01-14-2025, 03:37 AM
A note about liens on properties in OLE -
A friend who is a long-time resident of OLE bought another lot several years ago, and started an enterprise on the lot registered as a sole proprietorship with the state and the feds. The road fees have been paid each year on both properties, but as separate transactions to simplify taxes. They went to a local bank a few months ago to pre-qualify for a car loan, and were told that a lien placed on the second property for non-payment of road fees for the last several years precluded them from getting the loan. As they have proof of payment, they are in the process of untangling the mess they have found themselves in, costing them time, stress and a good loan rate. So be aware, just because there is no foreclosure option doesn't mean there are no real world repercussions, even if caused by clerical error.
A friend who is a long-time resident of OLE bought another lot several years ago, and started an enterprise on the lot registered as a sole proprietorship with the state and the feds. The road fees have been paid each year on both properties, but as separate transactions to simplify taxes. They went to a local bank a few months ago to pre-qualify for a car loan, and were told that a lien placed on the second property for non-payment of road fees for the last several years precluded them from getting the loan. As they have proof of payment, they are in the process of untangling the mess they have found themselves in, costing them time, stress and a good loan rate. So be aware, just because there is no foreclosure option doesn't mean there are no real world repercussions, even if caused by clerical error.