While this is certainly terrible, it's extremely rare when compared with ordinary foreclosures by private lenders. Mortgage holders don't return the homeowner the difference if the property is later sold for more than the balance of the debt, either.
That's false. If the proceeds of the foreclosure sale exceed the amount of debt and foreclosure costs the homeowner is issued a check for the difference. This makes it so banks do not have extra incentive to foreclose on homeowners. This would be a good solution to the problem in this article.
My family home was sold off for a 2,300 tax bill this past December in Poughkeepsie,NY. My elderly aunt had not received any letters in her name and was completely unaware. Through a system of tax lien sales the city removed all culpability for collections and private property rights. The house is valued at 220,000 and is completely paid off. Private investors in regions that still have tax lien sales buy up all tax liens and than hope for mistakes or financial difficulties so they can claim properties. This mostly impacts disadvantaged commmunities and makes up a beginning of the distressed property industry.
It is a market filled with bottom feeders and shadow corporations, I had to break through the contact details of 13 different corporations in order to discover the lien buyer, they never once contacted the official deed holders and attempted resale/bargain etc .. they just disappear the property through paperwork.
It is possible that we will recover the property due to due process errors, but that requires access and knowledge of the law that many who find themselves in this situation do not have. The traditional foreclosure process offers far more protection for homes with equity but can be a burden for those who are behind on tax/municipal payments and do not have the fine/fee funds so there is no perfect answer, but no answer should include government seizure of property without fair recompense. That is by definition unamerican.
The law that allowED this in Poughkeepsie was on the books from the late 1800's but was upheld as constitutional in the past.
There are a lot of very dark, very sad stories around this mechanism of govt.
What the article reported happened to 76 year old Bennie Coleman is worse. The article should continue to explain what they do to the physical person in that situation, but that would diminish the severity of their main issue.
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[ 4.0 ms ] story [ 46.8 ms ] threadIt is a market filled with bottom feeders and shadow corporations, I had to break through the contact details of 13 different corporations in order to discover the lien buyer, they never once contacted the official deed holders and attempted resale/bargain etc .. they just disappear the property through paperwork.
It is possible that we will recover the property due to due process errors, but that requires access and knowledge of the law that many who find themselves in this situation do not have. The traditional foreclosure process offers far more protection for homes with equity but can be a burden for those who are behind on tax/municipal payments and do not have the fine/fee funds so there is no perfect answer, but no answer should include government seizure of property without fair recompense. That is by definition unamerican.
The law that allowED this in Poughkeepsie was on the books from the late 1800's but was upheld as constitutional in the past.
There are a lot of very dark, very sad stories around this mechanism of govt.
I still don’t understand how it is legal for a board of supervisors just reverse a sale like that.