'Legal ripoff'? Nebraska makes it easier for investors to take farms, homes for unpaid taxes

[Omaha Steve]

By Joe Duggan / World-Herald Bureau 16 hrs ago

LINCOLN — The 73-year-old disabled veteran still struggles to understand how he arrived on the verge of homelessness over $500.

It’s not like he didn’t have the money. That’s what haunts L.E. Moss — he could have afforded to pay the half a year in delinquent property taxes.

Moss and his wife always tried to keep an emergency fund to help with the unexpected costs of raising children, recovering from heart surgery and repairing the converted country school near Ravenna where they have lived for 31 years.

But, he said, he didn’t get a chance to use those funds before a letter arrived saying their home had already been obtained by a Lincoln lawyer through what’s called a treasurer’s tax deed. Billed as a more cost-effective alternative to foreclosure, the system allows private investors to acquire properties that are behind on taxes, often for pennies on the dollar.

FULL story: https://www.omaha.com/news/plus/legal-ripoff-nebraska-makes-it-easier-for-investors-to-take/article_00777ae3-f354-5172-8a8d-629c7614be29.html

[Wellstone ruled]

1. Ah ha!

Wondering when this type of State Legislation was going to start. So,is the Nebraska State Budget in trouble? Or is Nebraska gearing up for a major Agribusiness Collapse? Or is Nebraska about to see major Farm Foreclosures in the next biannual Budget?

Or,are the Corporate formed Farms delaying paying their Real Estate Taxes until the County Clerks Levee Tax Liens on their operations. Seen this before in the Seventies and early eighties were Farmers would try and operate to the max allowed in Tax arrears. Wisconsin and Minnesota used to allow seven years of arrears before Tax foreclosures hit,and then you only had to pick up the oldest Tax bill and never had to clean up the remaining arrears.

[Omaha Steve]

3. Here you have to buy three years of back taxes to get the property

They always scream no new taxes while screaming we're broke at the same time. Voters approved medicaid expansion next year. So ya they say schools, roads, etc will be hurt.

OS

[Wellstone ruled]

4. Living in Minny for six plus decades,

the one year of arrears would start the clock another year.

Common practice after the Farm Crisis of the 1980's was to not pick up the Tax arrears only what was the year in order to avoid Tax Liens or Court Actions. No sure what the Interest Charge is at this time,was eight per cent on all out standing for a certain length of time.

[Achilleaze]

2. republican "values" suck cesspool scum

Freaking evildoers

[TheBlackAdder]

5. I like how they're called "investors," when they're just playing an infomercial tax certificate scam