Reverse Mortgage Saves Homes from Tax Auctions

201003291007.jpgTax Collector Jane Berendsen-Hill told the Ridgefield Press that two homeowneers were able to save their homes after they were auctioned in the town’s tax sale by using a reverse mortgage.

“They stayed in the ownership of the original owners and we got the taxes,” she said to the Board of Finance. The news was met with some applause from the small group attending the meeting said the Ridgfield Press.

According to the press, the homeowners had six months form the date of the auction to pay off the debts in order to keep the houses. Ms. Berendsen-Hill said at the time that the tax auction was a necessary part of enforcement but she was hopeful the homeowners could keep the homes. All of the homes were several years delinquent on town taxes.

“We still have people who are very delinquent but not near the first group [in the tax sale],” Ms. Berendsen-Hill said. “I’m not going after anyone who is coming in and making an honest effort, no matter how meager, to make payments and catch up. I think that is the only reasonable thing to do at this time.”

Three whose houses were auctioned still have their homes

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