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10-07-2006, 05:23 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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Real or Gimmick?
When we sold our previous house in 1999, we also sold the neighboring lot, and loaned the new owners the money for the lot. They resold the property a few years ago and repaid the loan in full.
Today we received a notice from LSI Tax Services saying "This is a notice of delinquent property taxes for property that is secured bya deed of trust on which you are the lender..."
I ask if this is a gimmick, because almost weekly we receive some offer to receive cash for our note.
As part of this mailing, there is a form for me to sign that says "I authorize LSI tax services to cancel my tax service contract. My interest in this property has been satisfied."
Anyone familiar with this? Should I ignore it, or send in the cancellation authorization?
Thanks,
__________________
Al
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10-07-2006, 07:07 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Feb 2003
Posts: 2,395
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Re: Real or Gimmick?
I would check into it myself, with the county taxing authority. Get it straight from the horse's mouth. Or the horse's web site
__________________
-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
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10-07-2006, 07:47 PM
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#3
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Recycles dryer sheets
Join Date: Sep 2006
Posts: 64
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Re: Real or Gimmick?
If this is a poll, I'm clicking gimmick.
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10-07-2006, 07:49 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
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Re: Real or Gimmick?
i'd think you can safely ignore it. if there is a tax delinquency from a subsequent owner, it seems to be of no concern to you.
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10-07-2006, 08:06 PM
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#5
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Re: Real or Gimmick?
Hard to imagine "LSI Tax Services" having any kind of authority or interest in the absence of your notification by a government body.
Did you possibly move and not leave a forwarding address with the taxing authority? About the only angle I can think of is whether they are some kind of collection agency.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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10-07-2006, 08:47 PM
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#6
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
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Re: Real or Gimmick?
Quote:
Originally Posted by TromboneAl
Today we received a notice from LSI Tax Services saying "This is a notice of delinquent property taxes for property that is secured bya deed of trust on which you are the lender..."
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I had this problem 20 years ago with a mortgage servicing company using my escrow account to make payroll instead of to pay the property taxes. Sometimes the property records are a few months behind the transactions-- would there be an escrow account involved with the new owners but your name being the last recorded deed?
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
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10-07-2006, 08:52 PM
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#7
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Full time employment: Posting here.
Join Date: Aug 2006
Location: Columbus
Posts: 769
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Re: Real or Gimmick?
When you sold the property the buyer signed a note or mortgage which was probably filed with the county recorder. When the property was sold, you got paid but did you file anything like a "Satisfaction of Mortgage" or "Release of Mortgage" with the recorders office?
If not, than you are probably still listed as holding the loan on the property. LIS must be fishing the recorders documents for business. People offering to buy the note must be doing the same thing.
__________________
100% retired and working hard at it.
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