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  • September 27, 2009 at 7:02 AM #461489
    EconProf
    Participant

    The trailer park that juts into Mission Bay is the City’s land, and I’d just like to see property rights enforced here. The City (us) should have the right to decide what to do with the land–whether making it into a park for all of us, or selling it for a princely sum to a developer, thus also (supposedly) benefiting us taxpayers.
    I’m sure a lively community discussion would follow the City’s gaining control of its land as to how it could/should be used. The point is that a few tenants who lucked out decades ago should not continue to thwart the needs of the broader public.
    This isn’t really connected to eminent domain, but to property rights of owners. We are all the owners, indirectly, of this land.

    September 27, 2009 at 10:08 AM #461723
    ybitz
    Participant

    What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.

    September 27, 2009 at 10:08 AM #462345
    ybitz
    Participant

    What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.

    September 27, 2009 at 10:08 AM #461528
    ybitz
    Participant

    What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.

    September 27, 2009 at 10:08 AM #462140
    ybitz
    Participant

    What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.

    September 27, 2009 at 10:08 AM #462068
    ybitz
    Participant

    What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.

    September 27, 2009 at 4:02 PM #462175
    sdgrrl
    Participant

    [quote=ybitz]What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.[/quote]

    I would love to hear the answer on this also!

    September 27, 2009 at 4:02 PM #462101
    sdgrrl
    Participant

    [quote=ybitz]What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.[/quote]

    I would love to hear the answer on this also!

    September 27, 2009 at 4:02 PM #461564
    sdgrrl
    Participant

    [quote=ybitz]What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.[/quote]

    I would love to hear the answer on this also!

    September 27, 2009 at 4:02 PM #461757
    sdgrrl
    Participant

    [quote=ybitz]What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.[/quote]

    I would love to hear the answer on this also!

    September 27, 2009 at 4:02 PM #462380
    sdgrrl
    Participant

    [quote=ybitz]What if your property was “under-water” (you owe more mortgage on it than it’s worth) when the government exercises eminent domain on your house? As far as I know, the government only has to pay the fair market share. Would you get slapped with a bill from the bank? Or would the bank just have to eat the difference for a non-recourse loan? I wonder if this has ever happened before.[/quote]

    I would love to hear the answer on this also!

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