Category Archives: foreclosure

Sheriff Sales — Online

Have you checked the Oklahoma County web page lately? There is a link in the left-hand column for Sheriff Sales. So, I clicked it.

The next page either lets you print a complete listing of scheduled Sheiff’s Sales or view them online organized by sale date. I took a look at the April 5, 2007 docket. I could scroll down the page and view the property address, attorney information, case number and Sheriff’s appraised value. Beneath that was what looked like a blank space for Assessed value and another for taxes. These aren’t blanks. They are hot links to the Assessor’s property card and tax payment history for the property.

So, very quickly you can tell the square footage, pull comparable sales figures, check the recent sales history, year of construction and frequently view a picture of the property.

So, did I see anything interesting? I thought you would never ask.

One of the first things that I noticed is that the Sheriff’s appraisal is frequently coming in below (in some cases significantly below) the assessed value. Second, want a house in Quail Creek? How about Nichols Hills or Val Verde? They’re there. There is actually one house with an assessed value in excess of 1/2 a mill. Now, the County has it appraised for less. If it sells for opening bid many thousands of square feet of excess can be yours for as little as $320,000.

I was having so much fun I thought I would print off the listings. So, I hit the print button. Then, the phone rang; and I was distracted temporarily by this thing called work. When I turned back around the printer was still going. Fifty pages later it stopped. Those are the next three sales dockets, and there are generally six listings per page.

I think I had better get back to work.

Elaine

Questions

There are days I have more questions than answers.

If a lender makes a mortgage loan disguised in the form of a line of credit to a 69-year-old woman who can barely make the payments as long as she is working but won’t be able to as soon as she stops, is that predatory?

If someone moves to another State for a few months and then moves back, can they use the Federal exemptions and hide a tax refund under the Federal wildcard?

If a debtor doesn’t raise a Truth in Lending claim in a collection case and allows a default judgment to enter before filing a Chapter 7 Bankruptcy, does that estop the Trustee from pursuing the claim on behalf of the Estate?

If someone qualifies for free credit counseling but has assets, what are the chances of getting the Bankruptcy filing fee waived?

How on Earth are we going to deal with non-priority, non-dischargeable taxes in Chapter 13’s?

How many of the homeowners currently defaulting on sub-prime mortgage loans would have defaulted if they had gotten a higher quality loan product?

How many of the homeowners losing their houses in foreclosure have been offered meaningful loss mitigation as required by FHA regulations or pooling and servicing agreements?

How many FHA mortgages are sent to foreclosure when they are less than 90 days past due in violation of Regulations? (I know of one.)

How many depository institutions have gotten away with offsetting a bank balance against a credit card debt in violation of Federal Statute? (I know of one.)

So, how was your Tuesday?

Elaine