One way to use your tractor?

[coffeeman]

Too many people here have expressed the belief that bankers are honerable people. In my lifetime I have still haven't been able to determine who are bigger liars; bankers or lawyers!!

Cheers

 

[Duffster]

Too many people here have expressed the belief that bankers are honerable people. In my lifetime I have still haven't been able to determine who are bigger liars; bankers or lawyers!!

Cheers

Which one would you rather live without? :laughing:

 

[JB4310]

In Ohio (probably everywhere) the government always gets their share first then the first mortagee, then the second, and etc. That is whatever is left after taxes goes to the first mortagee then any balance goes to the second mortagee or mechanics liens etc.

I don't know if that's true in CT, who comes first IRS or bank but I bought a small commercial property at an assessors sale. The property had liens on it from everyone including banks, IRS and State revenue collector among the big liens.

The local town has the "super lien" the other lien interests could bid on the property at towns tax sale or have up to 90 days (redemption period) to pay off the winning bidder with interest, after that all liens are "extinguished" (lawyer talk).

JB.

 

[2manyrocks]

The general idea is that you can't avoid property taxes. If you don't pay property taxes, the local government can have a tax sale. Pay them now or pay them later, but you get to pay them.

Otherwise, the lien priority is mostly (with some exceptions) based on who records their lien first. Ordinarily, you expect to see the bank mortgage first. Then it's a matter of who filed junior liens after that.

In this particualr case, it looks like Ohio law sets a minimum bid amount and it was enough to clear ouf the bank and the IRS if the reported numbers are right.

Also based on the news stories, Mr. Hoskins says he still owes the bank $160,000 on the home property. Did he come out better by bulldozing his home?

 

[MossRoad]

Too many people here have expressed the belief that bankers are honerable people. In my lifetime I have still haven't been able to determine who are bigger liars; bankers or lawyers!!

Cheers

We've always had good experiences when dealing with banks, savings and loans, credit unions and credit services companies. They've always offered sound advice when seeking loans, mortgages, investments, etc... I've been with the same credit union for 35 years. They recommended a local S&L when we wanted to borrow to purchase land. The S&L recommended a blanket mortgage to combine the equity in our house and the land so we could get around the stipulation that you have to have mortgage insurance if you have less than 25% equity. They did the same thing 5 years later when we bought our second home. No problems paying off early, either. Reasonable credit card rates, good services, free financial planning. I think you just have to stick with smaller, local financial institutions.

 

[foggy1111]

We've always had good experiences when dealing with banks, savings and loans, credit unions and credit services companies. They've always offered sound advice when seeking loans, mortgages, investments, etc... I've been with the same credit union for 35 years. They recommended a local S&L when we wanted to borrow to purchase land. The S&L recommended a blanket mortgage to combine the equity in our house and the land so we could get around the stipulation that you have to have mortgage insurance if you have less than 25% equity. They did the same thing 5 years later when we bought our second home. No problems paying off early, either. Reasonable credit card rates, good services, free financial planning. I think you just have to stick with smaller, local financial institutions.

Yep....and honor your obligations.