Massive property tax increase. Owner-occupants are exempted from that tax.
As soon as a bank initiates foreclosure proceedings, they owe the full, non-exempt tax rate. That stick gives them a strong incentive to work with their borrower.
the easy way to solve this is TO GIVE THE DAMNED HOUSES AWAY instead of retaining ownership of property that could house people. don’t want to be landlords? give it the fuck away
This article claims a lot of these are foreclosures and banks don’t want to be landlords
Massive property tax increase. Owner-occupants are exempted from that tax.
As soon as a bank initiates foreclosure proceedings, they owe the full, non-exempt tax rate. That stick gives them a strong incentive to work with their borrower.
the easy way to solve this is TO GIVE THE DAMNED HOUSES AWAY instead of retaining ownership of property that could house people. don’t want to be landlords? give it the fuck away