Establishes the Property Equity Protection Act to safeguard property owners from losing equity when their property is seized to pay government debts.
The Property Equity Protection Act aims to protect property owners from losing their equity when their property is seized to pay a debt to the government. It allows ample time to pay off the debt and provides adequate notice of due process. The act mandates that property owners receive multiple notices before a tax sale, including notices to lienholders, mortgagees, and other interested parties. It also establishes competitive auctions for tax sales and sets limits on interest rates and penalties.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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