I think that the crap that the Feds are "buying" is not the actual mortgage, but the derivative of the bundle of like mortgages that makes the derivative an "investment". The bank, some bank, still holds the actual mortgage.
If the property taxes are not paid, the state will put a tax lien on the property. How long after that it can be sold for the taxes depends on the state. Eventually, the state will auction it off to pay the taxes, the bank will bid what they're owed on the property, they'll get it back minus the taxes and fees owed. So eventually the bank will pay the taxes anyway, unless they simply don't want the property anymore.
It may not be written in the Constitution about one gov't taxing another, but as a longtime local gov't executive I'm unaware of any situation that exists in the US where one level of government directly taxes another level of government.
PeakOil is You
THE US Tax Thread (merged)
Re: Who Pays the Property Taxes?
by jdmartin » Fri 19 Dec 2008, 14:41:56
After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.
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Re: Who Pays the Property Taxes?
by ReverseEngineer » Fri 19 Dec 2008, 15:05:52
$this->bbcode_second_pass_quote('jdmartin', 'I') think that the crap that the Feds are "buying" is not the actual mortgage, but the derivative of the bundle of like mortgages that makes the derivative an "investment". The bank, some bank, still holds the actual mortgage.
If the property taxes are not paid, the state will put a tax lien on the property. How long after that it can be sold for the taxes depends on the state. Eventually, the state will auction it off to pay the taxes, the bank will bid what they're owed on the property, they'll get it back minus the taxes and fees owed. So eventually the bank will pay the taxes anyway, unless they simply don't want the property anymore.
It may not be written in the Constitution about one gov't taxing another, but as a longtime local gov't executive I'm unaware of any situation that exists in the US where one level of government directly taxes another level of government.
If the property taxes are not paid, the state will put a tax lien on the property. How long after that it can be sold for the taxes depends on the state. Eventually, the state will auction it off to pay the taxes, the bank will bid what they're owed on the property, they'll get it back minus the taxes and fees owed. So eventually the bank will pay the taxes anyway, unless they simply don't want the property anymore.
It may not be written in the Constitution about one gov't taxing another, but as a longtime local gov't executive I'm unaware of any situation that exists in the US where one level of government directly taxes another level of government.
This post makes the assumption that the original bank which issued the mortgage exists, which in many cases already it no longer does exist. Its already gone under and subsumed into another bank. Why would any bank want said property? It ALREADY wasn't paying its bills to the last bank that owned it. It has no value to a bank if they can;t earn some interest off it. So it has to be devalued down here, and the banks don;t want to take the devaluation onto their books. So they go under, just like the Auto Workers go under because they won't take lower pay than they can afford to live on.
The point of this thread was to demonstrate the legal connections of taxes and property and absolute value. In the end, because nobody is paying the taxes on the prperties, the states can repo the properties and they no longer hold a lien on them after that. The debt disappears. Where s the legal liability here, who do you charge the lost value to? You cannot charge it to a bank out of business or a country gone bankrupt and out of business. There is no way to collect on this debt, it is IRREDEEMABLE debt.
You can of course fight wars over all the money lost here, but what good does that do? time to declare worldwide Jubilee, wash out all the debts which will never be paid off and start over. Nobody owns anything anymore. The whole sytem is down the toilet, geverments will topple and your property ownership goes with them. You only own what you can protect and hold onto now.
Reverse Engineer
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Re: Who Pays the Property Taxes?
by Jotapay » Fri 19 Dec 2008, 15:59:58
$this->bbcode_second_pass_quote('RedStateGreen', '')$this->bbcode_second_pass_quote('Jotapay', 'E')vidently from this story, Rahm Emanuel does not.
LINKY
Disclaimer: I have not yet had a chance to read through this completely yet, but it appears to hold some potential validity at first glance.
LINKY
Disclaimer: I have not yet had a chance to read through this completely yet, but it appears to hold some potential validity at first glance.
Debunked here.
Cool, thanks for posting that. That'll learn me to post things before I've verified them.
Ease up Mos, I posted a disclaimer than it hadn't been verified yet to my knowledge.
But yeah, that was a dud. Gotta watch out for those.- Jotapay
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Re: Who Pays the Property Taxes?
by jdmartin » Fri 19 Dec 2008, 21:12:17
$this->bbcode_second_pass_quote('ReverseEngineer', '
')This post makes the assumption that the original bank which issued the mortgage exists, which in many cases already it no longer does exist. Its already gone under and subsumed into another bank. Why would any bank want said property? It ALREADY wasn't paying its bills to the last bank that owned it. It has no value to a bank if they can;t earn some interest off it. So it has to be devalued down here, and the banks don;t want to take the devaluation onto their books. So they go under, just like the Auto Workers go under because they won't take lower pay than they can afford to live on.
The point of this thread was to demonstrate the legal connections of taxes and property and absolute value. In the end, because nobody is paying the taxes on the prperties, the states can repo the properties and they no longer hold a lien on them after that. The debt disappears. Where s the legal liability here, who do you charge the lost value to? You cannot charge it to a bank out of business or a country gone bankrupt and out of business. There is no way to collect on this debt, it is IRREDEEMABLE debt.
You can of course fight wars over all the money lost here, but what good does that do? time to declare worldwide Jubilee, wash out all the debts which will never be paid off and start over. Nobody owns anything anymore. The whole sytem is down the toilet, geverments will topple and your property ownership goes with them. You only own what you can protect and hold onto now.
Reverse Engineer
')This post makes the assumption that the original bank which issued the mortgage exists, which in many cases already it no longer does exist. Its already gone under and subsumed into another bank. Why would any bank want said property? It ALREADY wasn't paying its bills to the last bank that owned it. It has no value to a bank if they can;t earn some interest off it. So it has to be devalued down here, and the banks don;t want to take the devaluation onto their books. So they go under, just like the Auto Workers go under because they won't take lower pay than they can afford to live on.
The point of this thread was to demonstrate the legal connections of taxes and property and absolute value. In the end, because nobody is paying the taxes on the prperties, the states can repo the properties and they no longer hold a lien on them after that. The debt disappears. Where s the legal liability here, who do you charge the lost value to? You cannot charge it to a bank out of business or a country gone bankrupt and out of business. There is no way to collect on this debt, it is IRREDEEMABLE debt.
You can of course fight wars over all the money lost here, but what good does that do? time to declare worldwide Jubilee, wash out all the debts which will never be paid off and start over. Nobody owns anything anymore. The whole sytem is down the toilet, geverments will topple and your property ownership goes with them. You only own what you can protect and hold onto now.
Reverse Engineer
You have some good posts that I agree with but this post shows that you've never dealt with anything like this in an official capacity. I work for local government. I have bid on property on behalf of the local government, at auction on the courthouse steps. You're making doomsday assumptions. I have never - let me repeat that - *never* - been to the sheriff's auction and witnessed a property where the bank did not show up to bid its note.
It doesn't matter if the original bank doesn't exist anymore, someone took over that mortgage. Show me proof, somewhere, that people are no longer able to pay their mortgage because they have no idea who to send the money to. Show me further proof of local governments that are not collecting property tax revenue on foreclosed/walk off houses because they don't know who to collect the money from.
I guarantee if a locality forces the sale on the courthouse steps, there will be someone there, from some bank, to bid the note on that house. To do otherwise would make no sense - you're claiming they're going to let these properties go back to the towns for a couple of thousand dollars in property tax, meaning they've lost their entire interest, yet they won't write them down because of the devalue? What's the devalue worth on a property in which you just pissed $400k down the drain over $10k in property tax???
Peakoil.com certainly has no shortage of experts on everything, I'll at least give it that
After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.
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