Some Cities Are Cashing In On Homeowners' Tax Debts, And Making Foreclosure More Likely

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Some Cities Are Cashing In On Homeowners’ Tax Debts, And Making Foreclosure More Likely

Some Cities Are Cashing In On Homeowners’ Tax Debts, And Making Foreclosure More Likely

WGBH-

Some cities in Massachusetts are cashing in on homeowners who have failed to pay tax bills by running auctions that pull in thousands of dollars more than they’re actually owed in taxes.

At Worcester’s annual auction last May, small tax lien debts of just a few hundred dollars routinely set off bidding wars from private investors who paid the city far more than a homeowner actually owed in unpaid taxes. The process may also make it more likely the homeowner will wind up in foreclosure.

City records show that private investors have paid Worcester more than $2.6 million in premiums in the last three years. Worcester only keeps that extra cash when the homeowner gets foreclosed on, and records from the city show Worcester has a balance of more than $900,000 in premiums paid to the city.

[WGBH]

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