underwater mortgages

Can “underwater mortgages” be acquired by municipalities using Eminent Domain power?

September 3, 2013 by Daniel G. Leave a Comment

Faced with hundreds of homes that have been abandoned by “underwater” owners, the City of Richmond, California, has proposed to purchase 624 loans secured by those properties, and has threatened note holders who resist selling with seizure of their loans. The City argues that these loans are only worth the current value of the underlying real estate. The City proposes to … [Read more...] about Can “underwater mortgages” be acquired by municipalities using Eminent Domain power?

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Mr. Gonzales is in private practice, providing representation, advice and counsel in complex real estate, corporate, and business transactions on behalf of public and private institutions, businesses, and individuals.

This material has been prepared by Daniel S. Gonzales for informational purposes only and does not constitute advertising, a solicitation, or legal advice. Neither delivery nor transmission of this material or the information contained herein is intended to create, and receipt thereof does not constitute formation of, an attorney-client relationship. The reader should not rely upon this information for any purpose without seeking legal advice from a licensed attorney. The information contained in this material is provided only as general information and is not promised or guaranteed to be correct or complete. Daniel S. Gonzales expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this material.