If homeowners are delinquent more than a year on making property tax payments, they’re at risk of owing large interest payments to private investors who buy up that debt. Ultimately, the homeowners could face losing their homes. After some noteworthy studies put out by the Cook County Treasurer’s Office, some lawmakers said it’s time to give those residents a fair shot at keeping their homes.
After that, his property — like all properties one year behind on their tax bills — went to the Cook County Tax Sale, where private investors can swoop in to buy up the debt. Those investors charge up to 12% per year for a total of 54% interest over the course of three years. “We’re talking about people’s lives. We’re talking about the homes that they live in,” said Anthony Simpkins, the head of a nonprofit organization called Neighborhood Housing Services. Simpkins said many homeowners resort to drastic methods to get out of debt.
“The website of the assessor says there’s an air conditioner, but there’s no air conditioner or no toilet,” Pappas said, describing how the loophole is exploited. “Here, take it back.” West Side resident Henry Johnson owed $8,173 in taxes and interest after his property tax lien got sold in the Cook County Tax Sale.
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