"The system is pretty simple. Unpaid property taxes become liens, which eventually means the city can foreclose on the property to force payment of the tax. Rather than doing that, the city sells the rights to the liens to private investors who can charge the property owners interest and fees—exorbitant, in some cases, and seemingly aimed at precluding the owner from digging out of the financial hole. After six months, if the original lien and added fees aren’t paid, the investor can seize the property."
Posted on: Mon, 09 Sep 2013 09:27:11 +0000
Trending Topics
Recently Viewed Topics
© 2015