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Real or Gimmick?
Old 10-07-2006, 06:23 PM   #1
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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,
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Re: Real or Gimmick?
Old 10-07-2006, 08:07 PM   #2
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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
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Re: Real or Gimmick?
Old 10-07-2006, 08:47 PM   #3
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Re: Real or Gimmick?

If this is a poll, I'm clicking gimmick.
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Re: Real or Gimmick?
Old 10-07-2006, 08:49 PM   #4
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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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Re: Real or Gimmick?
Old 10-07-2006, 09:06 PM   #5
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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.
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Re: Real or Gimmick?
Old 10-07-2006, 09:47 PM   #6
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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..."
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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Re: Real or Gimmick?
Old 10-07-2006, 09:52 PM   #7
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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.
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