I think it takes 5 years of not paying property tax before the govt can take the property. So it’s a logical place to start not paying if you’re broke. Which may be a good indicator the owner is in distress and stiffing the lender as well.
Short sales seem to be too damaging to the seller and the lender would have to recognize the loss.(Which they do NOT want to do right now.) So best to let these die a natural and ugly death.
The flippers like Bruce Norris claim they’re getting the lender to sell them at 40% of the loan or less at a no-reserve auction. But remember, these guys are total pro’s. Notice that they dont want to keep the properties either. Even at positive cash flow as a rental. What does that tell you?
