Tuesday, July 17, 2012

The Other Foreclosure Crisis: Real Estate Tax Lien Foreclosure Process

From a press release from the National Consumer Law Center:

  • Outdated state laws that permit local governments to sell property through a tax lien foreclosure process if the owner falls behind on property taxes (owing as little as $400) are fueling a second nationwide foreclosure crisis, according to a report from the National Consumer Law Center (NCLC).

    Homeowners throughout the nation, particularly elderly and people with cognitive challenges, have lost or stand to lose family homes along with long-term equity which may represent their sole savings and security for retirement,” said National Consumer Law Center Attorney John Rao and author of The Other Foreclosure Crisis: Property Tax Lien Sales.

    Our report is a wake-up call for states to reform tax sale laws to keep speculators from reaping huge windfalls at the expense of fragile citizens while still ensuring local governments receive much needed tax revenue.”
For the entire press release, see Tax Lien Sales: Elderly Are Losing Homes While Investors Reap Big Profits (Report Documents a Growing National Crisis; States Urged to Reform Tax Laws).
Go here for more links from the National Consumer Law Center on "The Other Foreclosure Crisis."

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