Notable Tax Foreclosures Downtown

**j to the jeremy** · July-30-12, 12:22 PM

Say what you will about "Why Don't We Own This", as it probably fuels speculation and has streamlined the foreclosure auction process [[which is now exclusively online, preventing bidders from physically meeting the families whose lives they're ruining), but there are some very interesting tidbits in the latest update to the site:

http://whydontweownthis.com/

Notable downtown tax foreclosures I noticed right away:

The building where Thistle Coffee was is in foreclosure
The Majestic Theater
People's Records' office building
the RUB / LAX building downtown
Book Building
Kefalinos' buildings on Lower Woodward
Holiday Inn Express on Washington / Michigan
The Leland Hotel
HarborTown
Either American or Lafayette Coney [[Can't tell which)
Wurlitzer Bldg
Louie's Ham and Corned Beef [[Mack and Russell)

**HazenPingree** · July-30-12, 01:22 PM

Good eye, Jeremy. Fortunately, owners still have time to redeem, which will likely happen in most of these cases. If I recall correctly, the Majestic complex narrowly missed the auction last year. Luckily, it was redeemed at the last minute.

**313WX** · July-30-12, 01:57 PM

It'll be ugly if those foreclosures actually led to the loss of these places

It really shows you the darker side of downtown's supposed "recovery" too.

**Cincinnati_Kid** · July-30-12, 03:24 PM

Everybody's taxes are too high. Busineses, homeowners, it runs the gamut, with no end in sight. See the subsequent post on here about 3 suburbs asking their communities to vote on a tax increase. When will it end??

**j to the jeremy** · July-30-12, 05:44 PM

Originally Posted by Cincinnati_Kid

Everybody's taxes are too high. Busineses, homeowners, it runs the gamut, with no end in sight. See the subsequent post on here about 3 suburbs asking their communities to vote on a tax increase. When will it end??

And every city is struggling to provide services. What should we do? Capitalism and city governments are failing us.

**dickmarco** · July-30-12, 05:50 PM

Isn't this a bit slanted? If I as a complete stranger decide to bid on a foreclosed property "I have ruined someones life". It's my fault for what has happened to someone who for whatever reason did not pay up. You don't pay and you lose your car, boat, house or whatever and it's my fault.

**j to the jeremy** · July-31-12, 07:30 AM

OK, let me clarify. All I'm suggesting is that bidders on foreclosed homes should at least have to meet with the person who they are kicking out of the home, or physically see the property. If it's all online, doesn't that seem to favor "investors" with no vested interest in the communities they're investing in?

Also this is not the new york times, I can be "slanted" if I want.

Shollin · July-31-12, 07:36 AM

Most people let their homes go to tax foreclosure because in September they have to pay all the back taxes and fees. If there are no bids, it goes back to auction for $500 where people buy their house back and for basically pennies on the dollar for what they owed.

I would gladly meet the people who are getting evicted. I would shake their hand and ask them why they feel they deserve to stay when they haven't paid their bills.

**Richard** · July-31-12, 07:47 AM

You cannot enter a contract with the city if you owe them money,if you buy a piece of property at foreclosure auction you are entering a contract to purchase with the city.

Shollin · July-31-12, 08:04 AM

Originally Posted by Richard

You cannot enter a contract with the city if you owe them money,if you buy a piece of property at foreclosure auction you are entering a contract to purchase with the city.

After it goes to auction that debt is gone. I've read and seen numerous reports on this scam.

**Richard** · July-31-12, 08:17 AM

Originally Posted by Shollin

After it goes to auction that debt is gone. I've read and seen numerous reports on this scam.

I agree it happened in the past but now you have your new city charter ,it should not apply in the future ,we will see if Ms Crittendon has her pencil sharpened.

Remember the whole thing with the state,it was because the charter changed to you cannot enter a contract with the city if you owe them money,if you owe back taxes you owe the city money.Use your tools provided.

The auction was over on July 10 so maybe we will see some news on the people that tried that route again and if they were prosecuted,if not then I guess the state might have a case against the city.

**Hermod** · July-31-12, 09:47 AM

Originally Posted by Richard

I agree it happened in the past but now you have your new city charter ,it should not apply in the future ,we will see if Ms Crittendon has her pencil sharpened.

Remember the whole thing with the state,it was because the charter changed to you cannot enter a contract with the city if you owe them money,if you owe back taxes you owe the city money.Use your tools provided.

The auction was over on July 10 so maybe we will see some news on the people that tried that route again and if they were prosecuted,if not then I guess the state might have a case against the city.

So you form a Sub S corporation and your corporation [[which is debt free) buys the property back for $500.