I can't believe they did it (part deux)

[ovrszd]

On another note, I just upset some snowflakes today just by saying on FB we need to vote so and so out of office. You would have thought from the responses I had wished them bodily harm or something. What is happening to people today? (Rhetorical question)

It's my opinion that we will say things to each other on social media that we would not do in person. That happens very frequently here. I'm sure I've been guilty of said behavior myself. A frequent member here called my Son and Grandson idiots because they didn't handle their Deer kill like he thought they should. I responded in defense of my family. Had he been my neighbor I would have knocked on his door. Had I been his neighbor he would have never considered making that comment on social media.

In all of our debates here it is never necessary to personally insult someone or drag their family into the fray. It's always my goal to not do that.

I'll admit after being personally attacked I have responded in like fashion. That always embarrasses me after the fact and strengthens my resolve to not repeat the offense.

 

[ovrszd]

Almost every state has an Unclaimed Property Fund where money from various accounts go when the owner is not located. I'm betting all of the property owners on that list have long ago forfeited any claim on that property for whatever reason made sense to them at the time. Most states also have reclaim laws which allows an owner to reclaim the property during some period of time after the foreclosure sale. Various conditions do apply, of course.



TBS

I should have read on down the thread before responding. Very well stated.

 

[MossRoad]

Here they have a tax sale. You bid on the property. If it sells, the winner of the auction has X days(I can't remember how many, maybe 90) to notify the owner. The owner has X days (I think it's a year) to pay the winner 110% of the winning bid plus fees, etc... to redeem their property. If they don't, it belongs to the winner.

I think it only applies to occupied homes, though. Abandoned properties, that is, one that no one live in, cannot be redeemed and go immediately to the winner of the auction.

At least, that's the way I recall how it works.

 

[MossRoad]

So, as I understand it, if your $100,000 house has $1000 in back taxes after a couple years, it gets put on the tax sale list. You can pay the taxes or it goes to auction. The auction starts at the amount of back taxes owed, so in this case, $1000. Let's say it goes up to $10,000 and someone wins it. They notify the owner, and the owner has a year to pay the winner $10,000 + $1000 (that's 110% of the winning bid) + any $$ fees. If they do, the winner made 10% on his investment. If they don't, the winner gets a $100,000 dollar house for $10,000. The former owner loses $100,00 in equity in his old property. If the winner sells the house, the winner pockets the $90,000 profit. He doesn't give it back to the former owner.

I boils down to this....

- If the owner payed his taxes, it wouldn't have gone to tax sale.
- If the owner couldn't afford to pay his taxes, he could sell the house and pay the back taxes and recoup his equity.
- If the owner made a mistake and underpaid his taxes he has a year to correct it.
- If the owner made a 2nd mistake and underpaid his taxes, he has yet another year to correct it.
- If the owner's property goes to auction, he still has yet a 3rd year to redeem his property at considerable expense.
- If the owner does nothing, he loses the property and all equity in it.

Of course, normal people would think that if the taxing agency doesn't make documented, verified notification to the owner that they know they are delinquent, the property shouldn't be able to be sold. Like cases of person in nursing home, elderly who might not be competent, etc...

However, that's not the way it works. Taxing agencies just have to mail notice to last known address, and post a legal notice in a newspaper a couple times. That's the way it has always been here. Back then, everyone got a newspaper and read it, and your neighbors would call you and tell you that you were on the tax list. Since newspaper circulation is down about 75% of what it used to be, and no one knows their neighbors, that just doesn't happen anymore.

 

[the old grind]

I love the focus of a thread with at least two dedicated moderators.

 

[the old grind]

There are an awful lot of comments to respond to here, but that should help my post count if I can get to everyone.

 

[the old grind]

A lot of points to be made, and I wish more guys would move to MI, esp any that can help us long term residents better understand just how things work here.

 

[the old grind]

Does it get any better than this? If people can be robbed, they should be.

btw, IMO folks folks oughta to stop pretending that a government is EVER the 'bad guy'.

 

[the old grind]

:anyone:

I hope this not because I have no sense of humor. (.. so many can't believe it. )

 

[Citydude]

Wyoming follows the same process for delinquent taxes. I know a person in the state that buys properties at auction, follows the process and makes money on each transaction.

So, as I understand it, if your $100,000 house has $1000 in back taxes after a couple years, it gets put on the tax sale list. You can pay the taxes or it goes to auction. The auction starts at the amount of back taxes owed, so in this case, $1000. Let's say it goes up to $10,000 and someone wins it. They notify the owner, and the owner has a year to pay the winner $10,000 + $1000 (that's 110% of the winning bid) + any $$ fees. If they do, the winner made 10% on his investment. If they don't, the winner gets a $100,000 dollar house for $10,000. The former owner loses $100,00 in equity in his old property. If the winner sells the house, the winner pockets the $90,000 profit. He doesn't give it back to the former owner.

I boils down to this....

- If the owner payed his taxes, it wouldn't have gone to tax sale.
- If the owner couldn't afford to pay his taxes, he could sell the house and pay the back taxes and recoup his equity.
- If the owner made a mistake and underpaid his taxes he has a year to correct it.
- If the owner made a 2nd mistake and underpaid his taxes, he has yet another year to correct it.
- If the owner's property goes to auction, he still has yet a 3rd year to redeem his property at considerable expense.
- If the owner does nothing, he loses the property and all equity in it.

Of course, normal people would think that if the taxing agency doesn't make documented, verified notification to the owner that they know they are delinquent, the property shouldn't be able to be sold. Like cases of person in nursing home, elderly who might not be competent, etc...

However, that's not the way it works. Taxing agencies just have to mail notice to last known address, and post a legal notice in a newspaper a couple times. That's the way it has always been here. Back then, everyone got a newspaper and read it, and your neighbors would call you and tell you that you were on the tax list. Since newspaper circulation is down about 75% of what it used to be, and no one knows their neighbors, that just doesn't happen anymore.