Cebu_4_2
19th December 2011, 06:56 PM
TAX COLLECTORS FORECLOSING ON FORECLOSED PROPERTIES (http://livinglies.wordpress.com/2011/12/15/tax-collectors-foreclosing-on-foreclosed-properties/)
by Neil Garfield (http://livinglies.wordpress.com/author/livinglies/) MOST POPULAR ARTICLES
(http://stores.livinglies-store.com/-strse-35/COMBO-Title-and-Securitization/Detail.bok)
"The only conclusion I can reach is that the contempt held for consumers, taxpayers and homeowners is a disease affecting every facet of our society and is eating away at our prospects for any recovery. There is no amount of money that can buy our way out of this mess. The answer is in the property. It must be returned to the rightful owner --- the homeowners and then deals should be worked out to provide investors with some recovery, the balance of which would come from the investment banks. Only then can our society, our economy return to normal business cycles undisturbed by false distractions created by the mega Banks." Neil Garfield, livinglies.me
SEE FULL ARTICLE ON MONROE PATCH (http://monroe.patch.com/articles/even-banks-aren-t-safe-from-foreclosure#)
SEE ALSO
UNNATURAL DISASTER HITTING AMERICANS WHERE THEY LIVE (http://front.moveon.org/the-unnatural-disaster-hitting-americans-where-they-live/#.TufjgP97ejQ.email)
EDITOR'S COMMENT: Banks are selectively abandoning homes they "acquired" through foreclosure. The story is simple. They foreclose, they get title, the homeowner has either lost in court (probably because of fraudulent documents and representations) and now the house is abandoned, not maintained, the association dues are not being paid, the insurance and taxes are also unpaid. So now the tax collectors are foreclosing their tax liens for unpaid property taxes.
Think about it. More than 80% of the homes that were foreclosed involve homeowners who wanted modifications that were either rejected or where the bank foreclosed on them before the modification could be properly considered. The ONLY relevant business reason for rejection is that the home was worth more in foreclosure than in modification. And yet here it is obvious that the value is zero in foreclosure. Did the bank or servicer actually act in the best interests of the investor or itself, by taking all the fees it could by foreclosing and deducting it from the rest of the revenue stream and proceeds from foreclosures?
This phenomenon corroborates the basic premise that this blog was built upon: the Banks don't own the property, they have no financial interest in it, and they will only retain certain properties on which they can make still more money, without regard to their duties as agent of the investor/lenders. They are not creditors, so their credit bid at auction was a fraud. They are not holders under the UCC, so their right to foreclose was non-existent. And the result of entities foreclosing on properties in which they have no right or interest is to create a title and title insurance nightmare. The true creditors, the investor/lenders have the only claim and they have abandoned that claim in favor of going after the investment banks that lied to them about what they were buying.
None of the those foreclosures should have happened and they should all be reversed if they fit into the fact pattern described here. The foreclosure crisis is therefore a fiction that has been made real by the way we reacted to the false claims of the banks who have maintained their power and dominance by virtue of false reporting of their assets which makes them appear larger and more solvent than they really are.
The consequence is millions of displaced homeowners. If this had happened because of a tsunami hitting the shores of America we would have all banded together and helped out the people whose homes were destroyed. But because of the dominance of the Banks and control of the narrative, they are getting away with this disaster. See the following link that is about the best report I have seen on this subject.
UNNATURAL DISASTER HITTING AMERICANS WHERE THEY LIVE (http://front.moveon.org/the-unnatural-disaster-hitting-americans-where-they-live/#.TufjgP97ejQ.email)
The only conclusion I can reach is that the contempt held for consumers, taxpayers and homeowners is a disease affecting every facet of our society and is eating away at our prospects for any recovery. There is no amount of money that can buy our way out of this mess. The answer is in the property. It must be returned to the rightful owner --- the homeowners and then deals should be worked out to provide investors with some recovery, the balance of which would come from the investment banks. Only then can our society, our economy return to normal business cycles undisturbed by false distractions created by the mega Banks.
Even Banks Aren't Safe from Foreclosure
A long list of properties may be sold in a tax sale as Monroe's tax collector works to collect back taxes and interest
By Bill Bittar (http://monroe.patch.com/users/bill-bittar)
Email the author (http://monroe.patch.com/articles/even-banks-aren-t-safe-from-foreclosure#)
http://o3.aolcdn.com/dims-shared/dims3/PATCH/resize/273x203/http://hss-prod.hss.aol.com/hss/storage/patch/6fed58de4aa55909837185aa5c2aefe1
Photos (1)
Residential and commercial properties and slivers of un-buildable land have gone years without the property taxes being paid and Tax Collector Manny Cambra says the town can no longer wait for the lost revenue. A lengthy list of properties and owners includes HUD and Duetsche Bank.
"Both HUD and Duetsche Bank foreclosed on people and didn't want to pay the taxes, so I'll foreclose on them," Cambra said.
When Cambra called the federal Department of Housing & Urban Development, he said nobody there knew who was supposed to deal with the town tax bill.
Cambra said all of the property owners on the list had received notices of their delinquent tax bills numerous times. Most have been delinquent for years 2008, 2009 and 2010. Bills that continue to go unpaid will be sold at what's called a tax sale in March.
A tax sale allows a tax collector to sell properties in an auction to collect taxes owed. The town may not place a bid itself, but if there are no bids for a property, the town may assume ownership.
On Monday night, the Town Council voted unanimously to give First Selectman Steve Vavrek or a designee the authority to take ownership of property that is not bid on at the tax sale.
After a tax sale, the owners still have six months to pay back taxes and interest in an effort to keep their property. The state allows a municipality to charge 18 percent interest for every year that taxes go unpaid.
When the town owns a property it may sell it to collect taxes owed or it could turn possibly it over to the new Monroe Land Trust & Tree Conservancy.
Cambra said a property at 24 Cheryl is large enough for the town to use for passive or active open space.
A, R & C
Cambra used a letter to classify each property on the list. "A" stands for abandoned. In most cases these are slivers of property bought as long as 50 years ago. Some of these owners have died and the heirs had to be located.
At one time, Cambra said it was common for people living in the city to pay about $20 to buy a tiny piece of land in a country town like Monroe for a relative.
In most of these situations, Cambra said he will try to sell the un-buildable property to an adjacent property owner.
Cambra said he will handle these properties himself. But a lawyer will be hired to handle the "R"s, residential, and "C"s, commercial properties on the list.
"Two years ago, I got rid of half of the abandoned property," Cambra said, adding he handled 16 abandoned properties and the town handled 10. "I'm clearing the books."
In the cases of residential and commercial properties, Cambra said, "99.9 percent of the time the banks will pay off the taxes and start foreclosure proceedings."
"I definitely don't want to see anything go to auction," he said. "Most of the 'A's will."
Some avoided being on the list, including three businesses who paid off their taxes and interest. Among them was the owner of the former Stevenson Lumber property.
"UBS is the primary mortgager for Stevenson Lumber," Cambra said. "They paid about a quarter-of-a-million dollars last week — One big and two small parcels, about 42 acres."
by Neil Garfield (http://livinglies.wordpress.com/author/livinglies/) MOST POPULAR ARTICLES
(http://stores.livinglies-store.com/-strse-35/COMBO-Title-and-Securitization/Detail.bok)
"The only conclusion I can reach is that the contempt held for consumers, taxpayers and homeowners is a disease affecting every facet of our society and is eating away at our prospects for any recovery. There is no amount of money that can buy our way out of this mess. The answer is in the property. It must be returned to the rightful owner --- the homeowners and then deals should be worked out to provide investors with some recovery, the balance of which would come from the investment banks. Only then can our society, our economy return to normal business cycles undisturbed by false distractions created by the mega Banks." Neil Garfield, livinglies.me
SEE FULL ARTICLE ON MONROE PATCH (http://monroe.patch.com/articles/even-banks-aren-t-safe-from-foreclosure#)
SEE ALSO
UNNATURAL DISASTER HITTING AMERICANS WHERE THEY LIVE (http://front.moveon.org/the-unnatural-disaster-hitting-americans-where-they-live/#.TufjgP97ejQ.email)
EDITOR'S COMMENT: Banks are selectively abandoning homes they "acquired" through foreclosure. The story is simple. They foreclose, they get title, the homeowner has either lost in court (probably because of fraudulent documents and representations) and now the house is abandoned, not maintained, the association dues are not being paid, the insurance and taxes are also unpaid. So now the tax collectors are foreclosing their tax liens for unpaid property taxes.
Think about it. More than 80% of the homes that were foreclosed involve homeowners who wanted modifications that were either rejected or where the bank foreclosed on them before the modification could be properly considered. The ONLY relevant business reason for rejection is that the home was worth more in foreclosure than in modification. And yet here it is obvious that the value is zero in foreclosure. Did the bank or servicer actually act in the best interests of the investor or itself, by taking all the fees it could by foreclosing and deducting it from the rest of the revenue stream and proceeds from foreclosures?
This phenomenon corroborates the basic premise that this blog was built upon: the Banks don't own the property, they have no financial interest in it, and they will only retain certain properties on which they can make still more money, without regard to their duties as agent of the investor/lenders. They are not creditors, so their credit bid at auction was a fraud. They are not holders under the UCC, so their right to foreclose was non-existent. And the result of entities foreclosing on properties in which they have no right or interest is to create a title and title insurance nightmare. The true creditors, the investor/lenders have the only claim and they have abandoned that claim in favor of going after the investment banks that lied to them about what they were buying.
None of the those foreclosures should have happened and they should all be reversed if they fit into the fact pattern described here. The foreclosure crisis is therefore a fiction that has been made real by the way we reacted to the false claims of the banks who have maintained their power and dominance by virtue of false reporting of their assets which makes them appear larger and more solvent than they really are.
The consequence is millions of displaced homeowners. If this had happened because of a tsunami hitting the shores of America we would have all banded together and helped out the people whose homes were destroyed. But because of the dominance of the Banks and control of the narrative, they are getting away with this disaster. See the following link that is about the best report I have seen on this subject.
UNNATURAL DISASTER HITTING AMERICANS WHERE THEY LIVE (http://front.moveon.org/the-unnatural-disaster-hitting-americans-where-they-live/#.TufjgP97ejQ.email)
The only conclusion I can reach is that the contempt held for consumers, taxpayers and homeowners is a disease affecting every facet of our society and is eating away at our prospects for any recovery. There is no amount of money that can buy our way out of this mess. The answer is in the property. It must be returned to the rightful owner --- the homeowners and then deals should be worked out to provide investors with some recovery, the balance of which would come from the investment banks. Only then can our society, our economy return to normal business cycles undisturbed by false distractions created by the mega Banks.
Even Banks Aren't Safe from Foreclosure
A long list of properties may be sold in a tax sale as Monroe's tax collector works to collect back taxes and interest
By Bill Bittar (http://monroe.patch.com/users/bill-bittar)
Email the author (http://monroe.patch.com/articles/even-banks-aren-t-safe-from-foreclosure#)
http://o3.aolcdn.com/dims-shared/dims3/PATCH/resize/273x203/http://hss-prod.hss.aol.com/hss/storage/patch/6fed58de4aa55909837185aa5c2aefe1
Photos (1)
Residential and commercial properties and slivers of un-buildable land have gone years without the property taxes being paid and Tax Collector Manny Cambra says the town can no longer wait for the lost revenue. A lengthy list of properties and owners includes HUD and Duetsche Bank.
"Both HUD and Duetsche Bank foreclosed on people and didn't want to pay the taxes, so I'll foreclose on them," Cambra said.
When Cambra called the federal Department of Housing & Urban Development, he said nobody there knew who was supposed to deal with the town tax bill.
Cambra said all of the property owners on the list had received notices of their delinquent tax bills numerous times. Most have been delinquent for years 2008, 2009 and 2010. Bills that continue to go unpaid will be sold at what's called a tax sale in March.
A tax sale allows a tax collector to sell properties in an auction to collect taxes owed. The town may not place a bid itself, but if there are no bids for a property, the town may assume ownership.
On Monday night, the Town Council voted unanimously to give First Selectman Steve Vavrek or a designee the authority to take ownership of property that is not bid on at the tax sale.
After a tax sale, the owners still have six months to pay back taxes and interest in an effort to keep their property. The state allows a municipality to charge 18 percent interest for every year that taxes go unpaid.
When the town owns a property it may sell it to collect taxes owed or it could turn possibly it over to the new Monroe Land Trust & Tree Conservancy.
Cambra said a property at 24 Cheryl is large enough for the town to use for passive or active open space.
A, R & C
Cambra used a letter to classify each property on the list. "A" stands for abandoned. In most cases these are slivers of property bought as long as 50 years ago. Some of these owners have died and the heirs had to be located.
At one time, Cambra said it was common for people living in the city to pay about $20 to buy a tiny piece of land in a country town like Monroe for a relative.
In most of these situations, Cambra said he will try to sell the un-buildable property to an adjacent property owner.
Cambra said he will handle these properties himself. But a lawyer will be hired to handle the "R"s, residential, and "C"s, commercial properties on the list.
"Two years ago, I got rid of half of the abandoned property," Cambra said, adding he handled 16 abandoned properties and the town handled 10. "I'm clearing the books."
In the cases of residential and commercial properties, Cambra said, "99.9 percent of the time the banks will pay off the taxes and start foreclosure proceedings."
"I definitely don't want to see anything go to auction," he said. "Most of the 'A's will."
Some avoided being on the list, including three businesses who paid off their taxes and interest. Among them was the owner of the former Stevenson Lumber property.
"UBS is the primary mortgager for Stevenson Lumber," Cambra said. "They paid about a quarter-of-a-million dollars last week — One big and two small parcels, about 42 acres."