"All states have laws that permit local governments to sell property through a tax lien foreclosure process if the owner falls behind on property taxes or other municipal charges.
A tax lien sale may be started over nonpayment of a tax bill of only a few hundred dollars. A $200,000 home may be sold at a tax lien sale for $1,200 and then quickly resold for a huge profit.
Homeowners may lose not only a homestead but also hundreds of thousands of dollars in equity. This equity may represent their sole savings and security for retirement. As a result, foreclosures related to tax lien sales may destabilize entire communities".
For a more detailed discussion, resports, etc. go to:
The Other Foreclosure Crisis - Property Tax Lien Sales
Subscribe to:
Post Comments (Atom)
Posts
This comment has been removed by the author.
ReplyDelete