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Legislative Opposition to Eminent Domain Foreclosure Rescue

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  • William Matz | | 14 Sep 2012, 03:17 PM Agree 0
    However, emotionally appealing this strategy is, given the widespread illegal foreclosure conduct of lenders, it appears poorly-conceived because "taking" a note and deed of trust may well not be a legitimate target for eminent domain (notwithstanding the recent expansion by the Supreme Court).

    However, MR Partners is having some success negotitaing these voluntarily with lenders. By buying the note and allowing a discounted payoff to the owner, it is equivalent to what 2008 Hope for Homeowners hoped but failed to do because of lender refusal. Lenders/investors are finally realizing that a short payoff or refi nets much more than a foreclosure.
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