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.
Last edited by 2bikemike; 09-10-2013 at 05:27 AM..