The size and scope of home equity theft: Shining a spotlight on New Jersey
Across the nation, property tax collectors can seize and sell homes to collect unpaid taxes if an owner misses a payment or miscalculates what they owe. In most states, the after-tax surplus from foreclosure sales is returned to the original owner.
In New Jersey, however, everything can be seized—the taxes owed, no matter how small the debt, and the home, no matter how large the equity.
As a new report by Angela Erickson explains, the consequences are devastating.
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