Posted by phil fernandez on February 16, 2001 at 19:09:19:
Certainly the exact situation that I described doesn’t happen very often. However there are people out there that not only don’t pay their property taxes, but don’t seem to pay anything else either. It’s kinda like a pattern so they can’t borrow money.
I also have ran into situations where they might be able to bail themselves out once, but they get right back into the same problem a year or so down the road. Usually their credit is shot and or they don’t have a job so borrowing even smaller amounts becomes problematic.
I am working on such a deal right now. It’s not adone deal yet and may not materialize. We’ll just have to wait and see.