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-   -   Misc Retired Marine loses $200K home over $134 tax lien (http://www.chiefsplanet.com/BB/showthread.php?t=276038)

Cave Johnson 09-09-2013 10:44 AM

Retired Marine loses $200K home over $134 tax lien
 
With dementia, no less. Only in America would we institutionalize corporate theft. ****ing disgusting. Here's an idea, DC. Kickstart the tax liens. I'd gladly chip in a dollar to prevent this type of rent-seeking behavior.

http://www.washingtonpost.com/sf/inv...-with-nothing/

Tl;dr version - Selling tax liens at auction enables vulnerable individuals to be royally f'd over.

2bikemike 09-10-2013 05:20 AM

While this sucks, it is not an obscure program. Many counties offer investors the opportunity to purchase tax liens. I looked into it at one time but it was IMHO a hassle and I quit persuing it.

I am not sure how it works in DC but in some counties the interest rate paid on the tax lien is pretty good. I think I remember some counties were up around 25% But they are sold in auctions so you bid down from 25% and the lowest bidder wins. Its been quite a while since I looked into it. But if I remember right the guy should have had a chance to pay up and cancel the lien.

It sure sounds to me like the system broke down and greed overwhelmed the DC System. Probably elsewhere as well.

fan4ever 09-10-2013 09:32 AM

I wonder if I'll ever see a liberal follow the statement of "Only in America..." with something positive about this nation.

Man, we have a shit country.

jspchief 09-10-2013 09:41 AM

It's a broken system for recovering tax debt. Totally outrageous.

FishingRod 09-10-2013 09:55 AM

I had ignored this story because when I looked skimmed on by yesterday my brain saw $137,000 tax lien not $137.00.

WTF So why couldn’t they have just short paid him $5.00 on his SS a month until the debt was repaid?

suzzer99 09-10-2013 05:24 PM

Quote:

Originally Posted by fan4ever (Post 9959758)
I wonder if I'll ever see a liberal follow the statement of "Only in America..." with something positive about this nation.

It's very important to the system that we spend all our political energy bickering over partisan red-herrings while the corporations in bed with govt rob us blind.

Keep up the good work!

2bikemike 09-10-2013 05:34 PM

Quote:

Originally Posted by suzzer99 (Post 9960829)
It's very important to the system that we spend all our political energy bickering over partisan red-herrings while the corporations in bed with govt rob us blind.

Keep up the good work!

Anybody can buy a tax lien. I wouldn't say this is a situation where corporations are in bed with the Govt. Its more of a corporation jumped at an opportunity to make fast money and is fugging over a lot of people who got jammed up.

Don't mistake this to think I am defending the corporation/Govt. relationship because that's just not the case. I am just speaking as an investor who at one time looked into the Tax Lien deal.

fan4ever 09-10-2013 06:21 PM

Quote:

Originally Posted by suzzer99 (Post 9960829)
It's very important to the system that we spend all our political energy bickering over partisan red-herrings while the corporations in bed with govt rob us blind.

Keep up the good work!

Oh, sorry. Didn't mean to detain you from things you like to bitch about.

GloucesterChief 09-10-2013 06:59 PM

I dislike property taxes. I much prefer consumption taxes.


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