Eminent Domain to Sieze Mortgages?

August 27, 2013

Richmond, California is attempting, in a first-of-its-kind move, to purchase preforeclosure homes from banks and sell them back to the owners at a deep discount. Of course the banks are fighting this and would rather sell it on the open market, even at the risk of crashing the whole city’s economy. So Richmond Mayor Gayle McLaughlin is trying to use eminent domain to take the houses from the bank, still pay the bank a fair price, and sell the houses back to the current owners Amazing program – and banks are fighting it.

http://m.apnews.com/ap/db_268743/contentdetail.htm?contentguid=c23VJMXI

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About the Author ()

Jonah Mesritz lives in San Diego County and has been actively involved in buying, selling and investing in real estate here since 1999. He is a former U.S. Navy SEAL sniper and now brings to real estate his ability to think out of the box, be thorough, precise and to find creative ways to complete the mission.

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