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We Avoided Disaster-SB362 is DEAD

Posted by 15789465 on

Gary Boyd, of Alabama Tax Properties, has an excellent recap of the life and death of SB362, which would have been deadly for tax sale investors if passed. We need to be vigilant, though, because Senator Pittman will try this again. Read Gary's article, HERE

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3 comments

  • we need to make sure, he does not get re-elected. His policy is not good for the economy or the country. Thank you for keeping us informed.   Calix Vilme, REALTOR Broker 334.291.4129Serving all your Real Estate needs!

    Calix Vilme on
  • In his defense, Calix, Pittman thinks he is protecting the rights of unfortunate poor people who cannot pay their taxes, or neglect paying them, and it ends up costing them a lot of money to get their property back. We are inclined to think, “That deadbeat! He didn’t pay his taxes. This is what happens! If investors have no incentive to buy these properties, they will all go to the State and be off the tax rolls for years, maybe decades.”

    But, what about the senior citizen who thinks they are now exempt from real estate taxes, but doesn’t know they have to go to the courthouse to claim the exemption? So, they don’t pay, the property gets auctioned, and then they don’t receive any more tax bills. They think the county fixed the exemption issue, but that’s not what has happened. Or, someone who is truly down on their luck, but finally scrapes together the money they think they need to redeem, but it is much more than that and they lose their property forever. If we are going to be successful in combatting things like SB362, and keep them from coming up again in the future, we need to understand all sides of this issue.

    A compromise might be to allow redemption, but also give the investor a super-priority lien in the amount of the improvements. The lien could be foreclosed in one year if not paid in that time period, with interest.

    What would you think about that approach?

    Denise L. Evans on
  • Now, to prepare for the next battle. The most dangerous part, in my opinion, is the removal of the provision requiring preservation improvements and insurance premiums from being paid before redemption is allowed. This would be a nightmare. We need to work together collectively, as Alabama tax lien investors, to fight the next storm. The witch may be luckier next time if we are not prepared.

    Tyler on

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