[quote=Russell][quote=sdgrrl
Also, if eminent domain legally upholds only seizing property at fair market value- what if an owner bought at the top of the market and they were forced out at the bottom? Could they be upside down in their home and unable to even buy another one?[/quote]
I would imagine the evicting party would have to take liabilty for debt. Maybe someone else can confirm or deny though? I guess if that scenario is true it works as a bailout for the underwater owner.[/quote]
Hi Russell, I’m not discounting that idea, but it almost seems to be too good to be true. If people got wind of an eminent domain push for their property- what would stop people from refinancing quickly, keeping the money and having the pursuant pay off all their debts?
I really have no idea and look forward to hearing the correct way this would be handled.
