http://www.richardhowe.com/2012/04/25/tax-lien-auction-tomorrow/ Lowell Politics and Lowell History Wed, 22 May 2013 15:41:29 +0000 hourly 1 http://wordpress.org/?v=3.4.1 http://www.richardhowe.com/2012/04/25/tax-lien-auction-tomorrow/comment-page-1/#comment-13473 Bob Forrant Wed, 25 Apr 2012 22:54:39 +0000 http://www.richardhowe.com/?p=15029#comment-13473 In the early 1930s the banks had seized ownership of farms for nonpayment of the mortgage and then set up legal auctions to sell the properties. Making the sale be for only a dollar forced the bank to accept the mortgage. In the early 1930s the banks had seized ownership of farms for nonpayment of the mortgage and then set up legal auctions to sell the properties. Making the sale be for only a dollar forced the bank to accept the mortgage.

]]> http://www.richardhowe.com/2012/04/25/tax-lien-auction-tomorrow/comment-page-1/#comment-13471 Joe S Wed, 25 Apr 2012 20:51:09 +0000 http://www.richardhowe.com/?p=15029#comment-13471 This apparently will work when the current value of the lien is substantially less than the value of the property, either individually or collectively. But how does a mortgage play into this? This apparently will work when the current value of the lien is substantially less than the value of the property, either individually or collectively. But how does a mortgage play into this?

]]> http://www.richardhowe.com/2012/04/25/tax-lien-auction-tomorrow/comment-page-1/#comment-13466 Bob Forrant Wed, 25 Apr 2012 12:39:15 +0000 http://www.richardhowe.com/?p=15029#comment-13466 During the Great Depression when there were bank auctions of farms people could no longer make their payments on, neighbors would 'mob' the auction and someone would bid one dollar for the property. Then, they would look quite stern and intimidate others from making a higher bid on the property. Auction was legal. Auction closed. And, then the one dollar bidder sold the farm to the original owner for $1.00. The bank went home sad; everyone else went home very, very happy. During the Great Depression when there were bank auctions of farms people could no longer make their payments on, neighbors would ‘mob’ the auction and someone would bid one dollar for the property. Then, they would look quite stern and intimidate others from making a higher bid on the property. Auction was legal. Auction closed. And, then the one dollar bidder sold the farm to the original owner for $1.00. The bank went home sad; everyone else went home very, very happy.

]]>