BluegrassForeclosure.com

The entire CJ article is great.

Out-of-state investors are increasingly buying delinquent property tax bills, aided by a state law that makes the practice profitable. This means more money for schools and other taxing districts, but it gives those investors control over fees and interest linked to late tax collections — money other cities have used to restore empty homes.

Banks and tax-debt buyers will sometimes foreclose on a property but then refuse to take ownership, even after buying it at auction. The result is that the legal responsibility for paying taxes and keeping up the property stays with the previous homeowner, who may have already abandoned the home.

Mayor Greg Fischer said metro government should take a more active role combating vacancies but additional changes in state law may be needed.

To that end, a team led by Louisville Metro Codes & Regulations director Jim Mims is expected to issue proposals to address the problem early next month.