The other foreclosure crisis: Losing a home for $400 in back taxes
By Les Christie @CNNMoney
money.cnn.com
NEW YORK (CNNMoney) – People are losing their homes over unpaid tax bills that, in some cases, add up to just a few hundred dollars.
Outdated state laws that allow local governments to sell tax liens on delinquent properties to investors in order to more quickly collect on overdue property taxes is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.
- Kurt Christensen / Foter
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.
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