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(Washington Post)   A group of eight companies seems to have all the luck when winning tax lien auctions in DC, which raises a few eyebrows since A) they are all owned by the same guy B) that guy was previously convicted of bid-rigging in neighboring MD   (washingtonpost.com) divider line 52
    More: Obvious, criminal conspiracy  
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6446 clicks; posted to Main » on 09 Sep 2013 at 7:07 PM (49 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-09-09 05:53:46 PM
They're not actually all owned by the same guy, subby, but that's OK. You would have had to read 6 sentences into the article to know that, and who's got time for that noise.

All the same, Steve Berman deserves a robust bamboo caning.
 
2013-09-09 06:33:46 PM
Whoa, that is a weird layout for the Washington Post. Did subby submit the mobile site?
 
2013-09-09 06:56:50 PM
What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.
 
2013-09-09 07:12:30 PM
Grifters gotta grift
 
2013-09-09 07:13:20 PM

Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.


That's because you guys are socialists who don't understand the value of unregulated banks.  Look how well it's working out for American homeowners.
 
2013-09-09 07:13:28 PM

Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.


It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

How do taxes work in Britain when people don't pay them? (serious question)
 
2013-09-09 07:15:16 PM
Corruption: No better place to do it right than New Rome on the Potomac.
 
2013-09-09 07:15:40 PM

HMS_Blinkin: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

That's because you guys are socialists who don't understand the value of unregulated banks.  Look how well it's working out for American homeowners.


...

There aren't any banks involved. They were tax lien seizures. That was in the first two sentences of the article.
 
2013-09-09 07:19:05 PM
Proof there is no property ownership in the United States: Try not paying your property taxes.
 
2013-09-09 07:19:24 PM

ElLoco: That was in the first two sentences of the article.


Like I can be expected to read articles.  I'm a liter, forchrissakes.

/you are technically correct
//which is the best kind of correct
 
2013-09-09 07:20:42 PM
FTFA: Once the liens were won, the companies charted an aggressive course through the District that would shake families for years to come, pressing to foreclose on homes in every ward - often over tax debts of $500 or less.

In any decent, sane country, people who caused that kind of misery would be flensed.  It's why I laugh when I hear, "America is a Christian nation".  No, it's a nation full of Christians.  Big difference.
 
2013-09-09 07:21:13 PM

HMS_Blinkin: ElLoco: That was in the first two sentences of the article.

Like I can be expected to read articles.  I'm a liter, forchrissakes.

/you are technically correct
//which is the best kind of correct


No worries. The bank thing is still pretty much correct, and irritating to me, also.
 
2013-09-09 07:30:54 PM

ElLoco: It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.


The government is allowing another party to pay the tax and then allows that party to put a lien on the property for doing so. If the owner of the property fails to repay the tax to the party that bought the tax lien then that party can seize the property -- not the state.

It's a very scummy system and only benefits those parasites buying the liens. If the government was seizing the property it would make much more sense.
 
2013-09-09 07:34:52 PM

Chagrin: ElLoco: It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

The government is allowing another party to pay the tax and then allows that party to put a lien on the property for doing so. If the owner of the property fails to repay the tax to the party that bought the tax lien then that party can seize the property -- not the state.

It's a very scummy system and only benefits those parasites buying the liens. If the government was seizing the property it would make much more sense.


It benefits the government that is selling the tax liens. Blame them for the admittedly scummy system.
 
2013-09-09 07:39:06 PM

yeegrek: FTFA: Once the liens were won, the companies charted an aggressive course through the District that would shake families for years to come, pressing to foreclose on homes in every ward - often over tax debts of $500 or less.

In any decent, sane country, people who caused that kind of misery would be flensed.  It's why I laugh when I hear, "America is a Christian nation".  No, it's a nation full of Christians.  Big difference.


It's the state that allows this to happen. The state is creating the system that allows these people to buy the tax liability, charge the property owner interest, and allow them to eventually seize the property.
 
2013-09-09 07:42:29 PM

Chagrin: ElLoco: It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

The government is allowing another party to pay the tax and then allows that party to put a lien on the property for doing so. If the owner of the property fails to repay the tax to the party that bought the tax lien then that party can seize the property -- not the state.

It's a very scummy system and only benefits those parasites buying the liens. If the government was seizing the property it would make much more sense.


It's the same thing, and despite the scumminess of the purchasers, it gives the owner of the property at least three months more to cover the tax liability after the point at which the city/county would have seized and auctioned the property. The tax liens aren't offered for sale until the city/county would have instigated a seizure on the property anyway. Once the local gov gets it, you've got a few weeks or maybe up to a month before you lose it if you don't pay it... depending on what local laws are in place that requires some specific time period to list a notice of auction
 
2013-09-09 07:45:04 PM
"It just doesn't seem fair or right."

no it doesn't. I know that, you obviously know that and we both know that fair or right have no place in America today.  Capitalism has spoken!!

all praise to Profit no matter what the cost.

/i know, i sound poor.
 
2013-09-09 07:47:34 PM
Any way we can just kill these farkers?  Maybe eat their children?  I'm so sick of hearing "guy with money farks over millions and gets a slap" stories.
 
2013-09-09 07:49:30 PM

plewis: Any way we can just kill these farkers?  Maybe eat their children?  I'm so sick of hearing "guy with money farks over millions and gets a slap" stories.


guy with millions farks over millions & makes millions!
 
2013-09-09 07:53:42 PM
Remember, boys and girls:  Rich people got that way because they're better than the rest of us and they work harder.
 
2013-09-09 07:54:24 PM
I used to work for an escrow company so when you didn't pay your taxes we would swoop in and pay them so our customer (the lender) didn't lose the house. And it always amazed me that the county could sell your taxes to someone else. 99% of the time the person who bought it just wanted their money back, a fee, and misc costs and the lien was released. So 1k in taxes would cost like 1700 to get back. That's some decent profit there, but still....was weird.

Some counties the next DAY after it was due it would go yo tax sale. Then there was a county in California where the person didn't pay their property taxes for SIX years and when I asked the collector if the taxes went to tax sale she said "heavens no...that won't happen for awhile..." Wtf.
 
2013-09-09 07:55:35 PM
well, i'm sure that if they discover the firms broke the law in acquiring these properties, then the properties will all be returned to the previous owners and justice considered done.


bwwwwwaAAAAAAAAAA HAHAHhahhahahahahahhahahahahhha   just kidding he will get fined for less than ive paid in crooked farking dc parking tickets.
 
2013-09-09 07:56:24 PM

HotIgneous Intruder: Corruption: No better place to do it right than New Rome on the Potomac.


Precisely. Those TEA Party fanatics are going to drink wine and sing songs while the country burns. Might as well cash in, right?

Why did Founders ever listen to the calls for 'Republic, Republic!' They were educated, and had read the results of previous attempts.
 
2013-09-09 07:57:16 PM

ElLoco: It's the same thing


Not really at all. If the state was seizing the property then the state would be the sole beneficiary, but as it is, it's the purchasers of the tax liens that are the beneficiaries of the seizures. It's allowing a third party to weasel into the system and profit from it. It doesn't need a middleman.
 
2013-09-09 07:58:08 PM
Kind of a new twist on tax farming.

What a bunch of heroes.
 
2013-09-09 08:12:23 PM

ElLoco: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

How do taxes work in Britain when people don't pay them? (serious question)


I think you get sent to Australia.
 
2013-09-09 08:14:57 PM

HotIgneous Intruder: Corruption: No better place to do it right than New Rome on the Potomac.


Any of the NYC bankers in the dock yet?
 
2013-09-09 08:19:16 PM

ElLoco: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

How do taxes work in Britain when people don't pay them? (serious question)


I had to look it up because I had no idea of the actual process.
Link

Looks like there are many, many, steps. Reminders, summons, liability order, request for information then they can ask for attachment of earnings or benefits (welfare) or go to balifs (who will take furniture, TV etc to pay for the debt) then finally bankruptcy.
In short it is a long process with many, many stages for someone to do something. You just do not hear of people losing their homes from not paying their council tax so I guess it rarely gets to that stage.
The US system sounds like you could be a day late then wham! Your home is being auctioned!

The other thing about Council Tax in the UK is that it is in bands, but the most expensive band is (in my area) £2200 a year. ($3500 a year) even if my home is a £50 million mansion with three swimming pools and a heliport.
(The cheapest band is £750 a year, about $1200)
 
2013-09-09 08:20:47 PM

Nuclear Monk: ElLoco: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

How do taxes work in Britain when people don't pay them? (serious question)

I think you get sent to Australia.


If only. I think people would be queuing up for that "punishment"....
 
2013-09-09 08:23:28 PM

Flint Ironstag: ElLoco: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

How do taxes work in Britain when people don't pay them? (serious question)

I had to look it up because I had no idea of the actual process.
Link

Looks like there are many, many, steps. Reminders, summons, liability order, request for information then they can ask for attachment of earnings or benefits (welfare) or go to balifs (who will take furniture, TV etc to pay for the debt) then finally bankruptcy.
In short it is a long process with many, many stages for someone to do something. You just do not hear of people losing their homes from not paying their council tax so I guess it rarely gets to that stage.
The US system sounds like you could be a day late then wham! Your home is being auctioned!

The other thing about Council Tax in the UK is that it is in bands, but the most expensive band is (in my area) £2200 a year. ($3500 a year) even if my home is a £50 million mansion with three swimming pools and a heliport.
(The cheapest band is £750 a year, about $1200)


Just to add a "Charging Order" is similar to a Lien, but generally it is placed on a property by a judge and just lies there until a property is sold, and then it has to be paid. Generally it cannot force the sale itself.
 
2013-09-09 08:31:23 PM
ElLoco:

How do taxes work in Britain when people don't pay them? (serious question)

The equivalent tax is "council tax" which is typically a lot lower than property tax in the US and in most districts is capped at a few thousand bucks regardless of how expensive your house is. In London's, for example, the average council tax is about $2000. There are additional discounts if you are the only adult in your house and some exemptions - like for people who are mentally impaired, so it's generally less of a problem as an issue. Also renters pay the tax directly rather than through the landlord.

If you should pay and don't they eventually haul your ass to court and either garnish your wages or send a bailiff in to take your stuff for auction. They can send you to jail for up to 90 days but you'd have to repeatedly piss off magistrates over the course of several court hearings to ever get to that stage.
 
2013-09-09 08:38:46 PM

Isitoveryet: "It just doesn't seem fair or right."

no it doesn't. I know that, you obviously know that and we both know that fair or right have no place in America today.  Capitalism has spoken!!

all praise to Profit no matter what the cost.

/i know, i sound poor.


I cant wait until you get a job and your employer just decides that it has a really hard time paying you.
Lets see how charitable you are, then.
 
2013-09-09 08:40:06 PM

ElLoco: How do taxes work in Britain when people don't pay them? (serious question)


The Queen sends the Beefeaters, who pick up the house and drop it off at the nearest baron's estate. That's why they call the exposed part of their land the "garden", because they're living on a patch of the Queen's land at her pleasure.
 
2013-09-09 08:42:29 PM

Chagrin: ElLoco: It's the same thing

Not really at all. If the state was seizing the property then the state would be the sole beneficiary, but as it is, it's the purchasers of the tax liens that are the beneficiaries of the seizures. It's allowing a third party to weasel into the system and profit from it. It doesn't need a middleman.


It is the same... with some 'ifs' and 'buts.'

In most counties, tax sales are terminal. There's no reserve. It brung what it brung, as it were. In many cases, the public sale doesn't even cover the tax liability so the local gov 'wins' by selling the liability at full face value rather than selling the property for what it might bring at auction... but that's not really any thing. You win some, you lose some. There are some basic scenarios for tax sales that prompts these lien auctions, rather than property auctions.

1. A tax lien is sold for face value. The local gov gets exactly what is owed them.
2. A tax lien is sold for a percentage near face value (which is likely what these in the article are). The gov nearly comes up flush, but doesn't have to deal with seizure, physical property, potential EPA liability, etc., etc.
3. The property is seized by the gov, auctioned, and it brings less than the liability. If this happens, the locals may even go in the hole on the deal when the costs are added.
4. The property is seized, auctioned, and brings more than the liability... but there's a property lien on it. The surplus after the liability goes the the second lienholder (local tax liens advance to 1st)
5. The property is seized, it brings a shiatload at auction, and there is no other lien holder. The local gov scores here.

There are others, of course, but those are the basics. As you can see, the local gov is rarely the sole beneficiary since the people buying the property are the ones making the big bucks off the seizure if they have a use for it or a place to go with it. They rarely even come out break-even. The government is more interested in just getting back as much as they can of what is owed them with the least cost and fewest headaches... and that's where auctioning lien paper shines.

Regarding #4 up there, when there is an additional lienholder (and this applies in Texas, among other states) like a bank mortgage, the bank will show up and run up the bids, and in many cases end up buying back the property if the owner's liability to the bank is large enough. In Texas (and I think it is all counties, but I may be wrong here,) when a property sells at the courthouse on a tax liability, all liens are cleared. So for example: A home with an estimated value of 500k goes to auction over a 25k tax liability. There is a 350k mortgage on the home from a bank. I show up and win a bid of 50k. The city/county gets their 25k in full, the bank gets 25k towards their 350k mortage which is then removed from the deed, and I get a half mil house free and clear for my 50k in cash paid to the assessor at the time of the sale. The bank takes it in the ass for 325k and can do absolutely jack about it other than go after the original borrower... who will tell them to get bent since they couldn't even cover the 25k in taxes.
 
2013-09-09 08:51:46 PM

Flint Ironstag: The US system sounds like you could be a day late then wham! Your home is being auctioned!


Kinda, sorta... but not at the time that you actually incur any liability. Most counties and cities will let a tax bill ride if you make some attempts at paying it here and there. The last home I bid on at the court house was 5 years in arrears and had accumulated a liability of around 6500 per year. Another that I had interest in was over 4 years in arrears and didn't actually make it to auction as the owner finally paid up when the county gave him his seizure date.

But, when you finally get that date, be it 6 months later or 5 years later, you'll be out on your ass at the curb first thing in the morning the day after.
 
2013-09-09 09:18:13 PM

Chagrin: yeegrek: FTFA: Once the liens were won, the companies charted an aggressive course through the District that would shake families for years to come, pressing to foreclose on homes in every ward - often over tax debts of $500 or less.

In any decent, sane country, people who caused that kind of misery would be flensed.  It's why I laugh when I hear, "America is a Christian nation".  No, it's a nation full of Christians.  Big difference.

It's the state that allows this to happen. The state is creating the system that allows these people to buy the tax liability, charge the property owner interest, and allow them to eventually seize the property.


"The State" is not some amorphous evil blob that randomly descends on helpless citizens.  It's made of people.  Countless people made this happen, and allow it to continue to happen.  If those people wanted to stop this, they could hold a vote tomorrow morning and stop it.  They choose, of their own free will, to not do so.
 
2013-09-09 09:32:37 PM

ElLoco: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

How do taxes work in Britain when people don't pay them? (serious question)


They seize your property, of course.

"Anything you buy with money from tax evasion can be seized through the Proceeds of Crime Act. This could include your home, car and business."

http://www.kinsellatax.co.uk/proceeds-of-crime
 
2013-09-09 09:54:01 PM

Flint Ironstag: The US system sounds like you could be a day late then wham! Your home is being auctioned!


No, not really.

In reality, once it becomes past due, it can go on for years and years, until eventually the local government wants to go to court to seek seizure of the house.  Then there's notice and a court hearing and such, and the debt could be paid any time before the judge actually permits the auction.

Here's a real-life example from earlier this year.

A guy I know grew up in a small town in rural Kentucky.  His father, the homeowner of his childhood home, died of cancer 4 years ago.  The entire family moved out of the house and got a new place to live, because the family was largely living on his pensions/investments and they knew the house was heavily mortgaged.  They assumed that they would be unable to pay the mortgage or property tax, and the house would be seized and auctioned, so they were just going to move out as soon as he died and call it a loss.

Well, earlier this year he visited his old hometown for the first time since the funeral.  He drove by his old childhood home, wondering who ever bought it.  The place was abandoned.  The yard was overgrown, the place looked a little dilapidated.  It was clear it hadn't been inhabited in some time.

He got out of his car and investigated.  He still had on his keyring the old key to the house. . .and it worked.  Inside the place was just as they had left it when they were moving out.  The house had sat abandoned for 4 years.

He knew not a dime had been paid on it in 4+ years, so he wondered what was up.  What happened?

Well, some calls later and he found out his father had a life insurance policy that was set up specifically to pay off the mortgage in the event of his death.  The house was paid for, free and clear.  There was 4 years of back property taxes to pay, and some minor repairs because of how long the house had set abandoned, but for only a few thousand dollars he could get his old childhood home back and get it in livable condition.  The family pooled its money together and did just that and moved back in.

Yeah, in a lot of jurisdictions the city or county government would have sought a tax sale a few months after that first property tax was late, but it's also possible for tax bills to go unpaid for years, all depending on how strict the local government is on the issue.

Once they choose to go to court though, things will likely work fairly quickly (on a scale of weeks, maybe a few months) and in the end the Sheriff will be coming by soon to serve papers and remove you from the property.
 
2013-09-09 11:15:44 PM
*makes demographic presumption**opens story**unsurprised*
 
2013-09-09 11:37:56 PM

itcamefromschenectady: ElLoco: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

It isn't that they didn't pay a bill... they didn't pay their taxes. The local government is seizing the property and putting it up for auction.

How do taxes work in Britain when people don't pay them? (serious question)

They seize your property, of course.

"Anything you buy with money from tax evasion can be seized through the Proceeds of Crime Act. This could include your home, car and business."

http://www.kinsellatax.co.uk/proceeds-of-crime


Tax evasion is a criminal matter and entirely separate to just not paying your taxes. It's not paying your taxes and then trying to get away with it!

More seriously, they won't/can't take your home in the case of bankruptcy, assuming of course you have no mortgage. Not paying council tax will land you in court, get judgements against you, ruin your credit rating, eventually jail for contempt if you refuse to pay but are not bankrupt. AFAICT.
 
2013-09-09 11:51:43 PM

Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.


Except there's the case of you off on holiday and someone breaks in and squats and it takes years to get them out -- after they sell/break all your stuff.

"...squatting in residential property became a criminal offence on September 1, 2012."

A *YEAR* AGO THIS WAS MADE ILLEGAL???
 
2013-09-09 11:56:03 PM
These people had plenty of time to make their grandsons win enough money in golf tournaments to prevent that asshole Shooter from seizing their homes.
 
2013-09-09 11:56:59 PM
The farked up part of this is how my government tax debt is taken over by a private group.
 
2013-09-10 12:41:36 AM

ElLoco: 5. The property is seized, it brings a shiatload at auction, and there is no other lien holder. The local gov scores here.


In most jurisdictions, the former owner can file for "excess proceeds." Of course, the local government expends exactly zero effort to inform the former owner of this windfall. In most cases the money escheats to the government in order to be squandered wisely.
 
2013-09-10 03:09:17 AM

lohphat: Flint Ironstag: What a weird system, that someone can put a debt on your home, sell it to someone else and then they demand you pay it. Unheard of in Britain, the only people who have a charge on your home are your mortgage holder and you can use your home as security for a loan, but having something like this imposed for not paying a bill? Just doesn't happen. Or if it does it's so rare and/or only in really rare cases that I've never heard of it.

Except there's the case of you off on holiday and someone breaks in and squats and it takes years to get them out -- after they sell/break all your stuff.

"...squatting in residential property became a criminal offence on September 1, 2012."

A *YEAR* AGO THIS WAS MADE ILLEGAL???


Yeah, I know... It's THEIR system that's wack.... Couldn't possibly be both eh?

Idiot.
 
2013-09-10 03:17:52 AM

Nutsac_Jim: Isitoveryet: "It just doesn't seem fair or right."

no it doesn't. I know that, you obviously know that and we both know that fair or right have no place in America today.  Capitalism has spoken!!

all praise to Profit no matter what the cost.

/i know, i sound poor.

I cant wait until you get a job and your employer just decides that it has a really hard time paying you.
Lets see how charitable you are, then.


Whatever you're trying to say, if you're not trying to sound like a nutsac with no conscience you're failing. Hard.

There are two options: 1) I deserve everything I have (and more) even if I've walked on the backs of hundreds to get where I am because look at my merits. OR 2)One day imma get wut I deserve and these damned libs are in the way, wanting to own the homes that massah obviously has.

You choose douchebag,

And while you choose I'd like to say: the global population deserves better and no 'job creator' is worth 1000 proles.
 
2013-09-10 03:35:30 AM

Flint Ironstag: The US system sounds like you could be a day late then wham! Your home is being auctioned!


Tenneessee isn't a tax lein state. It's a tax deed state. You have to be two years delinquent then it goes to auction. So, let's say you owed $2,000. It goes to auction and gets bid to $4,000. (I buy it.) So, the county gets an excess 2k for their coffers and the sale goes to a judge for a approval. That takes about a month. At that point, it's mine. I get a deed. Screw the bank. I've got a deed and no mortgage with them. There's a few ways this can go down.

1. I could hassle you. You get a year to rescind the sale. The police gives you a notice of 30 days to get out, so you spend that time scraping up money and pay my 4k with 10 percent interest per anum. Or maybe you do leave, but you still have time to get back in. If I have expenses, you pay that as well, but that's hard to prove, so unless it's the government yelling at me about cleaning up the yard, I'm SOL.

2. I lay low, let you live there for a year. Then I show up to inform you that you've been living on my property for a whole year and need to leave.

TN is one of the shorter time periods of all the states at a total of 3 years. Every state does it differently.
Fark doesn't like the source and won't link to it:
http://chanceryclerkandmaster.nashville.gov/portal/page/portal/chance r yClerkAndMaster/propertyTaxInformation/delinquentTaxSalesInformation
 
2013-09-10 08:19:28 AM
Is the answer 'C:'?
 
2013-09-10 09:09:17 AM

Isitoveryet: Capitalism has spoken!!


What the fark does this have to do with capitalism? This is all about taxes.
 
2013-09-10 09:17:39 AM
This doesn't work too well in Oregon where the State/County tend to be the ones making out. I looked into this a few years ago and found the people in arrears mostly had multiple liens on the homes they were buying. The houses tended to be in pretty poor shape, maintenance wise. Here, you can't just bid on the amount of tax due. The state will give the people a chance to pay the tax and then sell the house and keep the profit. And they don't sell them very cheap either. The other lien holders can either buy them at market value+ or just write the whole thing off. I looked at about a dozen properties and never saw one that had just one mortgage and a tax lien attached.

The one property I really liked had a few acres and a worthless house and probably had a value of around 200K. After digging into it it looked like the lady that owned it also owned property in another state and lived in a third. Instead of buying and flipping, she would buy and hold; in the mean time take out every home equity loan offer she could - using each property as equity on the other. Remember the days of borrowing more than a place was worth? She had over $400K she'd borrowed on the place I was looking at - hard to tell what she had on the other property. I doubt she ever had any thought of selling the places, just borrow from the "equity" and walking away. The state didn't care; she owed about $15k in back taxes, they just waited for the time to run out, sold the place for $260k, and ended up with $245k in profit. Chu-Ching! The County had pages of these kind of properties listed at the time.

There are states out there where you can buy houses for the tax lien, not here.
 
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