PENGILLY CENTENNIAL

There are only five months until the Centennial Celebration and it's not too early to be thinking of how you want to participate.

PARADE: Jim & Linda Flint at 885-1686, assisted by Marion Barta and Dan Marshall, are in charge of the parade that will take place at noon on Saturday, August 30th. Prizes will be awarded.  No candy or handouts will be allowed during the parade. Bags of treats will be given away after the parade.

VOLUNTEERS are needed to work two hour shifts during Friday and Saturday of the celebration.  Call Danna Shofner at 885-1991 to participate.

BOOK: The History and Memory book has been sent to the publishers and only a limited number of extra books have been ordered.  To guarantee a copy, call Barb Shipka at 885-2639. Tickets are still being sold for the queen size quilt made and donated by Lana Porter.

SOUVENIRS and T-shirts are still available at Sinclair and ICT gas stations or from Jean Blaine at 885-2591.

AN 'All American' KICK-OFF DAY is scheduled at the Community Center on Saturday, June 14th.  The Minnesota flag will be presented and the burning of old flags will be conducted by the Boy Scouts and VFW.  Drop off old, used and torn flags at Iron Country Traders.  There will be free hot dogs, sloppy joes, pop, coffee and bars.  This will be a fun family day.  The quilt donated by Lana Porter will be raffled off.

For more Centennial and Pengilly info----www.pengillymn.com

Have you noticed the "Welcome to Pengilly" signs?

One of our own…

Steve Heem is the guy to contact if you are looking for steaks, chicken and seafood. Steve sells by the case. He is local and often you will see him driving around with his freezer in the back of his pickup truck. You can contact him by email at: popeyeheem@yahoo.com or stop him on the road.

 Thinking Septic…

Do you need a new septic? Do you need to clean it up? We have all you need in Pengilly. Wayne, at Wayne Roberts Excavating & Construction will design, install and inspect your septic system.

Greg Kujawa at K & W Industrial Jetting & Septic Pumping will be more than happy to service your  septic and clogged drains and lines.

You can reach

• Wayne at: (218) 885-3434
• Greg at (218) 969-5027

Independent School District 316

Rochelle Vandenheuvel, Superintendent, gave GABA a presentation on Greenway School’s operating levies on February 28, 2008. She was informing the members that Greenway will be seeking a new operating levy in May 2008. She provided rationale on the need and explained how it would impact taxpayers very minutely as it would not be in addition to existing levies but more of a continuation of current levies. Dan Marshall, resident and representing Pengilly, suggested that we have a meeting in Pengilly with their representative to discuss this issue. The referendum equates to about $42 per year for a $100,000 home. It impacts all of us. The meeting will be right after the Booster Club meeting which starts at 6 PM on Tuesday, April 8.  The ISD 316 folks can brief those in attendance starting at 7 PM. Hope to see you there.

FORECLOSURES AND SHORT SALES… WHAT YOU SHOULD KNOW

Do you have a family member or friend who is delinquent on their mortgage? You don't need to be a  expert to help a distressed homeowner. Here is some simple advice you can share with them…

• Open your mail and call your lender. Delinquent borrowers are often worried or embarrassed about telling the mortgage company about their financial troubles. Let them know that the lender wants to help. Lenders would rather work out a payment schedule than let the borrower get further and further behind.
• Put your house payment first. Encourage distressed homeowners to cover their primary needs first, even though other creditors may be calling often and putting a lot of pressure on them to pay.
• A sheriff's sale does not mean you have to move right away. After the Sheriff's Sale is a redemption period that is six months long. Homeowners are allowed to remain in their home during this time.

Beware of those offering a quick and easy fix. Unfortunately, there are many dishonest companies around that will try to take advantage of the situation. The Don't Borrow Trouble help line is available for people who have questions about solicitations. The number for Don't Borrow Trouble is 612.312.2020 or toll free 866.462.6466.

The Impact of Short Sales

Sellers may wonder whether letting a property go into foreclosure would be easier and smarter than going through a short sale. With a foreclosure a seller could stay in the property, essentially rent free, for a few months before being forced to vacate. But that fact alone does not mean a foreclosure is better.

• Whereas a short sale involves offering the home for sale, generally listed through MLS. Potential home buyers will make appointments to view the home, some will make lowball offers, agents might hold open houses and, in general, a seller's life will be disrupted, all in the hopes that a buyer will buy the home.

Basics of a Short Sale

• Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale.
• Not all lenders will negotiate a short sale, and that is why a real estate agent or a lawyer can be a tremendous help by contacting the lender's loss mitigation department to find out.
• You can't just wake up one morning and decide you're going to sell your home at a loss by asking for a short sale. Typically, lenders won't even consider a short sale if your payments are current. Lenders will be more agreeable to negotiation if your payments are in arrears. Plus, if you have cash assets, the lender might try to tap those accounts. Doing a short sale is not for the faint of heart.

Short Sale / Foreclosure Deficiency Judgments

• The bad news is a seller could be subject to a deficiency judgment for the difference between the loan amount and the amount paid. Some states have laws regarding personal guarantees, which could also result in a deficiency judgment, if the home owner is held personally liable for loan repayment.
• The lender has sole discretion whether to pursue a deficiency judgment in those instances when the judgment is permitted. To determine whether a pending foreclosure or short sale is subject to a deficiency judgment, talk to a real estate lawyer.
• If you're a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale. Seek legal and tax advice before making that decision.

Carole is flying solo…

Just a note to let you know that I am now flying solo with my real estate business.  Doug & I have decided to part company. You still can reach me at (218) 969-8855 or at (218) 259-6600. So, look for my new billboards that will be up shortly.