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Topic:
What should be done when the state uses eminent domain on a property that is underwater?
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Ashmaele
Title: Pastor of Muppets
Posts: 1,809
Registered: 2002-1-15 08:30:50
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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This looks like a matter for the courts to resolve if the legislature won't.
What constitutes "fair and just compensation?" Depends on your pov
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Brother_Tempus
Title: Patriot
Posts: 985
Registered: 2001-1-9 08:07:00
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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dae_trist posted:
Aerlinthian posted:
It's impossible for private entities to do anything bad
If we had anarchy there's nothing stopping a private military
other militias
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Yukishiro1
Posts: 3,243
Registered: 2002-9-20 23:52:57
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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If you buy a house for 30k and the value is now 300k should the state have to pay 300k or just 30k?
It seems like people want to have their cake and eat it too. If you make a bad investment in a home - especially if you're aware it may get condemned in the future - it seems like blaming the state is the wrong thing to do.
Can you imagine the outrage at a contrary rule? Someone could load up debt on their property when they knew it was going to be condemned and then demand it be paid off.
Also, some of that is a 2nd mortgage. I.e. not something they used to buy the house but for other purposes.
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dae_trist
Posts: 1,049
Registered: 2003-6-5 13:32:39
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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Brother_Tempus posted:
dae_trist posted:
Aerlinthian posted:
It's impossible for private entities to do anything bad
If we had anarchy there's nothing stopping a private military
other militias
That's not going to happen. They are just as likely to take part and split the profit.
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Ashmaele
Title: Pastor of Muppets
Posts: 1,809
Registered: 2002-1-15 08:30:50
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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Yukishiro1 posted:
If you buy a house for 30k and the value is now 300k should the state have to pay 300k or just 30k?
It seems like people want to have their cake and eat it too. If you make a bad investment in a home - especially if you're aware it may get condemned in the future - it seems like blaming the state is the wrong thing to do.
Can you imagine the outrage at a contrary rule? Someone could load up debt on their property when they knew it was going to be condemned and then demand it be paid off.
Also, some of that is a 2nd mortgage. I.e. not something they used to buy the house but for other purposes.
These are all good points.
But it isn't just the homeowner getting screwed. The mortgage company is getting screwed too. So I expect the law to get changed.
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reesescups
Title: //Captain America
Posts: 2,537
Registered: 2003-5-26 14:45:53
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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Ashmaele posted:
These are all good points.
But it isn't just the homeowner getting screwed. The mortgage company is getting screwed too. So I expect the law to get changed.
The lender also potentially knew this was going to happen as well, if not at the initial purchase, at least by the refinance time.
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theredkay1
Posts: 611
Registered: 2008-5-16 10:37:09
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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But we must not hold the lender responsible for that decision. Tis unamerican! 
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Tych2
Title: Obama Appointed Outpost Czar
Posts: 2,511
Registered: 2005-3-1 06:56:47
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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SoBaKi posted:
cabbyman posted:
Start a fire.
Claim insurance.
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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Uh, stop paying the mortgage, let the bank seize the house and it's their problem now.
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Yukishiro1
Posts: 3,243
Registered: 2002-9-20 23:52:57
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Date Posted:
1/1/00 12:00am
Subject:
What should be done when the state uses eminent domain on a property that is underwater?
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Altra_Shadowstalker posted:
Uh, stop paying the mortgage, let the bank seize the house and it's their problem now.
Yeah, except that you'll need to live somewhere else and there's no way you're getting another mortage after just having walked away from the last one.
I guess they could go rent somewhere for 7 years or however long it takes to purge that off your credit.
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