File this news in your "You Gotta Be Kidding Department":
Senior Citizens are Losing Homes While Investors Reap Big Profits
LoanSafe - Jul 10, 2012
Senior Citizens are Losing Homes While Investors Reap Big Profits ... (owing as little as $400) are fueling a second nationwide foreclosure crisis, ... property tax foreclosures in New York City were highly concentrated among ...
In-Depth: Some homeowners lose houses for as little as $400 in overdue taxes Canada.comReport: Some lose homes over as little as $400 ConnectTriStates.com powered by KHQA
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What to do if this happens to you: Some Important Suggestions:
1) If you happen to be ABOUT to lose your home to anyone for ANY reason, call an attorney and ask about seeking protection under federal bankruptcy laws as well as halting any foreclosure that fails to PAY YOU the EQUITY you OWN in your HOME. In particular, you might ask your attorney how any government entity can cause you to lose your home for a mere fraction of what it's worth when, in America, certain protections under our U.S. Constitution still apply such as: property must not be taken without due process and only for fair and just compensation.
2) Check with your town assessor to learn what programs the town may bave for reducing or freezing the taxes on your property as this will PUT MORE MONEY IN YOUR POCKET to enable you to STAY in YOUR home and have the funds to do so.
3) Call your friendly local bank to ask about either a REVERSE MORTGAGE or an interim home equity credit line or second mortgage - BUT ONLY AFTER YOU TALK WITH YOUR ATTORNEY to best protect yourself and your assets. And watch OUT for high closing costs on reverse mortgages.
