Governor Healey signs bill. Equity theft now illegal in Massachusetts. [View all]

[Tadpole Raisin]

https://www.boston.com/news/local-news/2024/07/31/equity-theft-is-now-illegal-in-massachusetts-making-it-possible-for-some-who-lost-their-homes-to-get-money-back/?amp=1

Snip:

Now, if a city or town forecloses on a home due to unpaid taxes and sells it, whatever equity remains after the tax is paid off must be returned to the former homeowner.

“It’s a big deal,” said Pioneer Public Interest Law Center President and former Judge Frank Bailey.

Sometimes, the homeowners don’t always just owe the city or town money. In addition, several municipalities like Springfield, Worcester, and Quincy sell the tax liens to private debt buyers, who keep the entire equity windfall, said Todd S. Kaplan, senior attorney at Greater Boston Legal Services. Therefore, the excess money doesn’t even go back to the municipality but to private creditors.

The new law helps those who are “house rich and cash poor,” said Kaplan, with property tax arrears, a path to stabilizing their housing and allowing them to stay in their homes.

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You know this is rampant!! These citizens don’t have the ability to fight back. They’re losing everything so it is easy to railroad them.

I love that she did this!!