Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, September 01, 2012
Illinois Congressional Candidate Bagged For Improper R/E Tax Exemption Claims On Two Homesteads; Says It Was Inadvertent, Coughs Up Unpaid Cash
In Chicago, Illinois, The Daily Herald reports:
A suburban congressional candidate improperly claimed two homeowner exemptions at once over a period of several years, a Daily Herald investigation has found. But after the Daily Herald pointed out the error, Tammy Duckworth says she paid $1,928 in taxes she saved because of the extra exemption, plus an added $612 in penalties.
“They didn't think about it,” Duckworth spokesman Kaitlin Fahey said of the issue. “Taxes were paid out of escrow. This wasn't like beating the system.”
County records show Duckworth claimed homestead exemptions in both DeKalb and Cook counties from 2007 to 2010. The Hoffman Estates Democrat is running against Republican Congressman Joe Walsh, of McHenry, in the 8th Congressional District.
By law, Illinois residents can only claim the exemption on the property that is their primary residence. The exemption reduces the amount of property taxes owed by lowering a property's assessed value.
The DeKalb exemption was filed first, after Duckworth and her husband Bryan Bowlsbey purchased the property in 1997. In DeKalb County, Chief County Assessment Officer Robin Brunschon said, exemptions are automatically renewed each year unless residents notify the assessor's office that they have changed their primary address.
Duckworth and Bowlsbey purchased a Hoffman Estates home in 2002. They now rent out the DeKalb property, receiving between $5,000 and $15,000 annually in income from it, according to the Financial Disclosure Statement that candidates, office holders, and high-level government employees are required to submit to the United States House of Representatives.
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The four years of claiming the benefit in DeKalb County saved Duckworth $1,928, Brunschon said. Duckworth has sent a check to DeKalb County to cover what she would have paid without the exemption, plus an added $612 in late fees, Sullivan said.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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