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Posted by 6PM
on August 20, 2009, 5:02 pm, in reply to "Re: over 2000 homes in Sch. Co. up for delinquent P.T."
Pennsylvanians should be embarrassed that our state likely has the largest Home Equity Theft industry in the nation.
EXAMPLE: Let’s say a home is worth $50,000 and the homeowner owes $5,000 taxes, penalties and interest. Often homes in the lower price ranges sell at the sheriff sales for taxes\penalties\and interest owed.
If our example home did sell for taxes penalty and interest owed, the new buyer would have paid just $5,000 for the $50,000 home. What happened to the other $45,000 in equity the homeowner had in the home? It was stolen from them by the County and given to the person or company buying the home at the sheriff sale.
If I robbed you at gunpoint and was arrested…and in addition to jail time, I was fined—let’s say--$5,000. Could the judge then ask me to also turn over any 401k investments, or savings bonds or other legally attained assets BEYOND the $5,000 (my debt to society)? Why not? The counties do it at sheriff sales when they steal people’s homes AND most or all of their equity.
6PM143
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