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Rep. Maratita’s Rota property up for auction
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Posted on Jul 07 2004
A 929-sq.m. real estate property on Rota owned by Rep. Janet U. Maratita will be up for auction at the Commonwealth Development Authority tomorrow.
Attorney F. Matthew Smith, who represents CDA, said the property was foreclosed after Maratita failed to pay some $32,000 that she owes CDA.
“This is an old loan that became delinquent in the 1990s. There’s been a delinquency judgment issued on this a long time ago,” Smith said in an interview.
He added that CDA has been trying to sell the property for years now and that Friday’s auction will be CDA’s fourth attempt.
But even if the property gets sold tomorrow, CDA will proceed with the delinquency judgment and pursue Maratita personally for the projected balance.
“The sale of this property will not cover the money she owes CDA. Her loan is too big,” Smith said.
Maratita’s property, located in Ginalangan, Rota, is unimproved, he added.
Saipan Tribune tried, but failed to reach Maratita for comment.
The auction will be held at the CDA conference room at 2pm tomorrow.
No minimum bid has been set. Tentative bids for the property may be submitted in advance by calling the CDA office or Smith at the Law Offices of Vicente T. Salas.
According to a notice of sale, a deposit of 10 percent of the purchase price must be paid on the day of the auction sale, while the remaining balance will be due within 10 days of the sale.
Failure to make payment on the remaining balance within the allowed 10-day period will result in forfeiture by the buyer of the 10-percent deposit. Any or all of the buyer’s right, title and interest in the property will also revert to CDA, the notice said.
