'It was tragic for us,' says woman whose family home was seized & sold over $808 taxes – there was nothing she could do | 6Q2UUI0 | 2024-03-23 19:08:01
Patricia Miller has spoken out concerning the "tragic" loss of her childhood house in
A WOMAN misplaced her family house after it was bought for simply $16,000 on account of unpaid taxes of $808 that increased after the home was seized.
Patricia Miller has spoken out concerning the "tragic" loss of her childhood house in Arizona after the dying of her father Devoe Poleeson.
After Miller's father died in 1999, his two sons lived there, but might solely intermittently pay the property taxes.
A decade after Poleeson died, a personal investor from Utah discovered that $808 in property taxes had gone unpaid and legally seized the house.
"It was principally as a consequence of the fact that the surviving members of our household have been unable to pay the property taxes annually," Miller explained to AZ Central.
Due to the quantity the family had not paid in property taxes, buyers or banks are then capable of buy the debt within the form of a tax lien.
The householders are then required to pay the tax debt and the interest to the investor or financial institution who then make a profit.
If they will't pay, then the residents will lose their homes in addition to the equity they've accrued.
"My two brothers lived on the property and we had mentioned what might be executed to keep the property," Miller stated.
The youngsters had beforehand struggled to sell the property because their father didn't depart a will.
This meant that these dwelling there paid the property taxes as and once they might.
Miller defined that the property taxes at the time ranged between $700 and $800 per yr.
<!-- End of Brightcove Player --> "Which really isn't an entire lot however they didn't have an entire lot of revenue," she stated.
In 2007, the tax lien on the property was bought at auction.
When no relations redeemed the lien the debt continued to pile up at an rate of interest of 16%.
They have been then required to pay the tax debt to the investor together with the 16% curiosity.
HUGE LOSS
"I hadn't realized how severe the again payments have been, I imply the quantity till I feel it was too late," Miller stated.
"My brothers at that time did finally speak to me and show me the final invoice by that time it was within the few thousand and there was just no means I might even help with that.
"It was tragic for us as a household as a result of we grew up in that house it was a brand new residence once we moved in in 1961.
"We grew up there. All of our reminiscences are there."
<p class="article__content--intro"> Foreclosures can happen when lenders take control of a property after borrowers have did not make their repayments. </p> </div> </div> "Every thing occurred there and it's just a loss that we couldn't actually do about," she added.
The investor foreclosed the property in 2010 and bought it for a meager $16,000 when actual estate was struggling.
Simply eight months later it was bought once more for $54,900.
"The worst part that upset me was finding out that it went for hardly anything," Miller stated.
"Just remember that one thing like this can happen should you don't care for your obligations and get those taxes paid," she warned others.
The tragic loss for the family obtained worse when their house bought for simply $16,000 and was re-sold months later for over $50,000[/caption]
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