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Earl[_91_]

wrote:
On Mon, 12 Aug 2013 21:22:05 -0400, "F.O.A.D." wrote:

City Uses Eminent Domain to Rescue
Homeowners from Predatory Lenders, and
Wall Street Freaks Out
I think this is an old story.
(last year? 2011?)
The bank might be willing to take the "market price" the county is
willing to pay when you see what the counties end up paying for
properties to build a stadium.
Who eats the back taxes and other liens? Who will be willing to hold
the paper on the new mortgage?

I agree it is an interesting concept but from what I see a lot of
these loans were un collectible anyway (bad records and no paper trail
on who exactly owns the loan) so it might be a win win for everyone.

The house next to me is starting to look like one of those. The
mortgage holder of record is not the guy who thinks he owns the
paper., They are still trying to sort that one out. My neighbor
screwed up moving out. She could have saved 2 years rent.
The strange thing is that since she still has stuff in the house and
she is still coming and going, the house is labeled as "occupied".
There is a chance she could move back in ... if she does it before it
goes over on a tax lien (next spring). I will bid on that one.

Harry has no interest in back taxes when they are his own.