05-16-2017, 10:47 AM
http://www.baltimoresun.com/news/maryland/baltimore-city/bs-md-ci-stadiums-tax-sale-20170515-story.html
In Baltimore, unpaid water bills can go to auction, allowing investing to bid on the debt. Once we win the lien on the property, you can begin charging the occupants 18% interest and foreclosure on them in 6 months if they refuse to pay.
This is a process that lets investors find poor home owners and take advantage of them, evicting them from their property after adding interest to a debt they're struggling to pay.
In this case, the winning bidder put $21m on M&T bank stadium, which is owned by the MD Stadium Authority. They will have to pay that amount to the city IF they foreclose on the MD Stadium Authority. The MD Stadium authority has had an on going dispute with the city over their water bill, alleging that the city is trying to overcharge them. They didn't realize that the office of public works sent it to auction, as they had been working with them.
It's unlikely that they'll ignore the $7,000 bill before the 6 month mark is up and risk losing a $300m stadium, but if they do, the investors from Germany who won the bid on their lien plan on evicting the Ravens and bringing a soccer team in.
In Baltimore, unpaid water bills can go to auction, allowing investing to bid on the debt. Once we win the lien on the property, you can begin charging the occupants 18% interest and foreclosure on them in 6 months if they refuse to pay.
This is a process that lets investors find poor home owners and take advantage of them, evicting them from their property after adding interest to a debt they're struggling to pay.
In this case, the winning bidder put $21m on M&T bank stadium, which is owned by the MD Stadium Authority. They will have to pay that amount to the city IF they foreclose on the MD Stadium Authority. The MD Stadium authority has had an on going dispute with the city over their water bill, alleging that the city is trying to overcharge them. They didn't realize that the office of public works sent it to auction, as they had been working with them.
It's unlikely that they'll ignore the $7,000 bill before the 6 month mark is up and risk losing a $300m stadium, but if they do, the investors from Germany who won the bid on their lien plan on evicting the Ravens and bringing a soccer team in.
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