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Post by Admin on Mar 26, 2017 15:06:05 GMT -5
Well, well, well! A look at the Official Records reveals that NO lien has been filed on the two subject properties. Without a lien on the parcels, nobody pays past due assessments.
Now that I put my thinking cap on, I recall Toneesha stating at the 2015 budget meeting that SLohA wanted to fund the "Liens and Foreclosures" budget line item in anticipation of the Covenants being reinstated and having the go ahead to lien and foreclose. My best guess is that, since the Covenants were, indeed, revitalized, that SLohA does not have the authority to lien and foreclose. Otherwise, it would have filed liens!
Buying tax certificates is a way to "foreclose" through the Tax Collector. SLohA buys the Tax Certificate and applies to Polk to start the foreclosure. That process allows Polk to public auction the property which goes to the highest bidder.
Owners thinking about a good buy on property might want to sign up for the auction! Just bid and pay the costs of the auction and back tax! Wow! Maybe Admin should bid! Admin would not have to pay back assessments and could turn around and sell the property at a nice profit and re-fund my Legal Assistance corporation!
Assessment burdened S-bag Owners--screwed again!
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Post by Dick Tracy on Mar 26, 2017 23:15:27 GMT -5
We just may sign up, our youngest daughter would love to live near her parents in SLR. Plus our daughter would have us to watch the grand kids. She would love working at Lake Wales Medical Center.
A win win for our family indeed.
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Post by Admin on Mar 27, 2017 10:03:26 GMT -5
Dick Tracy posted:
That sounds like a lovely idea! Let's chat about which parcel you prefer to own and I'll bid on the other one!
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Post by pestcontrol on Mar 27, 2017 22:48:01 GMT -5
Well, well, well! A look at the Official Records reveals that NO lien has been filed on the two subject properties. Without a lien on the parcels, nobody pays past due assessments. Now that I put my thinking cap on, I recall Toneesha stating at the 2015 budget meeting that SLohA wanted to fund the "Liens and Foreclosures" budget line item in anticipation of the Covenants being reinstated and having the go ahead to lien and foreclose. My best guess is that, since the Covenants were, indeed, revitalized, that SLohA does not have the authority to lien and foreclose. Otherwise, it would have filed liens! Buying tax certificates is a way to "foreclose" through the Tax Collector. SLohA buys the Tax Certificate and applies to Polk to start the foreclosure. That process allows Polk to public auction the property which goes to the highest bidder. Owners thinking about a good buy on property might want to sign up for the auction! Just bid and pay the costs of the auction and back tax! Wow! Maybe Admin should bid! Admin would not have to pay back assessments and could turn around and sell the property at a nice profit and re-fund my Legal Assistance corporation! Assessment burdened S-bag Owners--screwed again! In the 2017-2018 line item budget Toneesha inserted a line for "reimbursement of legal fees". Does that mean that SLohA will be getting back some of the $103,000.00 plus monies spent on legal fees this past year? And where would those funds come from? |
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Post by Dick Tracy on Mar 28, 2017 0:21:42 GMT -5
Just maybe Stmbug Ixx Inc. will be sharing the Legal Counsel Discount Fees with SLohA. No, that would be a Pipe Dream.  |
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Post by Admin on Mar 28, 2017 22:45:43 GMT -5
Followup on bidding at auction: I spoke with Penny today in Bartow Tax Collector Office. We reviewed the Tax Certificate Process. She verified that holding a Tax Certificate confers NO privilege to the holder with regards to the public auction. In fact, Tax Certificates can be held by several individuals and even the County itself. A Tax Certificate is just a lien and affords the holder "first pay" in the hierarchy of the distribution of proceeds. Next step in the process is to apply to the County for a Tax Deed. This begins the auction process and I am told that current wait time for an auction following application is 6-9 months. Auction proceeds: After the Tax Certificate holder(s) are paid, the next to be paid is a holder of a mortgage, then other liens such as contractors' liens or homeowner assessment liens. (SLohA has not recorded liens on the subject properties as of now.) The last to be paid, if any funds are leftover, is the property owner or estate. The auction is contracted to an independent online auctioneer REALAUCTION and their website is RealAuctionTo participate, you must post a Sm all deposit which is refundable. If you win, you will have to pay all auction costs, including a title search, advertising, document filing fees and 5% auction house commission. It is free to register and the calendar of auctions is posted. The auction is PUBLIC and the high bidder wins. Bidding is blind to other bidders. The base bid is the redemption amount of the tax certificate. You must submit your best number and bidding is done by a proxy bid, similar to Ebay bidding. |
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Post by Admin on Apr 20, 2017 10:05:30 GMT -5
Posted from March 2017 Minutes:
I have seen no dated "description" published anywhere. Has anyone seen this?
It is important to know WHO is spending your money. These committees are mostly made up of current and past board members and their friends. They can act as a veiled mechanism for spending SLohA funds that are proxy subgroups of Board Members. Members need to know the scope of their jobs and they need to be advised about meeting dates if they are making decisions about expenditures of funds.
Members have a right to attend Committee Meetings that are discussing a spending recommendation to the BOD.
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