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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.
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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

St Tammany Parish Foreclosure Sale, Sold Properties 9/12/07

September 13, 2007 by admin Leave a Comment

Sheriff’s Sale # 2006-16032
11 Mission Hills, Slidell, LA 70458
(Lot 63, Oak Harbor Subdivision, Phase I, Section I)
Writ Amount – $269,859.55 sold with the benefit of appraisement

Appraisal Amount – $282,500.00
Minimum starting bid – $188,334.00
Sold for $280,500.00
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Sheriff’s Sale # 2007-10312
(1.0 Acres Raw Land located in Section 25, Township 6 S, Range 13 E)
Writ Amount – $57,000.00 sold with the benefit of appraisement

Appraisal Amount – $7500.00
Minimum starting bid – $5000.00
Sold for $5000.00
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Sheriff’s Sale # 2007-10347
54269 Apple Pie Ridge, Slidell, LA 70461
(Lots 3, 4, 5 and 6, Square 21 of Blue Haven Subdivision) also includes 1985 RIVC Mobile Home, VIN# ROC13120AL
Writ Amount – $37,144.03 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $7000.00
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Sheriff’s Sale # 2007-12752
15335 Gretchen Lane, Covington, LA 70435
(Lot 33, Ramsey Estates Subdivision Phase II, including 2002 Indies Mobile Home, Model No. 7955, VIN No. AL28801023284AB)
Writ Amount – $69,474.20 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $75,650.00
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Sheriff’s Sale # 2007-13085
214 Canberra Drive, Slidell, LA 70458
(Lot 69, Wimbledon Estates Subdivision)
Writ Amount – $161,144.00 sold with the benefit of appraisement

Appraisal Amount – $162,500.00
Minimum starting bid – $108,334.00
Sold for $132,000.00
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Sheriff’s Sale # 2005-10657
506 Driftwood Circle, Slidell, LA 70458
(Lot 36 Brookwood Estates Subdivision, Phase 4)
Writ Amount – $118,657.74 sold with the benefit of appraisement

Appraisal Amount – $127,500.00
Minimum starting bid – $85,000.00
Sold for $128,000.00
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Sheriff’s Sale # 2005-12561
36336 Hermina Street, Slidell, LA 70460
(Lot 40, Grand Subdivision)
Writ Amount – $69,984.12 sold with the benefit of appraisement

Appraisal Amount – $22,500.00
Minimum starting bid – $15,000.00
Sold for $15,000.00
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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 Parish Foreclosure Sale Scheduled 9/12/07

September 13, 2007 by admin Leave a Comment

St Tammany Parish Louisiana Foreclosures / Distressed Properties List
Date of Sale to be Wednesday, September 12th, 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 Sheriff’s Office

Sheriff’s Sale # 2007-10312
(1.0 Acres Raw Land located in Section 25, Township 6 S, Range 13 E)
Writ Amount – $57,000.00 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12952
5436 Clearpoint Drive, Slidell, LA 70460
(Lot 72 Belair Subdivision, Phase 1E1)
Writ Amount – $95,336.03 sold without the benefit of appraisement

Sheriff’s Sale # 2005-13828
155 Sun Valley Drive, Slidell, LA 70458
(Lot 83, Square 2, Lakeshore Village Subdivision)
Writ Amount – $58,846.58 sold with the benefit of appraisement

Sheriff’s Sale # 2005-12561
36336 Hermina Street, Slidell, LA 70460
(Lot 40, Grand Subdivision)
Writ Amount – $69,984.12 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12859
1427 Hampton Lane, Slidell, LA 70461
(Lot 44, Square B, Kingspoint Subdivision)
Writ Amount – $149,526.23 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12950
1797 Garon Drive, Mandeville, LA 70448
Writ Amount – $177,397.28 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12928
119 Sapin Loop, Slidell, LA 70458
(Lot 257 Brookwood Estates Subdivision, Phase 6)
Writ Amount – $107,622.03 sold with the benefit of appraisement

Sheriff’s Sale # 2005-10657
506 Driftwood Circle, Slidell, LA 70458
(Lot 36 Brookwood Estates Subdivision, Phase 4)
Writ Amount – $118,657.74 sold with the benefit of appraisement

Sheriff’s Sale # 2006-16032
11 Mission Hills, Slidell, LA 70458
(Lot 63, Oak Harbor Subdivision, Phase I, Section I)
Writ Amount – $269,859.55 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12971
139 Magnolia Street, Mandeville, LA 70448
(Re-subdivision of Lots 7, 8, 9, 10, 11, 12, 13, and 14, Square 1 Town of Lewisburg, located in Seven Sisters Subdivision)
Writ Amount – $322,127.67 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12920
75039 Carol Lane, Covington, LA 70435
(Lot 21, Ramsey Estates Subdivision Phase II) also including mobile home Embassy 1981 902S/F-#7014F2N, VIN No. GDAIAL23813159
Writ Amount – $24,168.49 sold with the benefit of appraisement

Sheriff’s Sale # 2007-13085
214 Canberra Drive, Slidell, LA 70458
(Lot 69, Wimbledon Estates Subdivision)
Writ Amount – $161,144.00 sold with the benefit of appraisement
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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 Parish Foreclosure Sale, Sold Properties 8/29/07

September 8, 2007 by admin Leave a Comment

Sheriff’s Sale # 2003-15337
80195 Kenzie Road, Covington, LA 70435
Writ Amount – $48,024.35 sold with the benefit of appraisement

Appraisal Amount – $90,000.00
Minimum starting bid – $60,000.00
Sold for 82K
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Sheriff’s Sale # 2007-10816
409 Kostmayer Avenue, Slidell, LA 70458
(Lot 5, Square D, Salmen Addition)
Writ Amount – $77,239.10 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for 65K
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Sheriff’s Sale # 2007-10823
3103 William Tell, Slidell, LA 70458
(Lot 1 Sq 5, Salmen Addition)
Writ Amount – $111,659.68 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for Cost
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Sheriff’s Sale # 2005-10576
4005 Azalea Court, Mandeville, LA 70448
(Lot 2, Greenleaves Gardens)
Writ Amount – $115,845.22 sold with the benefit of appraisement

Appraisal Amount – $241,000.00
Minimum starting bid – $160,667.00
Sold for 170K
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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 Parish Foreclosure Sale Scheduled 8/29/07

September 8, 2007 by admin Leave a Comment

St Tammany Parish Louisiana Foreclosures / Distressed Properties List
Date of Sale to be Wed, August 29th, 2007

Sheriff’s Sale # 2003-15337
80195 Kenzie Road, Covington, LA 70435
Writ Amount – $48,024.35 sold with the benefit of appraisement

Sheriff’s Sale # 2006-16053
204 West Thistle, Mandeville, LA 70471
(Lot 33 Beau Pre Subdivision)
Writ Amount – $118,457.93 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12857
2008 Robin Street, Slidell, LA 70112
(Lots 4 and 5, Sq 35, Ozone Woods Subdivision)
Writ Amount – $86,400.00 sold with the benefit of appraisement

Sheriff’s Sale # 2007-10816
409 Kostmayer Avenue, Slidell, LA 70458
(Lot 5, Square D, Salmen Addition)
Writ Amount – $77,239.10 sold without the benefit of appraisement

Sheriff’s Sale # 2007-11564
515 Legendre Drive, Slidell, LA 70460
(Lot 162 Coin Du Lestin Estates)
Writ Amount – $225,000.00 sold without the benefit of appraisement

Sheriff’s Sale # 2004-14690
408 Magnolia Lane, Slidell, LA 70461
(Lot 12, Timber Lake Estates Subdivision, Phase 2A-2)
Writ Amount – $202,590.27 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12148
1730 Beth Drive, Slidell, LA 70458
(Lot 6, Pine Shadows Subdivision)
Writ Amount – $103,590.11 sold without the benefit of appraisement

Sheriff’s Sale # 2007-12950
1797 Garon Drive, Mandeville, LA 70448
Writ Amount – $177,397.28 sold with the benefit of appraisement

Sheriff’s Sale # 2007-10823
3103 William Tell, Slidell, LA 70458
(Lot 1 Sq 5, Salmen Addition)
Writ Amount – $111,659.68 sold without the benefit of appraisement

Sheriff’s Sale # 2007-12787
2215 Rue Toulander Street, Mandeville, LA 70448
Writ Amount – $166,171.59 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12338
40290 Highway 190 East, Slidell, LA 70461
(Lots 14 and 15 Sq 9, Beverly Heights Subdivision)
Writ Amount – $117,735.65 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12792
28481 North Lake Drive, Lacombe, LA 70445
(Lot 52 West Oaklawn Subdivision)
Writ Amount – $155,482.23 sold with the benefit of appraisement

Sheriff’s Sale # 2007-12650
1618 Chancer Lane, Slidell, LA 70461
(Lot 463 Pinehurst of Kingspoint Subdivision)
Writ Amount – $167,373.00 sold without the benefit of appraisement

Sheriff’s Sale # 2005-10576
4005 Azalea Court, Mandeville, LA 70448
(Lot 2, Greenleaves Gardens)
Writ Amount – $115,845.22 sold with the benefit of appraisement
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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 Parish Foreclosure Sale, Sold Properties 8/22/07

September 8, 2007 by admin Leave a Comment

Sheriff’s Sale # 2007-12703
44 Trace Loop, Ste., 209, Mandeville, LA 70448
(Lot 7A Greenleaves Trace, Phase 2, Parcel II, Greenleaves Subdivision)
Writ Amount – $142,800.00 sold with the benefit of appraisement

Appraisal Amount – $187,500.00
Minimum starting bid – $125,000.00
Sold for $170,600.00
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Sheriff’s Sale # 2007-12724
116 Penn Mill Lakes Boulevard, Covington, LA 70435
(Lot 41, Penn Mill Lakes Subdivision, Phase 2A-2)
Writ Amount – $249,500.73 sold with the benefit of appraisement

Appraisal Amount – $232,000.00
Minimum starting bid – $154,666.67
Sold for 180K
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Sheriff’s Sale # 2007-12154
2049 McNamara St, Mandeville, LA 70448
(Lot 42A, Square 197 Town of Mandeville)
Writ Amount – $163,397.79 sold without the benefit of appraisement

Appraisal Amount – Waived
Minimum starting bid – Cost
Sold for $146,540.00
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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