Outdated state laws that allow local governments to sell tax liens on delinquent properties to investors in order to more quickly collect on overdue property taxes is sparking a second "foreclosure crisis," a report from the National Consumer Law Center said Tuesday.
When homeowners don't pay property taxes or other municipal bills, like water or sewer fees, local governments have less money to maintain services like schools, police and fire departments and road maintenance. By selling tax liens, those governments can collect on what it is owed.
Investors, in return, effectively own a claim against the property until the homeowner pays the county or municipality back or until they default on the debt entirely. The investor can either collect interest on the taxes owed from the homeowner. Or, if the homeowner fails to pay up, the investor can take possession, or foreclose, on the home.
"It's a win-win for investors," said John Rao, a consumer credit and bankruptcy attorney and the author of the report. Either the investor gets their investment back with interest or they get the home -- typically, for a pretty sizable discount to what the home is worth.
The report cited a case of an 81-year-old Rhode Island woman who fell behind on a $474 sewer bill. A corporation bought the home in a tax sale for $836.39. The woman was evicted from the home she had lived in for more than 40 years and the corporation resold the place for $85,000, the report said.
Особенно потряс последний пример. Старушка задолжала за канализацию городу 474 доллара. Город отобрал её дом, продав долг какой-то левой компании, которая сперва заплатила за долг городу 836 баксов, затем перепродала дом за 80 000 баксов, бабку выселила на улицу после 40 лет проживания в доме. Дом был в собственности, если что. Профит! Да какой - в 100 раз! И все легально. Никаких протестующих на улицах: "долой режим!"