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Think you will own your house someday? Think again. How to check your chain of title + Video Video
marinkapeschmann.com ^ | Marinka Peschmann

Posted on 05/17/2014 6:55:58 AM PDT by Opinionatedtoday

Imagine pulling up to your driveway with your kids laughing in the backseat, having come home from a baseball game, to see a foreclosure notice tacked on your front door. Maybe all of your belongings have been tossed out onto the street. You are in shock. It doesn’t make sense. There must be a mistake. Why is the bank taking your house? Your home was your security, your retirement. It was the American dream. You had played by the rules. It’s where your children have been growing up. Now, incredibly, suddenly, without warning, your entire world has been ripped apart, shattered.

Despite having never missed a mortgage payment and even paying early, the bank is coming to take away your home. They are coming to throw you out onto the street. Panic, disbelief—a tidal wave of emotions nearly knock you over as your heart beats faster and faster. The walls start closing in around you. You cannot breathe. The clock is ticking. Why is the bank coming to take away your house? You did everything you were told to do. Where will your children sleep in a few weeks from now?

Think this can’t be you? Oh no, think again. This nightmare has been occurring across the country for years. As the Wall Street Journal’s Alan Zibel reported, bank files show that more foreclosure errors are happening than regulators have reported to the public.

As previously exclusively reported, this fate could be awaiting millions of more Americans because of a bankruptcy that is happening right now in Judge Martin Glenn’s U. S. Bankruptcy Court, in the Southern District of New York where 51 residential mortgage companies have simultaneously gone bankrupt.

Is your house “owned” by any of these bankrupt companies?

(Excerpt) Read more at marinkapeschmann.com ...


TOPICS: Books/Literature; Business/Economy; Government; Society
KEYWORDS: economy; fraud; homeowner; mortgage; propertytax; title; titleinsurance; titlesearch
Peschmann is a freelance investigative journalist who worked in both the mainstream and new media. At the end of this article there is a 29 step checklist you should do to ensure that your mortgages documents are intact. If your chain of title is broken you will not own your house no matter how much you pay.
1 posted on 05/17/2014 6:55:58 AM PDT by Opinionatedtoday
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To: Opinionatedtoday
No mortgage. I own the property outright.

All I have to do is pay the local shakedown/protection racket their money once a year.

/johnny

2 posted on 05/17/2014 6:59:39 AM PDT by JRandomFreeper (Gone Galt)
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To: Opinionatedtoday

They didn’t have title insurance? Every mortgage company requires it. How can you not have title insurance??


3 posted on 05/17/2014 7:00:14 AM PDT by RIghtwardHo
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To: Opinionatedtoday

Isn’t this what a title search is for?


4 posted on 05/17/2014 7:10:02 AM PDT by babygene ( .)
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To: JRandomFreeper
No mortgage. I own the property outright. All I have to do is pay the local shakedown/protection racket their money once a year.

Same here. BTW, that local shakedown racket here is costing a little over $300 a month. What are they shaking you down for?

5 posted on 05/17/2014 7:13:45 AM PDT by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: RIghtwardHo

I don’t put much stock in this article. Title insurance like you mention is overlooked in the article because it does not fit the narrative.

And nobody is going to come home surprised to find their furniture and belongings on the street. The sheriff gives you plenty of notice and they only put you out on the street, not your belongings.


6 posted on 05/17/2014 7:16:48 AM PDT by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: RIghtwardHo

Lenders typically don’t require a title policy that covers the owner, just the lender. Still, you’d have to be an idiot to buy real estate without paying a little extra for an owner’s title policy.


7 posted on 05/17/2014 7:20:06 AM PDT by clintonh8r (#Don't give up! The liberals are buggering and aborting themselves into extinction.)
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To: Opinionatedtoday
This article is long on hysterics and short on details.

It sounds like these people who've lost their homes did have some warning - their payments went up. Also, they apparently had some reason to contact the mortgage company because the one lady said she could never get any help because the people she was talking to were in India - help for what?

Also, tying in MERS doesn't make sense to me either. Thanks to MERS, I can check all documents online.

8 posted on 05/17/2014 7:22:33 AM PDT by old and tired
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To: Opinionatedtoday

For later


9 posted on 05/17/2014 7:22:37 AM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: JRandomFreeper

When I paid off my mortgage a few years ago, I found out you never really own your home. I didn’t receive a tax bill from the county at the end of the year and assumed the mortgage company had paid that year’s tax from escrow. Apparently, the county continued to send the tax statement to the mortgage company and they ignored it.

In January of the following year I received my first letter from the county tax office and it stated that if I didn’t pay my tax, plus late penalty, by the end of the month, the County Sheriff would hold an auction and auction my home for the taxes owed.

Of course, I quickly paid the tax, but it showed me I will never really own my home, but the county will let me live here only as long as I pay my annual rent (tax).


10 posted on 05/17/2014 7:22:42 AM PDT by DJ Taylor (Once again our country is at war,and once again the Democrats have sided with our enemy.)
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To: gunsequalfreedom
$500/year. I live modestly. ;)

/johnny

11 posted on 05/17/2014 7:23:56 AM PDT by JRandomFreeper (Gone Galt)
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To: JRandomFreeper

Your property tax is only $500 a year?


12 posted on 05/17/2014 7:25:19 AM PDT by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: DJ Taylor

You’re lucky you got a letter at all.

If you find that an outrageous statement, you can take it as gospel that there is some truth out there that people do NOT get notified. When I researched our County’s notification requirements, I was astounded to find ONE mailing, NON-registered, is all that’s required. No door posting, no personal notification, no registered-mail.

No kidding.


13 posted on 05/17/2014 7:28:58 AM PDT by logi_cal869
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To: gunsequalfreedom
Yep. One bedroom. I really meant that I live modestly.

/johnny

14 posted on 05/17/2014 7:31:06 AM PDT by JRandomFreeper (Gone Galt)
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To: RIghtwardHo

EVEN IF you did have title insurance, most such companies have VERY FINE PRINT that says they are NOT responsible for any errors!!!!!

Since you are required to have the title company in the process, I think this is outright fraud.


15 posted on 05/17/2014 7:31:58 AM PDT by ridesthemiles
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To: RIghtwardHo

Title Ins. is of no help if your Mtg. Co. goes BK AFTER your purchase.


16 posted on 05/17/2014 7:34:26 AM PDT by G Larry (Which of Obama's policies do you think I'd support if he were white?)
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To: DJ Taylor

I am pretty sure that when you make your last mortgage payment & you have been on an impound account where the bank pays your taxes & insurance, it is the homeowner’s responsibility to notify both the county & the insurance company that all bills should henceforth come directly to YOU.


17 posted on 05/17/2014 7:35:29 AM PDT by ridesthemiles
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To: babygene

No offense, but your question is quite ignorant.

For years now people have been complaining of not being able to find out who actually has title to their property, it having been traded around in the mortgage-backed securities scandal (which has never been resolved).

A friend of mine just went through this with Wells Fargo, having spent >$30,000 in legal fees, just to have a corrupt judge find in the bank’s favor DESPITE the fact they could never produce the title (it was a technicality he perhaps could have beat had he been able to afford better representation, but at face value it is THE judge these bank attorneys seek out, as he finds in their favor in a majority of cases).

This is a fairly recent article that elaborates on the problem, a potential solution and terminology so you can ‘rediscover’ the issue

http://strikedebt.org/cloudy-with-a-chance-of-radicalism/

I have nothing but contempt for anyone that works in the real estate/mortgage industry, no different than the contempt I have for the county tax jack-boots. If that statement offends any freepers, TS; it’s my opinion and it’s shared my many.


18 posted on 05/17/2014 7:38:33 AM PDT by logi_cal869
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To: logi_cal869

No offense, but you’re quite rude.


19 posted on 05/17/2014 7:53:00 AM PDT by TribalPrincess2U (0bama's agenda¬óDivide and conquer seems to be working.)
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To: ridesthemiles

When I registered the deed to my home with the County Registrar of Deeds, I assumed there was some connection between them and the County Tax Assessor’s Office next door, but apparently there wasn’t.

Valuable lesson learned here: Never assume anything when dealing with government offices.


20 posted on 05/17/2014 7:53:36 AM PDT by DJ Taylor (Once again our country is at war,and once again the Democrats have sided with our enemy.)
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To: RIghtwardHo

“They didn’t have title insurance? Every mortgage company requires it. How can you not have title insurance??”

Every mortgage company requires lender title insurance. Owner’s coverage is optional. I always urged my clients to take it as its a one time fee for about $300. But you can refuse it. Don’t be that guy.


21 posted on 05/17/2014 8:08:03 AM PDT by Georgia Girl 2 (The only purpose o f a pistol is to fight your way back to the rifle you should never have dropped.)
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To: logi_cal869

Your link is a Occupy group.

http://strikedebt.org/cloudy-with-a-chance-of-radicalism/

These are the kooks that want cities to seize and discharge mortgages.


22 posted on 05/17/2014 8:09:08 AM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: HereInTheHeartland

That FReeper apparently has more in common with occupiers than with thousands of honest Americans in the real estate and mortgage professions which he uniformly and without exception has “contempt” for.


23 posted on 05/17/2014 8:13:31 AM PDT by clintonh8r (#Don't give up! The liberals are buggering and aborting themselves into extinction.)
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To: gunsequalfreedom
BTW, that local shakedown racket here is costing a little over $300 a month.

There used to be common sense Homestead Exemptions to prevent greedy government officials from taxing old people from their homes.

You are no longer protected from such abuse even the EPA can condemn your home if they decide you have a protected cockroach in your home.

No one is safe from a tyrannical government simply because they have papers.

24 posted on 05/17/2014 8:18:00 AM PDT by itsahoot (Voting for a Progressive RINO is the same as voting for any other Tyrant.)
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To: Opinionatedtoday
Is your house “owned” by any of these bankrupt companies?

My house is not owned by a mortgage company or a bank, it is owned entirely by my wife, me and the real estate tax assessor.

25 posted on 05/17/2014 8:24:14 AM PDT by Graybeard58 (If any man love not the Lord Jesus Christ, let him be Anathema Maranatha. 1 Cor 16: 32)
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To: gunsequalfreedom
Aug 29, 2013 - Bank Repossesses Wrong House, Sells Off Homeowner's Stuf

LOGAN, W.Va. (WSAZ) -- A major mistake caused a woman to come home to an empty house.

26 posted on 05/17/2014 8:24:52 AM PDT by itsahoot (Voting for a Progressive RINO is the same as voting for any other Tyrant.)
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To: Georgia Girl 2
Every mortgage company requires lender title insurance. Owner’s coverage is optional. I always urged my clients to take it as its a one time fee for about $300. But you can refuse it. Don’t be that guy.

Yep, it's cheap enough to add owner's coverage on a simultaneous issue. Also, contrary to some comments upthread, lender's title insurance becomes part of the loan package that subsequent owners of the promissory note obtain by assignment. It doesn't vanish if the originating lender goes bust.

This article blurs the distinction between property chain of title and lender's documented chain of ownership of the note way more than it should.

27 posted on 05/17/2014 8:29:38 AM PDT by Charles Martel (Endeavor to persevere...)
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To: gunsequalfreedom

Your property tax is only $500 a year?

Mine is only $900 and I have 8.5 acres, 3 bedroom home with in ground pool 2car garage. Mortgage is paid off.


28 posted on 05/17/2014 8:35:49 AM PDT by bikerman (Imagination is more important than intelligence)
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To: HereInTheHeartland

The kooks are embracing the concept because it fits with their entitlement scheme.

Ignore the blather and focus on the issue & the terminology.

I don’t have the time to find a ‘suitable link source’ for terminology when I’m ‘throwing you a bone’. The ‘eminent domain’ scheme was proposed by some rather keen municipal officials seeking to wrest control of the problem from the irresponsible financial industry.

Frankly, if the proposal rankles the Federal Gov

http://articles.latimes.com/2013/aug/08/business/la-fi-eminent-domain-lawsuit-20130809

I’m keen to know more. You apparently have no idea how profitable it is to locales/counties to seize/auction off properties under the draconian practices of these banks that can’t produce the damned titles. If the proposal even goes nowhere, but forces the banks & the Feds to take the issue seriously then ‘maybe’ something will improve. Auctioning off a property should be a last resort and shouldn’t be so easy, yet it ‘is’ so easy in some locales as that’s how they want it.

Fact is, not one thing has changed in the real estate/mortgage industry since 2007. Nothing.


29 posted on 05/17/2014 8:36:18 AM PDT by logi_cal869
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To: TribalPrincess2U

In real estate, I take it?

Then rude I will be.

Regardless: “Yawn”.


30 posted on 05/17/2014 8:38:44 AM PDT by logi_cal869
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To: clintonh8r

I work in the industry and have had to put up with all the ridiculous new regulations and rules (which do NOTHING to help consumers).
With millions of mortgages; no doubt some people had some weird and unfortunate things happen to them. Such as a dumb contractor who had the wrong address and came to the wrong house and moved things out and locked doors.
But for someone to say that a situation like is a bank somehow trying to seize someones home ()with no mortgage on it); is uninformed at best.
The bank in that situation did a poor job at hiring and managing contractors.


31 posted on 05/17/2014 8:39:10 AM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: bikerman
"Mine is only $900"

You must live in Alaska.

32 posted on 05/17/2014 8:48:08 AM PDT by DJ Taylor (Once again our country is at war,and once again the Democrats have sided with our enemy.)
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To: JRandomFreeper

Exactly. Same here. There was no tax benefit to keeping the mortgage, so we didn’t.


33 posted on 05/17/2014 8:51:14 AM PDT by Hoffer Rand (Bear His image. Bring His message. Be the Church.)
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To: logi_cal869

“Fact is, not one thing has changed in the real estate/mortgage industry since 2007. Nothing.”

Hah!
Try to apply for a mortgage!!
Bottom line is we went through a very severe downturn. That drop in values caused the majority of the problems. SOME lending standards were too lax at the time; we have now over corrected to the point of insanity. The fed gov has a deathgrip on the lending industry; everyone is over documenting loan files in the case that loan goes into foreclosure down the road. The lawyers will pick a loan file apart for any technicality.
The Truth In Lending disclosure has to accurate on the APR now to within 3 decimal places. If a $20 fee was somehow changed for example; and the APR was off by 1/1000%; a attorney could use that to void the mortgage potentially. Is that just or ethical? No; but it’s legal. And everyone pays for it.
Housing prices are now recovering at a good clip. Banks are now reducing staff (finally) in the foreclosure areas. Rising home prices are curing most if the issues.


34 posted on 05/17/2014 8:53:46 AM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: DJ Taylor

You got it. Don’t pay your property taxes and you’ll find out who really owns your home.


35 posted on 05/17/2014 9:09:45 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: logi_cal869

Where do you live?


36 posted on 05/17/2014 10:22:56 AM PDT by B4Ranch (Name your illness, do a Google & YouTube search with "hydrogen peroxide". Do it and be surprised.)
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bfl


37 posted on 05/17/2014 11:40:49 AM PDT by Faith65 (Jesus Christ is my Lord and Savior!)
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To: HereInTheHeartland
Housing prices are now recovering at a good clip.

It was universally agreed at one time there was a 'housing bubble'.

The 'correction' was paid for by US Treasuries (red ink) and unequally applied.

Only the ignorant believe a 'housing price recovery' is a good thing without major industry reforms; that hasn't happened.

Nice propaganda ya got there...

38 posted on 05/17/2014 11:57:07 AM PDT by logi_cal869
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To: B4Ranch
From the county code book re tax liens:

Notice [ ] lien may be issued by the Tax Administrator or [ ] deputy whenever the operator is in default in the payment of said tax, interest and penalty and shall be recorded with XXX County [ ] copy sent to the delinquent [ ]. The personal property subject to such lien [ ] may be sold by the Department seizing the same at public auction after 10 days notice which means 1 publication in a newspaper in general circulation published in the County.
Matters not 'where'; I'm told this 'vague' code language is quite common. A wise person would discover their own County's language and how it applies to their situation.
39 posted on 05/17/2014 12:05:09 PM PDT by logi_cal869
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To: logi_cal869

“Nice propaganda ya got there...”

Hah!
I am trying to buy some investment real estate right now; not much on the market. Wish I had time machine. Going back about 3 years would be awesome.

Facts are facts.


40 posted on 05/17/2014 12:06:05 PM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: bikerman

One of my daughters pays $9600.00 per year——count your blessings.

.


41 posted on 05/17/2014 12:12:25 PM PDT by Mears
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To: HereInTheHeartland

The fact is this:

Residential Real Estate is ‘security’. It produces no income (vs. the ‘commercial sector’). Progressives have perverted our economy to include ‘services’ and ‘home sales & starts’ as a significant portion of the US GDP when, in fact, the latter should be a measure of the success of US policies, not a measure of year-to-year growth. But sucking manufacturing out of the economy had to result in something filling the vacuum.

Statistics are an interesting thing. No different than ‘opinions’. One thing nobody ever did was go back and adjust the past dozen years of economic statistics on which you’re basing your data when adjusted for all the losses realized as a result of sucking profits off a segment of the economy that generates none. They just take all the red ink off the balance sheet and compare current charts to past ones while conveniently ignoring the missing data. Makes for a nice ‘recovery’ chart, doesn’t it?

The lack of investment real estate is a symptom of a much larger problem.

Facts based on egregiously erroneous statistics are themselves just ‘statistics’ and equally false.

Homes appreciating at 2-3x income growth are the result. Worse, progressive public policies now embrace this cycle as it feeds their tax coffers.

I’m not having a discussion on this. There’s no debating ‘if’ crash #2 is coming, but when.


42 posted on 05/17/2014 12:33:03 PM PDT by logi_cal869
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To: logi_cal869

“Residential Real Estate is ‘security’. It produces no income (vs. the ‘commercial sector’). “

My tenants will pay me rent.


43 posted on 05/17/2014 1:56:50 PM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: logi_cal869

“Residential Real Estate is ‘security’. It produces no income (vs. the ‘commercial sector’). “

And secondly you are missing the huge chunk of economic activity that is produced through home ownership and construction.


44 posted on 05/17/2014 2:15:19 PM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: HereInTheHeartland

So your solution to the economy is for 1 million of you to rent properties to tenants.

I’ll repeat my prior: I have nothing but contempt for those in real estate.

Eat it.


45 posted on 05/17/2014 4:34:10 PM PDT by logi_cal869
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To: HereInTheHeartland

And I mis-typed (wrong word): Not income, but ‘tangibles’.

If you believe that simply building houses is a path to economic recovery, you are a troll.


46 posted on 05/17/2014 4:36:26 PM PDT by logi_cal869
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To: logi_cal869

“I’ll repeat my prior: I have nothing but contempt for those in real estate.

Eat it.”

There is bitterness coming out in your posts for whatever reason.
Not a good way to have a discussion about facts.


47 posted on 05/17/2014 5:59:48 PM PDT by HereInTheHeartland (Obama lied; our healthcare died.)
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To: DJ Taylor

What I don’t understand is why you still had an escrow account, when you were virtually done paying off your mortgage.

The banks I’ve dealt with over the years only require escrow (and PMI) if you don’t have 20% equity in your house. As soon as I could stop the escrow payments, I did. Haven’t used one in years.

Why would you ever give the bank a free float on your money by prepaying your property tax bill or HOI bill and letting the money sit in their account to earn interest? Not only that, by stopping use of the escrow account, you ensure your tax and HOI bills come to you and that you can be certain they got paid, because you paid them!


48 posted on 05/18/2014 8:02:12 AM PDT by Panzerfaust
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To: Panzerfaust

I’m not a CPA, so what you just wrote makes no sense to me at all.

As I’m fully retired now, living the “Golden Years,” and have no plans to buy another home in this life, your advice is a little late, but thanks anyway.


49 posted on 05/18/2014 9:35:38 AM PDT by DJ Taylor (Once again our country is at war,and once again the Democrats have sided with our enemy.)
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To: DJ Taylor

You must live in Alaska

No not Alaska we live in central Florida with 8.5 acres, 3 bedroom home with in the ground pool. Been here for 32 years.


50 posted on 05/20/2014 5:17:00 AM PDT by bikerman (Imagination is more important than intelligence)
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