City Council looks into ‘equity theft' prohibition
LEOMINSTER — Without knowing when, if ever, 'equity theft' will be prohibited by state law, City Councilor-At-Large Claire Freda asked the council ...
LEOMINSTER — Without knowing when, if ever, 'equity theft' will be prohibited by state law, City Councilor-At-Large Claire Freda asked the council last week to consider prohibiting the practice that allows companies to 'run away with the equity on somebody's property…citizens that have lived in the city for years.' . In May, the nation's highest court ruled that a Minnesota municipality violated the Constitution when it sold a foreclosed property and kept proceeds in excess of what the property owner owed in taxes.