Image by Confetti via FlickrBy Grant Lawrence
Bodhi Thunder
Just when you think things can't get any worse for homeowners.
According to a Huffington Post investigative report, City and County governments are selling off homeowner property tax debts to Big Banksters like JP Morgan and Chase. Those banks then add penalty fees and exorbitant interest rates on the tax liens owed by the desperate homeowners. The homeowners find that their tax debt of a few hundred dollars can balloon into many thousands of dollars.
When the homeowner cannot pay the privatized tax liens, the banksters will force the mortgagee into foreclosure.
...Nearly a dozen major banks and hedge funds, anticipating quick profits from homeowners who fall behind on property taxes, are quietly plowing hundreds of millions of dollars into businesses that collect the debts, tack on escalating fees and threaten to foreclose on the homes of those who fail to pay.
The Wall Street investors, which include Bank of America and JPMorgan Chase & Co., have purchased from local governments the right to collect delinquent taxes on several hundred thousand properties, many in distressed housing markets, the Huffington Post Investigative Fund has found....
...At first, property owners may owe little more than a few hundred dollars, only to find their bills soaring into the thousands. In some jurisdictions, the new Wall Street tax collectors also chase debtors over other small bills, such as for water, sewer and sidewalk repair....(source: huffington post)
The banksters make it so that the Homeowners can't even make partial payments.
They tell the homeowners to pay up or lose their homes.
This Wall Street scam is legal in about 26 states.
You might remember that these banks and hedge funds were some of the very ones that were bailed out by homeowners with trillions in government guarantees.
But not only are the banksters forcing homeowners into foreclosures so they can get paid off by the government for their supposed losses. They are now forcing them into foreclosure over tax liens so they can get homeowner properties for very little investment.
That is some way to say thanks.
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