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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 http://mandelman.ml-implode.com/2014/01/prof-robert-hockett-need-eminent-domain-to-break-securitization-suicide-pact-killing-recovery-a-mandelman-matters-podcast/   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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