Home Equity Theft Legislation in Idaho
Idaho Governor signs bill into law ending home equity theft, protecting homeowners' rights. The legislation forces government to sell repossessed property and share sale value with homeowner.
Key Points
- Idaho Governor signed House Bill 444 into law on March 11, ending home equity theft in the state
- Legislation removes a home equity theft loophole allowing local governments to repossess property without compensating original homeowner
- Supreme Court ruled home equity theft unconstitutional in May 2023
Pros
- Protects homeowners' property rights
- Forces government to sell repossessed property and compensate original homeowner
Cons
- Some states and cities rely on home equity theft as revenue