Every year there are $15 billion of property tax liens placed on homes across the country. Most of them are placed on homes owned by poor people, aging veterans, the elderly, and people with infirmities. When a city can’t collect the money, they sell them to private predatory investors who add accumulated interest and fees to assure these disadvantage homeowners can’t possibly pay the liens. The predatory investors then foreclose on the properties, put the people on the homeowners on the street, and re-sell the houses for prices far above the relatively insignificant price they paid for the property tax liens. Even though the cities made a little bit of money for collecting the tax liens from predators, the cities aren’t realizing they will now pay the hidden costs of housing and feeding the homeless people they allowed to be displaced. It is a foolish race to the illogical financial bottom for municipalities. There may be solutions. A leading national advocate to stop these practices, Larry Checco, explains what we can do.
Guest: Larry Checco
Learn more at: Checco Communications
“A Tramp’s Thoughts” by Tom Neilson