Could seizing a home save a homeowner? - Yahoo! Homes: Should Municipalities condem underwater properties and seize them through eminent domain to help homeowners?

by BrianD3 Posted 2012/07/19 16:11:49

Related Topics: Mortgage, Domain, California, Resist, Homeowner, Homes, Property, Interest, Investor, House, Houses, Home

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	Agree	1 vote	11%
	Disagree	8 votes	89%
	Not Sure	0 votes	0%

California cities are looking at using eminent domain to help homeowners that are current on their payments but merely underwater with regards to home value. Is it really in the public interest to help out these homeowners?

REALESTATE.YAHOO.COM reports:
Bankers and investors resist a plan to use eminent domain to condemn houses and restructure underwater mortgages.

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BrianD3 2012/07/19 16:12:56

Disagree

+3
Helping homeowners that owe more than what their home is worth is not in the spirit of eminent domain nor does it benefit the public in general
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Elaine Magliacane 2012/07/19 22:04:28

Disagree

+1
Rush to COMMUNISM... where the GOVERNMENT owns ALL PROPERTY.... NO THANKS

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Hula girl - Friends not Fol... 2012/07/19 17:06:23

Disagree

+1
Butt out government. They aren't underwater if they aren't selling their home. If they are living in their home and paying the payments what are they loosing? A home value only counts when you are buying and selling not when you are living in it and paying the payments and not borrowing against it. Houses rise and lower.

So what is government going to want all those homes that have a higher value to pay higher taxes to compensate? Gosh what ever happened to personal responsibility?

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BrianD3 to Hula gi... 2012/07/19 17:10:03

+1
absolutly true! why should we care what their home is worth? they thought it was worth it when they signed the contract!!!! Nowhere in their contract or in our Consittution will you find a gurantee for the value of a persons home.....

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Hula gi... to BrianD3 2012/07/19 17:12:52

+1
Exactly. People are so stupid though and will whine and cry because their home lost so much money. They didn't loose a dime...unless they sold it for less. If they are still living in it for their rest of their life it's still the value they purchased it at. It may be their kids that sell it for less but they could sell it for more just due to inflation.

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BrianD3 to Hula gi... 2012/07/19 17:29:04

I know MY home has lost value and is likely not "worth" what I am paying for it but I didnt plan to "flip" it.....I planned to live in it. I made the choice to have it built and I agreed on the price and there should be no one to blame but myself if I feel that my choices were not sound.

I do howerver believe my choices were sound and I believe that my investment will be worth it in the end. Much better than paying rent.....

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Hula gi... to BrianD3 2012/07/19 18:51:04

+1
So you haven't lost anything. That's what most don't understand. You don't lose unless you sell cheaper but if you don't sell you don't lose.

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BrianD3 to Hula gi... 2012/07/19 18:55:54

+1
that is what I am saying! I still enjoy the home I bought. I am getting MY monies worth even if the market disagrees.

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Centurion~PWCM~JLA 2012/07/19 17:02:46

Disagree

+1
There would surely be a "hidden" price that the homeowner would eventually have to pay.

It is bad for any municipality to condemn or seize ANYTHING. Emminent Domain is nothing but a fancy term for "Theft By Government." They ought to stay out of our lives as much as they can.

Seeing the way that municipalities themselves are having difficulty making payroll, how could they possibly afford to seize anything?

I see nothing good in this and lots of potential disaster. No, it should NOT be done.

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mac9 2012/07/19 16:32:01

Disagree

+1
More bailouts

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DS in Oak Ridge NC 2012/07/19 16:22:50 (edited)

Disagree

+2
It might help the first few homeowners in line, but in the long run, it's a very bad move. It sends a clear signal to investors and lenders that if they lend money for someone to buy a house, and that house increases in value, a homeowner wins. If it loses value, the investor must write down the loan to make the homeowner whole. Not lending in those cities becomes a smart, responsible thing to do, so no refinancing or Home Equity Loans. This smacks of a feel-good move with harmful unintended consequences. The best thing for the housing market would be to create jobs that let homeowners continue to make payments, and drive demand (and prices) for home sales. All else is a distraction.

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BrianD3 2012/07/19 16:12:56

Disagree

+3
Helping homeowners that owe more than what their home is worth is not in the spirit of eminent domain nor does it benefit the public in general

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