Continental Resources v Kevin L. Fair
Because the Nebraska State Legislature failed to pass any kind of meaningful and significant property tax relief during the special session, and because Nebraska now ranks as the second worst state in the nation for mortgage delinquencies, today I would like to inform the public about a significant development in the courts which now affects those with delinquent property tax liens.
According to Nebraska State Statute 77-1801, the properties of those with delinquent property tax bills can be sold or auctioned off to the highest bidder every year on the first Monday in March after the taxes become delinquent. Once the properties are sold and the back taxes are paid, the new owner of the property gets to keep the remainder of the equity in the home. Some have called this home equity theft and it has become a nightmare scenario for many elderly residents, the sick, and those who lose a job.
