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Old 11-04-2010, 12:51 PM
 
14,256 posts, read 16,324,666 times
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There is nothing new about this. Twelve years ago my parents-in-law sold their fully paid off house close to Boston and moved to Arizona because their pensions+SS were not enough to pay taxes and allow them to live.

It has been going on for years.
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Old 11-04-2010, 12:58 PM
 
Location: Near a river
16,042 posts, read 20,182,108 times
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Quote:
Originally Posted by Mathguy View Post
Hmmmm....so your premise is that this is a new phenomenon? Interesting but I'm not sure I would agree with this.

What has changed? Seriously? Look around at the societal mobility, people moving every few years across the country and even overseas. Google such phrases as jet age, information age, mobile society if you don't believe me.

A business guy in my hometown stiffed as many people as possible including the various tax men and then *poof* left the country.

You know they also use debt collection on child support deadbeats? Why? Because it can be hard to find people and the government can quite shockingly be quite inept at it.

There are entire for-profit industries that survive solely because people try to skip out on debts. Repo-operations, debt collections, lawyers....it's enormous. I say this just as a reference to the extent of the issue.
It can easily be solved: Those who skip town get their debt handed over to Bank Debt Collection. Those who do not, do not.

BTW, in the history of life in the US, mobility has always existed.

For those who may have missed the news:

"It turns out that the big Wall Street banks have found a dirty new way to make loads of cash from U.S. homeowners, and they really, really don't want to talk about it. So what is this dirty new business? America's biggest financial institutions have become property tax collectors, and it is extremely lucrative. From coast to coast, the big Wall Street banks are buying up thousands upon thousands of tax liens and are making a killing by socking distressed homeowners with predatory interest, outrageous penalties and almost unbelievable legal fees. In some areas, the big banks are able to foreclose on these homes in as little as six months. The elderly and the poor are the most common targets of these practices."
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