Sometimes tenants are victims in foreclosure proceedings. Sometimes they’re not.
Now the city of Boston is going to have to learn how to distinguish between the two with its latest buyback foreclosure program. The city is also going to learn that handling foreclosed properties is easier said than done.
Whether responsibility for a specific foreclosure lies with a bank, tenant or a combination of the two, this much is definitely true: The ultimate victims are the taxpayers. They didn’t make the original loan. They didn’t take out the original loan. But they’re the ones getting stuck with the final bill.
File under: Heads I win, tails you lose.