Jerry sent me a link to a story of legal cruelty documented by the Huffington Post Investigative Fund. Large banks, including JP Morgan Chase and Bank of America, are buying up blocks of tax liens for delinquent property taxes, adding on exorbitant legal and interest fees, which they collect when the homeowner is forced to sell. In one example, JPMorgan collected $12,000+ for a delinquency of less than $1000 on a $67,000 house.
What can we do? Some cities have passed laws that prevent the sale of tax liens which are less than a minimum – a $1000, for example. Check with your city or county to see if it has such a law. If not, write your reps to get such a law passed.
I’m too sickened to comment further.