A new foreclosure predator is stalking communities throughout America and no one is aware of the threat. One heart wrenching story is being reported by the Huffington Post about a woman in Baltimore, Md. Vicki Valentine lost her home during the winter because of a water bill in the amount of $362. Unheard of, right? Well, this case is plentiful and no one seems to know about it. The most unbelievable part of this story is that Valentine’s home had no mortgage attached. Her house had been paid off nearly 30 years ago.
The culprit behind this eviction was a tax lien foreclosure. Vicki Valentine owed a water bill to the city and later property taxes. She fell victim to the latest trend, the city sold her debt to a third party investor and got paid immediately while the investor took on the debt and later the property for lack of payment. They tacked on interest and late fees that would render Valentine completely unable to pay the debt. Shortly thereafter, she had lost her home.
The mayor would not give a comment on the city’s practice of selling residents tax debts to outside investors, but Baltimore City Council President Jack Young told Huffington Post that he was always against it. The city is clearly more concerned about the bottom line rather than its residents when engaging in such a practice. And not stepping in to provide assistance in an exceptional situation like this one makes it that much worse. Check out this informative report by Huffington Post that will hopefully keep someone else from losing their home.