How To Be A Low-Life Scumbag

[lame54]

Run time: 06:40 https://www.youtube.com/watch?v=yC6w6AGtIZk   Posted on YouTube: April 27, 2009 By YouTube Member: taxlienassociation Views on YouTube: 671   Posted on DU: October 20, 2010 By DU Member: lame54 Views on DU: 220

 
http://crooksandliars.com/brad-reed/workin-tax-farm-0

So broke local governments, instead of taking the time to collect taxes properly, are essentially forking over people behind on their taxes to Wall Street, where they'll have the lovely choice of paying off their taxes at usurious interest rates or losing their house to the banks that bought their tax liens. This is a great investment for banks since, even in this horrible real estate market, they can make a significant profit from selling someone's home for the relatively low price of paying off one year's worth of property taxes to the government. Either way, it's KA-CHING, KA-CHING, KA-CHING!

For those interested in learning more about how to become a financial vulture, I found this swell how-to video posted by the National Association of Tax Lien Investors. Note the sociopathic disregard for human suffering throughout it:

[Hassin Bin Sober]

1. I've seen this happen here in Chicago to a few friends.

The mortgage company didn't pay the separate tax bills on parking spaces and the owners were neglectful in opening or paying attention to tax bills (assuming the lender had it under control).

Both of my friends were able to redeem their property by paying the investor the tax bill PLUS 18% interest. In our County I think we have a couple years before the investor can actually seize the property.

The trick for these investors is investing in property that has some value - versus some property they are stuck with. For instance, there are a lot of properties in Detroit one can snatch up for a song.