Thursday, June 30, 2011

Al Capone would loved Property Tax Liens

      Property Tax liens are very attractive to many investors with very high potential interest rates. A whopping 12% yearly interest rate it can be very lucrative for an average investor. Only problem is the time consuming collection process and the hassle of hiring attorneys for the collection when needed. Companies soon realized that amazing profits were hidden within the so called attorney fees not the interest rates itself. It is not unusual for a 100$ tax lien to amount to 3000-4000 when hefty attorney fees added through foreclosure process. Attorney's will buy minuscule tax liens just for the privilege of charging such fees.

   If the defendant is an estate in a rural parts of Kentucky, they can obtain valuable property for almost pennies. It is very hard to believe that investment companies will let their independent attorneys make a killing why they are collecting their lowly 12% yearly profits. Given the lobbying efforts and money spent by "Tax Ease Liens" in Frankfort Kentucky, I highly suspect that bulk of the attorney fees might be funneled back to the company coffers instead of the attorney. Of course this sounds like a far fetched conspiracy theory but it will be very interesting to see what IRS thinks about this. By following who is paying taxes on the profits from this amazing investment scheme, your can find where the cheese is?

   Does this sound familiar to you? Remember Al Capano went to jail for tax evasion, not for his unaccounted murders.Contact me at lachinhatemi@gmail.com if you are being contacted by Tax Ease Liens.
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3 comments:

  1. DaveinkyJanuary 4, 2012 at 11:33 AM

    The registration fees for participating in the tax lien sales also ensures only the big boys can play.

    Of course the Sheriff's office receives 4 to 10 percent of all property taxes for doing pretty much nothing.

    So, now the sheriff is no longer going out and collecting the taxes but still gets paid. Wallstreet banks get painted as the vilains instead of the taxing districts while the taxpayer gets hosed even further.

    I think tax district board members should be sent out to collect their taxes from their broke neighbors.

    ReplyDelete
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