13% more owners didn’t pay their property taxes

[capeman]

I don't know what the historical delinquency rate is but could this be another indicator for future NOD/NOTs? Obviously 72,184 homes won't default in the near term but the almost 10K tax delinquency rise could be a tell on a near term future rise in mortgage delinquencies.

http://www.signonsandiego.com/news/metro/20080522-9999-1m22b2briefs.html

13% more owners didn't pay their property taxes

UNION-TRIBUNE

May 22, 2008 SAN DIEGO: Property tax delinquencies rose nearly 13 percent this year as county residents grappled with an economic downturn, higher gas prices and plummeting property values. County Treasurer-Tax Collector Dan McAllister said yesterday that property owners of 72,184 parcels failed to pay their annual taxes by the April 10 deadline. Each now faces a 10 percent penalty. McAllister said he'll send notices to the owners this week in an effort to collect the $234 million they owe before the fiscal year begins July 1. The money is split among schools, cities, the county and other public agencies. The delinquencies represent 5 percent of the nearly $4.4 billion in property taxes collected countywide. If owners don't pay by July 1, they'll face an additional 1.5 percent penalty each month. –C.G.

[PadreBrian]

It’s one damn good indicator, though.

[PadreBrian]

It’s one damn good indicator, though.

[PadreBrian]

It’s one damn good indicator, though.

[PadreBrian]

It’s one damn good indicator, though.

[PadreBrian]

It’s one damn good indicator, though.

[cv2]

Can county initiate foreclosure on these houses? I know they can put lien on them but not sure if gov can force the sale of the house to pay the lien.

In another situation, if the owner put the house on sale. Then during closing the buyer will find out about the unpaid tax. Would the tax be counted against the selling price?

[cv2]

Can county initiate foreclosure on these houses? I know they can put lien on them but not sure if gov can force the sale of the house to pay the lien.

In another situation, if the owner put the house on sale. Then during closing the buyer will find out about the unpaid tax. Would the tax be counted against the selling price?

[cv2]

Can county initiate foreclosure on these houses? I know they can put lien on them but not sure if gov can force the sale of the house to pay the lien.

In another situation, if the owner put the house on sale. Then during closing the buyer will find out about the unpaid tax. Would the tax be counted against the selling price?

[cv2]

Can county initiate foreclosure on these houses? I know they can put lien on them but not sure if gov can force the sale of the house to pay the lien.

In another situation, if the owner put the house on sale. Then during closing the buyer will find out about the unpaid tax. Would the tax be counted against the selling price?

[cv2]

Can county initiate foreclosure on these houses? I know they can put lien on them but not sure if gov can force the sale of the house to pay the lien.

In another situation, if the owner put the house on sale. Then during closing the buyer will find out about the unpaid tax. Would the tax be counted against the selling price?

[Daniel]

No, the county won’t initiate foreclosure, it’s too much of a hassle. The county will sell the lien to investors. You can google “tax lien investing”, or something like that, I’m sure there is a ton written on it on the internet.

The idea is that an investor pays the county the entire past due amount, then takes it upon himself or herself to initiate foreclosure proceedings. If the delinquent homeowner pays up the amount plus interest (the usual outcome), the investor goes away with a profit. If the owner balks, the investor can take the house, but that doesn’t happen very often, though.

[Daniel]

No, the county won’t initiate foreclosure, it’s too much of a hassle. The county will sell the lien to investors. You can google “tax lien investing”, or something like that, I’m sure there is a ton written on it on the internet.

The idea is that an investor pays the county the entire past due amount, then takes it upon himself or herself to initiate foreclosure proceedings. If the delinquent homeowner pays up the amount plus interest (the usual outcome), the investor goes away with a profit. If the owner balks, the investor can take the house, but that doesn’t happen very often, though.

[Daniel]

No, the county won’t initiate foreclosure, it’s too much of a hassle. The county will sell the lien to investors. You can google “tax lien investing”, or something like that, I’m sure there is a ton written on it on the internet.

The idea is that an investor pays the county the entire past due amount, then takes it upon himself or herself to initiate foreclosure proceedings. If the delinquent homeowner pays up the amount plus interest (the usual outcome), the investor goes away with a profit. If the owner balks, the investor can take the house, but that doesn’t happen very often, though.

[Daniel]

No, the county won’t initiate foreclosure, it’s too much of a hassle. The county will sell the lien to investors. You can google “tax lien investing”, or something like that, I’m sure there is a ton written on it on the internet.

The idea is that an investor pays the county the entire past due amount, then takes it upon himself or herself to initiate foreclosure proceedings. If the delinquent homeowner pays up the amount plus interest (the usual outcome), the investor goes away with a profit. If the owner balks, the investor can take the house, but that doesn’t happen very often, though.

[Author]

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