Woods Cove II LLC docs

Submitted by Jeff Buster on Tue, 01/22/2013 - 11:30.

 Tax Liens in Cuyahoga County, Ohio are sold to anonomous "investors".   It isn't clear how much the investors pay for the liens - ie do they pay face value or a reduced amount?   (Reduced amount )   

This is a copy of the Sec. of State's corporation Certificate Woods_Cove_II_llc_rwservlet.pdf

This is the link to a copy of the Cuyahoga County purchase/sale of the liens - this is not specific about final price or terms or anything - we need to see the back up documents.   realneo.us/system/files/Woods_Cove_II_llc_R2011-0324.pdf   

This is the direct link to the Ohio Sec. of State Corporate certificate - look at page four for Deleware incorporation.   

Here is a link to corporationwiki.com which maps information from the California Sec. of State for Woods Cove II LLi

A Woods Cove related search on corporation wiki looks like the image below.   Notice the 6 different types of visualization in the links at the botth of the image. 

 

AttachmentSize
Woods_Cove_II_llc_rwservlet.pdf243.6 KB
Woods_Cove_II_llc_R2011-0324.pdf102.18 KB
Woods_Cove_mapping_from_corporationwiki.jpg58.74 KB
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Woods Cove info

 

Interesting info, Jeff. 

One of the figures relative to Woods Cove LLC appears to say " California Dreaming". 

If my memory serves me correctly, the 'California Dreaming' company is related to Marc Tow. http://www.newsnet5.com/dpp/news/local_news/investigations/marc-tow-suspect-indicted-in-major-cuyahoga-county-foreclosure-scam-busted-at-mexican-border

 

Here is a better link to the county's purchase agreement with Woods Cove LLC.  http://treasurer.cuyahogacounty.us/pdf_treasurer/en-US/2012PurchaseAgreement(web).pdf

 

It is interesting to note that the lien purchaser, Woods Cove LLC, is protected in the contract against demolitions.

In Section 4.3 Demolitions, the agreement specifically states, " In the event a certificate parcel is demolished by act of any city or county governmental agency within the first 24 months after closing date, through no fault of purchaser, servicer, successors or assignees, seller shall repurchase the lien from the purchaser in accordance with O.R.C. Section 5721.34."

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If they are aggressive enough to force a foreclosure and transfer the deed to their tax lien company, they get what they deserve.  If the property requires demolition, that sounds like a personal financial problem to me and not an additional financial problem for taxpayers to foot the bill for the demolition, lost taxes, grass mowing, and all the other fees tacked on by the county. 

The county agrees to repurchase the lien from the company if the property requires demolition with 24 months.  So taxpayers will also lose the initial money in which the tax lien company paid the county in the first place- and pay for the demolition.

I follow and research tax lien foreclosures all across the country.  Many counties have realized the danger of dealing with the predators and attorneys general have stepped in several states to protect property owners from the predators. 

National research has shown that selling tax liens is not a solution and only a temporary financial fix for cash strapped counties.  The predators target areas in which the housing market has collapsed with the intent of cashing in on the already struggling property owners.

Selling delinquent tax liens to the predators is known as the other foreclosure crisis.  Most of the victims are elderly, lower income, and minorities.

They charge 18 % interest and numerous additional fees, such as the following.  Most of the property owners do not stand a chance with these predators.

083_crop.jpg

 

* My blogs expressing my Freedom of Speech Rights, especially on matters of public concern, are my opinion and not the opinion of my friends, family or employer*

Third Party Tax Lien Sales to Woods Cove III confirmed for 10/19

http://treasurer.cuyahogacounty.us/pdf_treasurer/en-US/2013PurchaseAgreementb.pdf

I called the Treasurer's office until I actually got a live person - Michael Sweeney confirmed that there will be a tax lien sale to purchaser Woods Cove III LLC on October 19th this year per the 2013 agreement.

 

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W. Christopher Murray II
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