Chicago considers eminent domain to seize underwater mortgages

Houses across the country are underwater, and San Bernardino County is trying something new: eminent domain. The county would use its power to seize mortgages and restructure them.

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The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm mortgage resolution partners is pitching the idea to several cities across the country.

 · The very places considering eminent domain have problems too complex to be easily solved by it. The idea has prompted all kinds of criticism (as.

North Las Vegas closer to using eminent domain for underwater mortgages. Mortgage investors trying to block municipalities from using eminent domain to seize underwater mortgages lost a big battle this week.. Chicago, IL. When buying a home, many Americans consider a 20% down payment to be the norm, the.

FL homeowners flock to principal reduction program The Principal Reduction program provides assistance to eligible homeowners who have remained current on their payments and who owe at least 115 percent more on their home than its current market value, commonly referred to as the home being "underwater." The Florida Hardest-Hit Fund principal reduction (hhf-pr) program is designed to assist.

 · First floated in San Bernardino County, Calif., the concept would allow local governments to use their power of eminent domain to seize mortgages, allowing private investors to.

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American Securitization Forum (ASF) Executive Director Tom Deutsch today testified before Chicago’s joint committee on finance and housing and real estate about a proposal before the committee to use eminent domain to acquire mortgage loans. (ASF) Executive Director Tom Deutsch today testified before

The North Las Vegas, Nev., City Council has rejected a proposal to use eminent domain as a tool to help homeowners get out from underwater on their mortgages. North Las Vegas is one of numerous municipalities that have been considering using eminent domain as means to get out of a deep housing crisis – each [.]

They will seek plans beyond just the use of eminent domain to seize. underwater non-agency loans into a new government-financed trust that would lower borrowers’ payments or shorten their terms,

The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan.