There are vultures circling overhead in Washington, DC, Chicago, Philadelphia and hundreds of other cities. They are watching for the opportunity to feed on the misfortune of those who have fallen behind on their property taxes. They are waiting for the government to place a tax lien on those properties, swoop in to buy the debt and potentially turn a small investment into a large profit–or take the house in foreclosure to resell and make even more profit. Investing in Tax Lien Certificates has become an “industry”–and industry that preys on the elderly and the poor.
Bennie Coleman, a 76 year-old veteran with dementia, owed $134 in back property taxes to the District of Columbia. One day, US Marshals came to his door and moved him and all his belongings out of his home. His home had been foreclosed by the holder of his tax lien–a predatory investor who had purchased his debt. In the end, he was left with nothing. Read his story HERE.