Instead of taking property away from people, it takes mortgages away from lenders instead.
The "Mortgage Resolution Partners" say they have the answer to North Las Vegas' mortgage mess. Most homeowners in the city owe more than their homes are worth. If the city council gives the OK, the Mortgage Resolution Partners plan to use eminent domain to seize underwater mortgages from current lenders, and sell them to new investors based on a home's fair market value. Homeowners would keep their titles and send smaller checks to someone else, or be brought out by new investors and allowed to rent.
The partners say they'll pay all fees and assume all risks, but they also admit they're still working out kinks in their proposal. http://www.ktnv.com/news/local/205512551.html
This is not the purpose of eminent domain by the government and if it does happen, then the property needs to taken away from the home owner as well.
But in the end, this is just a stupid idea that more than likely, is not legal.
No comments:
Post a Comment