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In reply to the discussion: STOCKMARKET WATCH -- Wednesday, 11 July 2012 [View all]Demeter
(85,373 posts)12. Some Americans Have Lost Homes Over As Little As $400
http://www.npr.org/blogs/thetwo-way/2012/07/10/156580707/report-some-americans-have-lost-homes-over-as-little-as-400?ft=1&f=1001
A report from a consumer group released today says that vulnerable owners are losing their homes for owing as little as $400 in back taxes.
The AP reports:
The report details how the process works. In most cases, companies like JPMorgan Chase and Bank of America buy tax liens from the city and eventually evict the original owners. The investors then resell the house for a hefty profit. A $200,000 home, for example, might be sold on tax lien sale for $1,200.
Nationally, NCLC reports annual tax lien sales total $15 billion and the elderly and disabled are the most vulnerable.
In its report, NCLC recommends that states revisit their laws by, for example, limiting the profits of investors and limiting the kinds of fees they can charge for owners to get their house back. NCLC also recommends that a court authorize the final sale of the property.
A report from a consumer group released today says that vulnerable owners are losing their homes for owing as little as $400 in back taxes.
The AP reports:
"Outdated state laws allow big banks and other investors to reap windfall profits by buying the houses for a pittance and reselling them, the National Consumer Law Center said in a report being released Tuesday.
"Local governments can seize and sell a home if the owner falls behind on property taxes and fees. The process helps governments make ends meet at a time when low property values and the weak economy are squeezing tax revenue.
"But tax debts as small as $400 can cause people to lose their homes because of arcane laws and misinformation among consumers, says John Rao, the report's author and an attorney with NCLC."
"Local governments can seize and sell a home if the owner falls behind on property taxes and fees. The process helps governments make ends meet at a time when low property values and the weak economy are squeezing tax revenue.
"But tax debts as small as $400 can cause people to lose their homes because of arcane laws and misinformation among consumers, says John Rao, the report's author and an attorney with NCLC."
The report details how the process works. In most cases, companies like JPMorgan Chase and Bank of America buy tax liens from the city and eventually evict the original owners. The investors then resell the house for a hefty profit. A $200,000 home, for example, might be sold on tax lien sale for $1,200.
Nationally, NCLC reports annual tax lien sales total $15 billion and the elderly and disabled are the most vulnerable.
In its report, NCLC recommends that states revisit their laws by, for example, limiting the profits of investors and limiting the kinds of fees they can charge for owners to get their house back. NCLC also recommends that a court authorize the final sale of the property.
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It appears ole Yahweh has a honker ascribed by bigots to a certain ethnic background.
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