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Eminent Domain – Tool For Principal Reduction

Posted in Eminent Domain

There are homes by the thousand in which the home mortgage is in default and in many cases the homes are abandoned. These are homes where the mortgages are held in pooled servicing agreements, which do not allow foreclosure until certain conditions have been met, such as that a certain percentage of the mortgages have been paid off. By the rules of some pooled servicing agreements, no modifications are allowed, or no modifications are allowed if the borrower is more than a year in arrears. So modification and no foreclosure. James Prof Robert Hockett: Need Eminent Domain to Break Securitization Suicide Pact Killing Recovery – A Mandelman Matters Podcast Thanks to Martin Andelman   If you’re looking to start a fight over dinner at your in-laws, just bring up the topic of eminent domain, specifically as Cornell University Law...

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Eminent Domain To Modify Loans

Posted in Mortgage Modification

A City Invokes Seizure Laws to Save Homes Peter DaSilva for The New York Times  Thanks to New York Times. Robert and Patricia Castillo paid $420,000 for a three-bedroom, one-bathroom home in Richmond, Calif., in 2005. It is now worth $125,000. By SHAILA DEWAN Published: July 29, 2013 The power of eminent domain has traditionally worked against homeowners, who can be forced to sell their property to make way for a new highway or shopping mall. But now the working-class city of Richmond, Calif., hopes to use the same legal tool to help people stay right where they are. An abandoned home in Richmond, where roughly half of all homeowners with mortgages are underwater, meaning they owe more than their home is currently worth. Scarcely touched by the nation’s housing recovery and tired of waiting for federal help, Richmond...

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