The beauty of the mortgage crisis, is that it depletes the property tax revenue. That's why they will get everything. Not enough taxes to save them.
Would someone try to explain just what the eff she is talking about here?
I would think in most places it works like this...
A person defaults on a mortgage and their taxes.
Both the taxing government and the lender will claim the property and my guess is the government comes first.
The lender will pay the back taxes and assume full posession of the property which they will then attempt to sell to someone to recover their investment.
The tax burden will not go away nor will it lessen by reassesemnt if the property value drops.....it just doesn`t work that way on property taxes.
Tell me where I am wrong.