information on the Annual St Tammany Parish Fair, usually held around September can be found at this wewbsite.
The St Tammany Parish Fair Online
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Inside Northside Magazine
Inside Northside Magazine
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Splendor Farms Bed and Breakfast, Bush, LA
www.splendorfarms.com
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PS. Please, anyone may post websites affilaited with St Tammany Parish, I want to encourage it.
Thank You
Marc
marcp@scogginproperties.com

St Tammany Parish Foreclosure Sale, Sold Properties 9/19/07

September 20, 2007 by admin Leave a Comment

Sheriff’s Sale # 2005-14044
228 Martin Luther King Drive, Covington, LA 70433
(Lot 17A, Block 99, Ozone Place Annex)
Writ Amount – $33,705.81 sold with the benefit of appraisement

Appraisal Amount – $60,000.00
Minimum starting bid – $40,000.00
Sold for $46,100.00
———————————

Sheriff’s Sale # 2006-13730
350 Oriole Drive, Slidell, LA 70458
(Lot 17, Square 30, Audubon Place Subdivision, Unit 3)
Writ Amount – $79,619.72 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $50.000.00
———————————

Sheriff’s Sale # 2007-10053
225 Moonraker Drive, Slidell, LA 704xx
(Lot 534, Moonraker Island Subdivision, Phase 3D)
Writ Amount – $178,839.25 sold with the benefit of appraisement

Appraisal Amount – $197,500.00
Minimum starting bid – $131,666.67
Sold for $131,666.67
———————————-

Sheriff’s Sale # 2007-13209
205 Black Jack Oak Drive, Madisonville, LA 70447
(Lot 2 Black River Forest, Phase 1)
Writ Amount – $288,781.00 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $373K
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Sheriff’s Sale # 2007-13210
Lot 55 Timberlane Subdivision Phase II, Madisonville, LA 70447
(Lot 55 Timberlane Subdivision, Phase 2)
Writ Amount – $261,400.00 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $251K
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Sheriff’s Sale # 2007-13212
Lot 11 Pineview Heights Subdivision and Lot 55 Timberlane Subdivision
Writ Amount – $44,767.85 sold without the benefit of appraisement
(The 2nd mortgage is removed on Lot 55, due to Sheriff’s sale 2007-13210, therefore Lot 55 is removed from this sale, only Lot 11 is was sold)

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $20K
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Sheriff’s Sale # 2007-13214
Lot 40, Post Oak Landing, Madisonville, LA 70447
(Lot 40, Post Oak Landing)
Writ Amount – $267,750.00 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $280K
———————————————-

Sheriff’s Sale # 2007-13215
Lot 18, Dominion Subdivision, Madisonville, LA 70447
(Lot 18 Dominion Subdivision)
Writ Amount – $325,000.00 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $330K
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Sheriff’s Sale # 2007-13216
Raw Land, Lot 75 Timberlane Subdivision Phase II
Writ Amount – $261,400.00 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $150,100.00
———————————————-

Visit
www.StTammanyHomesAndLand.com
for a Free Weekly List of Foreclosures in St Tammany Parish Louisiana.
Thank You
Marc Pellettiere Realtor
Scoggin Properties / GMAC Real Estate
985-867-8670

St Tammany Parish Foreclosure Sale, Scheduled 9/19/07

September 19, 2007 by admin Leave a Comment

St Tammany Parish Louisiana Foreclosures / Distressed Properties List
Date of Sale to be Wednesday, September 19th, 2007

Sheriff’s Sale # 2005-14044
228 Martin Luther King Drive, Covington, LA 70433
(Lot 17A, Block 99, Ozone Place Annex)
Writ Amount – $33,705.81 sold with the benefit of appraisement

Sheriff’s Sale # 2006-13730
350 Oriole Drive, Slidell, LA 70458
(Lot 17, Square 30, Audubon Place Subdivision, Unit 3)
Writ Amount – $79,619.72 sold without the benefit of appraisement

Sheriff’s Sale # 2007-12573
84 Grafton Drive, Slidell, LA 70458
(Lot 20A, Square 12, Northside Subdivision)
Writ Amount – $15,782.80 sold without the benefit of appraisement

Sheriff’s Sale # 2007-13120
28736 Berry Todd Road, Lacombe, LA 70445
(Lot 17, Square 6, Tammany Forest Subdivision)
Writ Amount – $58,781.75 sold without the benefit of appraisement

Sheriff’s Sale # 2007-13178
202 Lennie Circle, Slidell, LA 70460
(Lot 123, Phase 3 Huntwyck Village Subdivision)
Writ Amount – $118,000.00 sold with the benefit of appraisement

Sheriff’s Sale # 2007-10053
225 Moonraker Drive, Slidell, LA 704xx
(Lot 534, Moonraker Island Subdivision, Phase 3D)
Writ Amount – $178,839.25 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13212
Lot 11 Pineview Heights Subdivision and Lot 55 Timberlane Subdivision
Writ Amount – $44,767.85 sold without the benefit of appraisement

Sheriff’s Sale # 2007-13216
Raw Land, Lot 75 Timberlane Subdivision Phase II
Writ Amount – $261,400.00 sold without the benefit of appraisement

Sheriff’s Sale # 2007-13209
205 Black Jack Oak Drive, Madisonville, LA 70447
(Lot 2 Black River Forest, Phase 1)
Writ Amount – $288,781.00 sold without the benefit of appraisement

Sheriff’s Sale # 2007-13214
Lot 40, Post Oak Landing, Madisonville, LA 70447
(Lot 40, Post Oak Landing)
Writ Amount – $267,750.00 sold without the benefit of appraisement

Sheriff’s Sale # 2007-13215
Lot 18, Dominion Subdivision, Madisonville, LA 70447
(Lot 18 Dominion Subdivision)
Writ Amount – $325,000.00 sold without the benefit of appraisement
———————————————————————————-
Visit
www.StTammanyHomesAndLand.com
for a Free Weekly List of Foreclosures in St Tammany Parish Louisiana.
Thank You
Marc Pellettiere Realtor
Scoggin Properties / GMAC Real Estate
985-867-8670

Foreclosures FAQ

September 18, 2007 by admin Leave a Comment

Foreclosures Frequently Asked Questions.

*Is there a redemption period on Sheriff’s sales? No. Except when there are inferior IRS liens. The IRS may redeem within 6 months of the sale, but must pay 6% interest, the full purchase price, and necessary improvements made to keep the property.

*May I write a personal check at a Sheriff’s sale? No. Cash, cashier’s checks, money orders, certified checks, and bank Official Checks are the only forms of money accepted.

*What happens if I bid on the wrong property? You must be sure to bid on the right property, otherwise you might have to purchase the wrong property.

*How will I know how much money to bring as a deposit if I do not know what amount will be the winning bid? Know your bid before you come to the auction and come with 10% of that amount and no more.

*Suppose I am the winning bidder but my cashier’s check is higher than my successful bid amount? Can I get change? Yes.

*Am I the owner of the property after I put up my 10% at the auction? No.

*Can I get the property insured after I put up my 10% at the auction? Yes. If you can find an insurer who will write insurance on an insurable interest even though you are not yet an owner.

*May I enter the premises or can I have an appraiser enter the premises for financing purposes after I put up my 10%? No.

*Can I evict the occupants after I put up my 10%? No.

*What is an inferior lien? A lien that is lower in rank than the foreclosed lien.

*What is a superior lien? A lien that is higher in rank than the foreclosed lien.

*Does an IRS lien outrank other liens? No. But IRS may redeem the property as stated above.

*Why are so many Sheriff’s sales stopped? Bankruptcy, forbearance, human error.

*Can a debtor sell, donate, or transfer his property after the Sheriff has seized it, but before the Sheriff’s auction? No

*Can a debtor list it with a Realtor after seizure but before the Sheriff’s auction? He can list it, but the listing will be unenforceable and illegal.

*Suppose the debtor sells the property in spite of the seizure by the Sheriff? Is such a sale legal? Such a sale is illegal and counts for nothing.

*Can I negotiate to buy the property directly with the creditor and skip the Sheriff’s sale? Yes, but the negotiations must include the debtor, the creditor, and the Sheriff.

*What happens if I do not put up the balance of the purchase price after being the successful bidder? Can I be successfully sued for double the deposit or be forced to complete the sale? The deposit is in jeopardy, but you cannot be sued for double the deposit or be made to buy the property.

*Do I have to register for the auction? No.

*Do I get clear title at a Sheriff’s sale? If the debtor had clear title you get clear title. If the debtor did not, you do not.

*Is there a warranty? No.
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Visit
www.StTammanyHomesAndLand.com
for a Free Weekly List of Foreclosures in St Tammany Parish Louisiana.
Thank You
Marc Pellettiere Realtor
Scoggin Properties / GMAC Real Estate
985-867-8670

Dealing with Debt after Retirement

September 18, 2007 by admin Leave a Comment

Reverse mortgages designed to help “house rich, cash poor” seniors meet their day-to-day expenses have gained popularity. Equity is taken out of the home, so debt increases and equity diminishes over time, (unless the property value increases and offsets this use of equity).

Many lenders offer reverse mortgages, and most are set up so that there is no monthly payment as long as the owner or co-owner(s) reside in the home. There are no minimum income requirements, and most plans allow the owner to retain title to the property until they have lived in a different permanent residence for at least 12 full months, sell the property, die, or the end of the loan term is reached.

The Home Equity Conversion Mortgage (HECM) is the only type of reverse mortgage insured by the Federal Housing Administration (FHA). Even if the original loan on the home was not an FHA loan, the reverse mortgage can be.

Seniors should first consider all their options and take a realistic look at monthly expenses. The AARP warns not to take too big of a chunk out of home equity, as this may affect the ability to collect Social Security Income (SSI). As an alternative, the retired home owner can consider downsizing to a smaller dwelling, or relocating to a less expensive neighborhood. Visit http://www.aarp.org for more information.
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The Information in this Post is Provided by:
Integra Lending Group, LLC
Phone: 985 206 0960
Fax: 985 206 0965
Email: ls@integralg.com
For a Free Pre-Approval, Visit: Integra Lending Group
Proudly Serving St Tammany Parish Louisiana

New Orleans Real Estate Investor’s Association

September 17, 2007 by admin Leave a Comment

The New Orleans Real Estate Investors’ Association will hold its general meeting on Thursday, September 20th from 6:30 pm to 9:30pm at the American Legion Hall – Post 175, 2431 Metairie Road, Metairie, La.

Mr. Lee Salinas, A successful national speaker will be speaking on “Proven and Profitable Techniques that teaches you how to Build a Real Estate Investing Business”.

NOREIA members free, $10.00 for non-members. For further information, (504)
364-5813 or www.neworleansreia.com.

Seven Questions Every Investor Needs to Ask Before Buying.

September 13, 2007 by admin Leave a Comment

1. What is my Investment?

2. What is my ROI (Return on Investment)?

3. What is my Upside Potential?

4. What is my Downside Potential?

5. What is my Best Case Scenario?

6. What is my Worst Case Scenario?

7. How would I handle the Worst Case Scenario?
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These are just basic questions, providing a basic guideline. They are not anywhere near the depth that an Investor should go into before purchasing a particular property.

What is a Prepayment Penalty?

September 13, 2007 by admin Leave a Comment

A prepayment penalty is a fee charged to borrowers that make full payment on their mortgage, or pay off a substantial portion (generally anything exceeding 20% of the total loan amount), ahead of schedule. This is a clause written into some contracts to protect the lender’s book of business in exchange for providing a lower interest rate, or for providing financing to a high-risk borrower.

Prepayment penalties vary with different lenders, but generally apply to a one-, two-, three-, or five-year period of time. This fee can be expressed as either a specific number of months’ interest or a percentage of the outstanding balance. A ‘hard’ prepayment penalty applies to either the refinance or the sale of a property. A contract written with a ‘soft’ prepayment penalty permits the borrower to sell their property without incurring a penalty, but does restrict refinancing for a set period of time. It is important for the consumer to know that a prepayment penalty is the borrower’s choice and should never be considered a requirement!

Make sure you are working with a reputable loan professional who is aware of your long-term plans before consenting to sign off on an agreement that includes a prepayment penalty! Always ask for a written evaluation of your loan options.
—————————————–
The Information in this Post is Provided by:
Integra Lending Group, LLC
Phone: 985 206 0960
Fax: 985 206 0965
Email: ls@integralg.com
For a Free Pre-Approval, Visit: Integra Lending Group
Proudly Serving St Tammany Parish Louisiana