S Dakota Bans Home Equity Theft

[Revoltingest]

In many (but increasingly fewer) states, government
keeps all the proceeds from any foreclosed upon
real property it sells. If you owe $1,000 in taxes,
& government sells it for $100,000, government
keeps it all....or it used to in S Dakota.

South Dakota bans home equity theft following Supreme Court case last term

Pierre, South Dakota; February 12, 2024: Today, Governor Kristi Noem signed into law House Bill 1090, which ends home equity theft in South Dakota by requiring tax-foreclosed properties to be auctioned within one year of the foreclosure, and the proceeds returned to the original owner. The bill...

pacificlegal.org

18 states & DC still have law allowing them to
keep all the equity. These government officials
are ******* evil.

 

[danieldemol]

In many (but increasingly fewer) states, government
keeps all the proceeds from any foreclosed upon
real property it sells. If you owe $1,000 in taxes,
& government sells it for $100,000, government
keeps it all....or it used to in S Dakota.

South Dakota bans home equity theft following Supreme Court case last term

Pierre, South Dakota; February 12, 2024: Today, Governor Kristi Noem signed into law House Bill 1090, which ends home equity theft in South Dakota by requiring tax-foreclosed properties to be auctioned within one year of the foreclosure, and the proceeds returned to the original owner. The bill...

pacificlegal.org

18 states & DC still have law allowing them to
keep all the equity. These government officials
are ******* evil.

There are greedy government officials, but I suspect you may be overgeneralising calling them evil.

 

[Revoltingest]

There are greedy government officials, but I suspect you may be overgeneralising calling them evil.

Anyone who believes they can take someone's
wealth because of a smaller debt is indeed evil.
A robber wielding a gun is no worse than a robber
wielding color of authority.

 

[tytlyf]

Aren't there contracts involved?

 

[Revoltingest]

Aren't there contracts involved?

Not between the property owner & government.
Government makes & enforces the law.
Without assent, the little people submit to it.

 

[anotherneil]

That's good that they banned it, but given that it already infringes on the "takings clause" of the 5th Amendment, it doesn't seem necessary.

 

[Subduction Zone]

That's good that they banned it, but given that it already infringes on the "takings clause" of the 5th Amendment, it doesn't seem necessary.

That was probably the reasoning in the Hennepin County case. I seriously did not know that this was a thing and kudos to South Dakota for being the first to codify this into law.

 

[anotherneil]

That was probably the reasoning in the Hennepin County case. I seriously did not know that this was a thing and kudos to South Dakota for being the first to codify this into law.

Yep, there's a link in the OP article.