The bare bones summary of this predicament is:
1. I failed to pay my 1995 property taxes and they became
delinquent.
2.Destiny 98 TD, under then current Michigan law, purchased a
conditional tax lien to that property, 1960 S Maple.
3.I failed to redeem the property during the prescribed period, not
for lack of funds, but in oversight.
4.Destiny 98 perfected their claim with one exception which, for
lack of case law, is open to judicial interpretation. Similar
exceptions in the past have proved fatal to claims such as
Destiny 98's. However, in court, the rulings to date have gone
against me.
5.The compounding irony of this situation is that their stated,
most ambitious plans, if they prevail in taking over the property,
are, as a practical matter, impossible to realize. Yet they persist
in pursuing my eviction and dispossession for a marginal profit at
large effort rather than accept an offer to settle for an amount
commensurate with what might be netted by flipping the
property. (To date, August 2008, all predictions of what would
occur have materialized and Destiny-98 ultimately dumped the
property on the local market at a substantially lower price than
they had insisted it was worth, $85K versus $300K.)
6.In sum, they appear(ed) to be acting primarily for spite or in
protecting their own egos rather than in consideration of a
realistic appraisal of the property's true potential. This is, of
course, speculative: I cannot fathom their true motives. (This
comment was written before I had been made aware of this
process)
For more detail go to this link.
1. I failed to pay my 1995 property taxes and they became
delinquent.
2.Destiny 98 TD, under then current Michigan law, purchased a
conditional tax lien to that property, 1960 S Maple.
3.I failed to redeem the property during the prescribed period, not
for lack of funds, but in oversight.
4.Destiny 98 perfected their claim with one exception which, for
lack of case law, is open to judicial interpretation. Similar
exceptions in the past have proved fatal to claims such as
Destiny 98's. However, in court, the rulings to date have gone
against me.
5.The compounding irony of this situation is that their stated,
most ambitious plans, if they prevail in taking over the property,
are, as a practical matter, impossible to realize. Yet they persist
in pursuing my eviction and dispossession for a marginal profit at
large effort rather than accept an offer to settle for an amount
commensurate with what might be netted by flipping the
property. (To date, August 2008, all predictions of what would
occur have materialized and Destiny-98 ultimately dumped the
property on the local market at a substantially lower price than
they had insisted it was worth, $85K versus $300K.)
6.In sum, they appear(ed) to be acting primarily for spite or in
protecting their own egos rather than in consideration of a
realistic appraisal of the property's true potential. This is, of
course, speculative: I cannot fathom their true motives. (This
comment was written before I had been made aware of this
process)
For more detail go to this link.
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As always, comments and corrections are welcome,
especially if you or someone you know has had any
experience dealing with tax lien "investors". Share your
story:
especially if you or someone you know has had any
experience dealing with tax lien "investors". Share your
story:
Last revised 09-01-08
All blue highlighted text links to
additional notes and information
All blue highlighted text links to
additional notes and information