General Discussion

JDPriestly

(57,936 posts)

27. Under eminent domain, the government "takes" a property.

Mon Jul 23, 2012, 07:12 PM

Jul 2012

Usually the government offers the owner (here the mortgage holder, the owner of the mortgage) what the government thinks is a reasonable price for the property and then the owner sues the government for the fair market price which is proved up in court.

I haven't heard of a government exercising eminent domain on a mortgage, but then governments must exercise that right on properties that are mortgaged from time to time because most properties are mortgaged.

Let's say that your school district wants to add on to the local high school. They may take under eminent domain a property next to the school where they could build the addition. I don't know to what extent the size of an existing mortgage would affect the calculation regarding the value of the property. So, I can't answer your question, but maybe this information will help you find the answer.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

42 replies

= new reply since forum marked as read

Highlight:

In Case You Missed This... 'No Wonder Eminent Domain Mortgage Seizures Scare Wall Street' [View all] WillyT Jul 2012 OP

this is what they should hav been doing all along instead of tossing WCGreen Jul 2012 #1

Agreed 100%. nt avebury Jul 2012 #35

I have no idea if it's legal, but I like it. russspeakeasy Jul 2012 #2

Under the Community Redevelopment Act, California cities have been buying distressed JDPriestly Jul 2012 #14

Ooh! They won't lend anymore! superpatriotman Jul 2012 #3

Are they lending now? Isn't that the problem? They have trillions hidden away in offshore hiding sabrina 1 Jul 2012 #9

Their $Trillions are dead money. They won't invest. It's a capital strike aimed at President Obama byeya Jul 2012 #36

Fine! They can stop investing in all their evil stuff here and we'll do it by ourselves! freshwest Jul 2012 #41

I'm not sure they are hoarding this money to make one candidate or the other look bad. sabrina 1 Jul 2012 #42

Very informative piece and important topic. dixiegrrrrl Jul 2012 #4

Justifiable communism! Democrats_win Jul 2012 #5

People forget that the fact that we are a sovereign nation. JDPriestly Jul 2012 #16

Where would the taxpayer's fit into this scheme? xtraxritical Jul 2012 #23

Under eminent domain, the government "takes" a property. JDPriestly Jul 2012 #27

The auctions are an almost perfect pricing mechanism. DJ13 Jul 2012 #6

So if the theaten to sue nykym Jul 2012 #7

And the rich get richer... cherokeeprogressive Jul 2012 #8

We know who the corporation is. What makes you think that this is the only Corp that can do this? sabrina 1 Jul 2012 #10

yes, I think the homeowner is still 2pooped2pop Jul 2012 #17

You are misunderstanding it I think. You need to read Matt Taibbi's article on it at Rolling Stone. sabrina 1 Jul 2012 #29

Which is the fly in the ointment here 99th_Monkey Jul 2012 #22

Excellent idea, at least people are beginning to think for themselves and beginning to recover from sabrina 1 Jul 2012 #30

+100 nt 99th_Monkey Jul 2012 #32

I remember that supreme court ruling. Blanks Jul 2012 #11

Yes. This is about countywide blight. The idea could very well work. JDPriestly Jul 2012 #15

Link Blanks Jul 2012 #12

I've got a song for those bankers thinking about leaving areas where their houses get taken Zalatix Jul 2012 #13

Lol, maybe we should have a huge concert in their honor to deliver the message, musically? sabrina 1 Jul 2012 #31

After Kelo vs. New London, Wall Street can't argue for a narrow definition of eminent domain hatrack Jul 2012 #18

They never even built that strip mall on the Kelo site. AtheistCrusader Jul 2012 #19

A wasteland or a vacant lot? Blanks Jul 2012 #20

The last pic I saw was just overgrown crap. AtheistCrusader Jul 2012 #26

If they bulldozed down a blighted building Blanks Jul 2012 #37

They were only 'blighted' and vacant, in this case because the government eminent domain'ed them out AtheistCrusader Jul 2012 #38

I used to work for a not-for-profit Community Development Corp. 99th_Monkey Jul 2012 #21

Interesting information in your post, thank you. sabrina 1 Jul 2012 #28

Some brand new homes never lived in were bulldozed in California several years ago. DhhD Jul 2012 #24

K&R. Very interesting, n/t Egalitarian Thug Jul 2012 #25

Looks like a *form* of nationalization will occur from the ground up to save the ground from ruin. freshwest Jul 2012 #33

Yes, that's one of the things I like about it. It's like taking one of their weapons (Kelo) and sabrina 1 Jul 2012 #34

Cleveland has been tearing down houses for a while. Blanks Jul 2012 #39

KNR alfredo Jul 2012 #40