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Old 12-14-2010, 12:05 PM
 
Location: Fredericksburg, Virginia
298 posts, read 564,084 times
Reputation: 161

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Fred Schulte has written a good investigative piece on how BofA and a hedge fund are buying up tax liens and making money off of tax payers by raising the interest rates and imposing large fees on the original liens.


http://www.npr.org/2010/12/14/132030...t-in-tax-liens
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Old 12-14-2010, 12:16 PM
 
Location: Apple Valley Calif
7,474 posts, read 22,849,413 times
Reputation: 5682
Not sure why you posted this..? It's a perfectly legal way to make money.
Some are smart and learn how to make money, some are lazy and stupid and prefer to do nothing, have nothing and then complain about those who were smarter than you...
If your unhappy that some people are smarter, more dedicated, and richer than you are, do something about it...!
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Old 12-14-2010, 12:17 PM
 
19,226 posts, read 15,293,746 times
Reputation: 2337
Fascism 101.
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Old 12-14-2010, 12:20 PM
 
Location: In the desert
4,049 posts, read 2,735,956 times
Reputation: 2483
And some complain about those who collect food stamps........
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Old 12-14-2010, 04:19 PM
 
Location: Fredericksburg, Virginia
298 posts, read 564,084 times
Reputation: 161
Quote:
Originally Posted by Donn2390 View Post
Not sure why you posted this..? It's a perfectly legal way to make money.
Some are smart and learn how to make money, some are lazy and stupid and prefer to do nothing, have nothing and then complain about those who were smarter than you...
If your unhappy that some people are smarter, more dedicated, and richer than you are, do something about it...!

Doing this is very short-sighted and increases foreclosure rates. Long-term that creates more problems for cities. Many of our current problems are due to short-sighted short term gains at the sacrifice of long-term soundness. Because it isn't "illegal" does not mean it is ethical. That is why I posted it. If you can't see that, then you are part of the problem...
Remember, this is a TARP bank that is doing this.
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Old 12-14-2010, 04:32 PM
 
Location: Great State of Texas
86,052 posts, read 84,329,907 times
Reputation: 27718
Plenty of investor types do this. They even have companies you can use to scan liens in courthouses all over the US.

Easy way to pick up some money and/or property for pennies on the dollar.

http://taxlieninvestingguide.com/?gc...FUla2godhUTeXw
http://www.creonline.com/articles/art-267.html
http://www.associatedcontent.com/art...ns.html?cat=54
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Old 12-14-2010, 04:40 PM
 
Location: Fredericksburg, Virginia
298 posts, read 564,084 times
Reputation: 161
Quote:
Originally Posted by HappyTexan View Post
Plenty of investor types do this. They even have companies you can use to scan liens in courthouses all over the US.

Easy way to pick up some money and/or property for pennies on the dollar.

Tax Lien & Deed Investing Guide
Tax Lien Investing: The Basics
How to Buy Tax Liens - Associated Content from Yahoo! - associatedcontent.com
Yes, the article began by talking about the advertisements touting easy money to be made by investing in tax liens. Still doesn't make it right.
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Old 12-14-2010, 05:04 PM
 
Location: Great State of Texas
86,052 posts, read 84,329,907 times
Reputation: 27718
Ethical is subjective.
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Old 12-14-2010, 05:23 PM
 
Location: On the Chesapeake
45,115 posts, read 60,226,663 times
Reputation: 60719
Quote:
Originally Posted by HappyTexan View Post
Plenty of investor types do this. They even have companies you can use to scan liens in courthouses all over the US.

Easy way to pick up some money and/or property for pennies on the dollar.

Tax Lien & Deed Investing Guide
Tax Lien Investing: The Basics
How to Buy Tax Liens - Associated Content from Yahoo! - associatedcontent.com

Exactly. The MD interest rate charged for redemption is 1.5%/month. There are some guys that will go and buy a bunch up at tax sale and then wait to be paid off by the owner.

A somewhat funny story about tax lien sales.
A number of years ago we had a guy come to a Town Council meeting just raising hell about a lot he'd gotten at the May Tax Sale, spent like $40 dollars. His complaint was that no one at the Court House (County Treasurer conducts the sale) that the lot was in the middle of a marsh and unbuildable. He said he'd looked at a plat map and it hadn't shown the marsh, the guy had never been to Town until the meeting he attended. My response was that he should have suspected something when the tax arrears were only $40. He still wanted us to do "something". Went away mad.
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Old 12-14-2010, 06:02 PM
 
11,944 posts, read 14,757,212 times
Reputation: 2772
Quote:
Originally Posted by HappyTexan View Post
Plenty of investor types do this. They even have companies you can use to scan liens in courthouses all over the US.

Easy way to pick up some money and/or property for pennies on the dollar.

Tax Lien & Deed Investing Guide
Tax Lien Investing: The Basics
How to Buy Tax Liens - Associated Content from Yahoo! - associatedcontent.com
Ethics are subjective... yes so long as you wear the cloak of respectability you can molest children and call it holy. You can launder money and call yourself a bank. You can destroy an economy and call yourself a financial industry. So long as it's "legal" white collar crime= business.
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