I expect many homeowners will just walk away from their property, default on their mortgage and leave the mortgage holder with a scorched piece of land..
A building lot in Pacific Palisades has got to be worth a few hundred thousand dollars.
Do they not have insurance?
“many homeowners will just walk away from their property, default on their mortgage and leave the mortgage holder with a scorched piece of land.”
And the mortgage holder will end up with the land and the insurance payout and will promptly resell the lot to the highest bidder.
The homeowners will end up with nothing, not even their equity.
This is exactly what Newscum wants. He just issued an EOrder banning anyone but the state from issuing an unsolicited bid for any such property. This 90 day hold on letting a friendly 3rd party buy in and rebuild will allow the state to exercise eminent domain and seize land at a price they set. This will allow CaCaLand politicos to “invest” in the apts that Newscum will support with a rezoning of the residential areas.
I’ve always wondered why such commie trash would support leaving brush in forested areas. How do they personally benefit?
“I expect many homeowners will just walk away from their property, default on their mortgage and leave the mortgage holder with a scorched piece of land.”
I expect a lot of deals will get made between banks and homeowners.