You own your home outright and think you're safe... think again.

Either they grab houses from those who can't pay their mortgage...
or they grab houses from those who can't pay their taxes.



" 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. "

http://huffpostfund.org/stories/2010/10/....

Quote from article:


" In exchange for paying overdue real estate taxes, the investors gain
legal powers from local governments to collect the debt and levy fees.
At first, property owners may owe little more than a few hundred dollars,
only to find their bills soaring into the thousands. "

Here's an example in the news today:



Tuesday, October 19, 2010

$2.1M in delinquent tax, lien accounts to be sold


" WORCESTER — The city plans to sell collector’s deeds for 484 accounts
that are in arrears in real estate taxes or have water-sewer liens.


*

Investors and companies that buy the deeds inherit the right from the
city to collect the taxes or water-sewer liens owed on the property,
and 14 percent to 16 percent interest from the day the investor bought
the property.

If the investors are not paid, they can initiate action in Land Court
to seize the property. "


http://www.telegram.com/article/20101019....

Dylan Ratigan talked about that today with Karl on his show.

This was something that the 'little guy' investor used to be able to do. Bid on the delinquent tax liens and wait out a possible foreclosure/eviction. They'd hit pay dirt if it played out right. Sometimes they were resolved, sometimes not. Now, like with everything else, the big banks have not only taken over, they've automated it and found ways to force the homeowner out quicker.

The sheeple still don't give two wet ones and while I know this has been stated here repeatedly - I'll add this:

I think TPTB can get away with ANOTHER round of major bank bailouts based upon the level of ignorance and complacency I see at work every day. Maybe even TWO more!

+1 Mayor

So... a poor elderly lady... who bought her home decades ago
[when prices were dirt cheap] and has paid off her mortgage
years ago... faces increasing property taxes [because taxing
districts need lots of money to pay pensions] yet her social
security income is decreasing [because while the government
does not increase her social security income because they say
there is no inflation, government inflates her Medicare premium.
So, her SS check is less.] Now the poor elderly woman has to
choose between food/electricity/heat or paying her property taxes.
So... a big bank buys her property tax debt adds enormous interest
and fees that she would never be able to pay, then they foreclose,
kicking her out on the street.


Isn't America wonderful.



Here is a related article:

http://www.lewrockwell.com/rep/predatory....

Home "ownership" where there are property taxes is one of the Government's Big Lies.