In another installment of As The Gorgas Turn, it appears that when Melissa Gorga announced “We Pay Our Bills” what she really meant to say was “We Pay Our Bills . . . sometimes . . . but not lately . . . so call me . . . maybe . . . baayyybeee”
It appears that the very successful businessman that Faux Reality portrays is sinking rapidly. Tax Liens on Gorga’s properties have been outstanding for so long that they can now be purchased by third parties in the form of tax lien certificates.
Cities give property owners incentive to pay their property taxes on time – if they don’t pay they are assessed a penalty of 18% interest on over due amount and a tax lien certificate is issued. The city then sells the tax lien certificate to a third party at auction. The third party purchases the certificate to pay off the property taxes and in turn is entitled to collect the taxes, plus 18% interest per year from the property owner. Tax lien certificates are superior to other liens or mortgages (except Federal liens), so the third party who purchases the tax lien certificate can force a foreclosure.
Apparently the Gorgas didn’t pay their property taxes on the Paterson property because the City of Paterson recorded several Tax Lien Certificates
On September 5, 2012, Pro Capital I, LLC purchased the following:
On [insert all tax lien certificates]
Why would a successful businessman fail to pay his taxes for such a period of time to allow a tax lien certificate to be auctioned in foreclosure?
Why would a successful businessman need private short term loans with artificially inflated interest rates?