Controversy Continues Over Using Eminent Domain to Save Foreclosures

North Las Vegas is deciding this month whether to partner with Mortgage Resolution Partners to help homeowners out of foreclosure by using the governmental power of eminent domain. More cities across the country may start considering this option.

In a recent report Cornell professor Robert Hockett, suggested that the eminent domain process may be the answer for municipalities trying to help struggling homeowners keep their property. San Bernardino County in California has already rejected the use of eminent domain for this purpose, and other areas, such as Chicago and Suffolk County in New York have considered it.

Advocates of the idea, like professor Hockett, say that writing down private mortgages on such a large scale would be almost impossible to carry out, so letting eminent domain authorities step in to take property and create new loans for homeowners is the best solution. Opponents argue that using eminent domain to relieve pressures on struggling homeowners would only serve to increase the cost of lending in these hard-hit areas.

If you need help with an eminent domain proceeding, please call 800-914-8661 or contact Florida Property Rights Law Firm today for your free consultation. We help clients in Bonita Springs, Jacksonville, and throughout the state of Florida.