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With help from states, Main Streeters are losing homes to banksters over a few hundred dollars!

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-10-12 07:46 AM
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With help from states, Main Streeters are losing homes to banksters over a few hundred dollars!
Jul 10, 6:39 AM EDT

Report: Some lose homes over as little as $400

By DANIEL WAGNER
AP Business Writer

WASHINGTON (AP) -- The elderly and other vulnerable homeowners are losing their homes because they owe as little as a few hundred dollars in back taxes, according to a report from a consumer group.

Outdated state laws allow big banks and other investors to reap windfall profits by buying the houses for a pittance and reselling them, the National Consumer Law Center said in a report being released Tuesday.

Local governments can seize and sell a home if the owner falls behind on property taxes and fees. The process helps governments make ends meet at a time when low property values and the weak economy are squeezing tax revenue.

But tax debts as small as $400 can cause people to lose their homes because of arcane laws and misinformation among consumers, says John Rao, the report's author and an attorney with NCLC.


http://hosted.ap.org/dynamic/stories/U/US_TAX_SALES_HOM...




And why do you suppose that no one repeals or amends these heinous laws? Why do you suppose states continue to do the dirty work for the banks on the taxpayers' dime?

Is it soup yet?
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