Have you seen those late night TV commercials?
The one's telling you how to get rich selling houses/property? Particularity, those that say you can buy houses for as low as $10.00 in estate tax actions?
Perhaps, you've ignored all this bunk, especially with the latest stuff about the economy
But it actually is TRUE!...But unlike the commercial there is a catch!
How it works!
We all pay taxes (whether we like it or not). In particular we pay house/property taxes to the government every year.
Some countries, such as Canada and the USA reserve the right to "steal" your property if you do not pay your taxes.
I'm not exactly sure how it works in the US, but in Canada it goes something like this
a) You get a big mortgage to pay for your house of say $250,000
b) Many mortgages automatically include your taxes as part of your payment
c) The payments are higher then you expected so you start to fall behind
d) You get a letter from the government stating that because you are behind in your taxes you house has been advertised automatically "for sale" in local newspapers
(Note: Sometimes this is just a threat, they don't actually advertise it, but sometimes they do. I'm uncertain how they determine whose properties they actually advertise)
Normally, the advertisement allows anyone to purchase your house just by paying off the taxes. You may only owe $10 in over taxes, then someone can legally buy your house for only $10.
The idea is that this is just meant as a threat. It's not really intended for someone to actually try to buy your house. It's just meant to "force" you to pay your taxes.
BUT, here's where the commercial comes in!
People who want to become "rich" look in these papers, find your home, and buy it for only the back taxes.
Now you've lost your home (you're homeless) and some other guy resells your house and makes $250,000 profit.
So yeah, you can get rich and it is legal, but you are leaving people homeless, over as little as a $10 behind payment.
So try it if you want, it's your karma, but I don't recommend it !
The one's telling you how to get rich selling houses/property? Particularity, those that say you can buy houses for as low as $10.00 in estate tax actions?
Perhaps, you've ignored all this bunk, especially with the latest stuff about the economy
But it actually is TRUE!...But unlike the commercial there is a catch!
How it works!
We all pay taxes (whether we like it or not). In particular we pay house/property taxes to the government every year.
Some countries, such as Canada and the USA reserve the right to "steal" your property if you do not pay your taxes.
I'm not exactly sure how it works in the US, but in Canada it goes something like this
a) You get a big mortgage to pay for your house of say $250,000
b) Many mortgages automatically include your taxes as part of your payment
c) The payments are higher then you expected so you start to fall behind
d) You get a letter from the government stating that because you are behind in your taxes you house has been advertised automatically "for sale" in local newspapers
(Note: Sometimes this is just a threat, they don't actually advertise it, but sometimes they do. I'm uncertain how they determine whose properties they actually advertise)
Normally, the advertisement allows anyone to purchase your house just by paying off the taxes. You may only owe $10 in over taxes, then someone can legally buy your house for only $10.
The idea is that this is just meant as a threat. It's not really intended for someone to actually try to buy your house. It's just meant to "force" you to pay your taxes.
BUT, here's where the commercial comes in!
People who want to become "rich" look in these papers, find your home, and buy it for only the back taxes.
Now you've lost your home (you're homeless) and some other guy resells your house and makes $250,000 profit.
So yeah, you can get rich and it is legal, but you are leaving people homeless, over as little as a $10 behind payment.
So try it if you want, it's your karma, but I don't recommend it !
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