“Times like these you gotta be thankful to have a job.” said the guy putting people out of their homes for foreclosures on tax liens sold to banking institutions… This lady lost a family home she owned, no mortgage, for a 300+ dollar water bill. In the end, the financial institution could take her entire home… for a 700 dollar bill. And the two people who actually kicked her out, shuffled her out the door so they could lock the place up with some of her possessions still inside.
Rather than collect the overdue money they are owed, many local governments are selling tax liens. Buyers range from behemoths such as JPMorgan Chase & Co, and some regional banks and law firms, to small-fry investors lured by late-night television commercials promising quick riches. Investors generally bid in an auction for the right to collect delinquent taxes and other municipal debts on property owners, sometimes by paying only a few hundred dollars. When owners can’t pay, investors can pick up property at bargain prices….
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