Many of you have probably been following the eminent domain mortgage seizure program proposed in San Bernardino County recently. If not, read more here. Mortgage Resolution Partners has proposed that the City use eminent domain to seize underwater mortgages. According to the San Berndardino Sun, “the loans would then be modified to current market value so people could afford their monthly mortgage payments and establish equity. The loans would then be sold to hedge funds, pension funds or other investors, with the proceeds being used to pay off outside financiers,… read more
January 11, 2013
The Government’s Power to Seize Your… Mortgage?
Posted in Eminent Domain, Future of the law, Loan crisis, Mortgage seizures