The bank gets paid Fair Market Value. Or do these people think that Eminent Domain means yo take the property for nothing.
The bank gets paid Fair Market Value. Or do these people think that Eminent Domain means yo take the property for nothing.
Exactly. Current fair market for the house, not the outstanding value of the loan.
They want to do this to pre-foreclosure, not to post-foreclosure. They want to do it to force the banks to forgive the debt with no tax impact to the mortgagee.
Most banks have told municipalities if they do this, they will not be able to underwrite future mortgages in the city.
yep. Already been done YEARS ago in Rochester NY (upstate) under the notorious Mayor William Johnson (affirmative action mayor) Now we have Lovely Warren who will probably make mayor “Grady” look conservative.
http://www.cityofrochester.gov/article.aspx?id=8589936012
The bank gets paid what they want.
The leeches get to pay per their “ability”.
Other People’s Money (OPM) pays the difference.
Ain’t communism grand if you’re not the “Other People”?