by Cassie B., Natural News:
We all know that failing to pay your taxes can have repercussions, but you may be surprised to learn that 12 states regularly seize dramatically more than what they are owed by homeowners who have fallen behind on their property tax payments in a practice that has been termed “home equity theft.”
A new report from the Pacific Legal Foundation that illustrates “the injustice of home equity theft through tax foreclosure” shows how homeowners across the nation lost more than $777 million worth of life savings on thousands of homes through transactions from 2014 to 2021, and they note that the real number is likely higher as data was not available for every state. Homeowners lost, on average, 86 percent of their home equity in such transactions.