Tax Lien Investing - Just Another Scam
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Finance > Taxes
Mar 1, 2007
David Maillie
Tax Lien Investing - Just Another Scam
We've seen and heard about the latest investing method on TV informercials, in newspapers and everywhere. Its even said to be so easy its like taking cendy from a baby. They're talking about tax liens and you should be vary wary.
Tax liens are liens placed against ones property by local counties and similar municipalities for non-payment of assessed property taxes. According to a website I just looked at its states that every county of every state sells these late or derogatory property tax bills for immediate funds after placing a tax lien against the property in question. This did use to be true in the past, but most states don not allow the public sale of property tax liens under any circumstance. One os these states is North Carolina. You cannot legally buy or profit from these sales in North Carolina. Yet these websites state you can - they just want your money for their kit $49 or more. They will take your money and run.
Upon further review over 37 states do not allow the public sale of these tax liens. Furthermore, even if they did the homestead laws in many states would suprecede any supposed foreclosing rights and make it so you could not evict these people from their homes for non-payment. Yet their advertisements state the opposite- good in any state. 5-25% guaranteed returns on every lien and most pay within 1 year, etc... These are all lies. The rule is this - if it sounds too good to be true than it is. If tax liens were such a great business than why isn't everybody else in it? By the numbers propsed by these shows, infomercials, websites and similar and the fact that this idea has been around for over 5 years there should be many, many millionaires. Where are they?
This scam is similar to ISC (Invention Submission Corporation). They promise new inventors a patent and big royalties. Finally after thousands of coomplaints the FTC looked into many submission companies and found that most just lied, took money and didn't deliver anything. It was a pure ripoff. This is the same. Keep your money. There is no money to be made by the property tax lien scam.
Tax liens are liens placed against ones property by local counties and similar municipalities for non-payment of assessed property taxes. According to a website I just looked at its states that every county of every state sells these late or derogatory property tax bills for immediate funds after placing a tax lien against the property in question. This did use to be true in the past, but most states don not allow the public sale of property tax liens under any circumstance. One os these states is North Carolina. You cannot legally buy or profit from these sales in North Carolina. Yet these websites state you can - they just want your money for their kit $49 or more. They will take your money and run.
Upon further review over 37 states do not allow the public sale of these tax liens. Furthermore, even if they did the homestead laws in many states would suprecede any supposed foreclosing rights and make it so you could not evict these people from their homes for non-payment. Yet their advertisements state the opposite- good in any state. 5-25% guaranteed returns on every lien and most pay within 1 year, etc... These are all lies. The rule is this - if it sounds too good to be true than it is. If tax liens were such a great business than why isn't everybody else in it? By the numbers propsed by these shows, infomercials, websites and similar and the fact that this idea has been around for over 5 years there should be many, many millionaires. Where are they?
This scam is similar to ISC (Invention Submission Corporation). They promise new inventors a patent and big royalties. Finally after thousands of coomplaints the FTC looked into many submission companies and found that most just lied, took money and didn't deliver anything. It was a pure ripoff. This is the same. Keep your money. There is no money to be made by the property tax lien scam.
Article Source: http://www.articlerich.com
David Maillie is an alumni of Cornell University and holds numerous patents and awards for his research. For more helpful information please visit: BestBrainDrain Blog
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