Vault Network Boards - What should be done when the state uses eminent domain on a property that is underwater?

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Author	Topic: What should be done when the state uses eminent domain on a property that is underwater? [Locked]
Abaddon_Ambrosius Title: Retired Theurgist TL Posts: 1,674 Registered: 2001-12-21 09:51:39	Date Posted: 1/1/00 12:00am Subject: What should be done when the state uses eminent domain on a property that is underwater?
	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. Forcing someone to realize a loss because the expiry on that loan has gone from 25 years out to "now"... forcing someone to realize a loss they wouldn't have otherwise realized... is not the same thing. If you're being intellectually honest, you know that. -----signature----- In the immortal words of Socrates - "I drank what?" "God you guys suck at the internet - how can you fail to locate porn?!" - Eternal_Midnight "Knowing means nothing." - Fat-badger
DemonicXH Title: Camelot Vault Staff News Editor Posts: 584 Registered: 2003-12-1 08:14:17	Date Posted: 1/1/00 12:00am Subject: What should be done when the state uses eminent domain on a property that is underwater?
	cabbyman posted: Start a fire. Claim insurance. You take a chance of it being ruled intentional, whether they prosecute you or not. The insurance company has no obligation to pay if it's ruled an intentional act. Then you're stuck with a mortgage, no house to sell and the local government taking what's left of your property. Easier to make a stink about it and let the courts decide.
Yukishiro1 Posts: 3,243 Registered: 2002-9-20 23:52:57	Date Posted: 1/1/00 12:00am Subject: What should be done when the state uses eminent domain on a property that is underwater?
	Abaddon_Ambrosius posted: Forcing someone to realize a loss because the expiry on that loan has gone from 25 years out to "now"... forcing someone to realize a loss they wouldn't have otherwise realized... is not the same thing. It was going to be a loss either way. Apparently they also knew about the possibility of the property being condemned before they bought it. Certainly by the time of the 2nd mortgage. Which isn't even properly part of the "loss" because 2nd mortgages arn't about financing the house, they're about financing buying a new car or another house or sending a kid to college or something like that.
Abaddon_Ambrosius Title: Retired Theurgist TL Posts: 1,674 Registered: 2001-12-21 09:51:39	Date Posted: 1/1/00 12:00am Subject: What should be done when the state uses eminent domain on a property that is underwater?
	Yukishiro1 posted: Abaddon_Ambrosius posted: Forcing someone to realize a loss because the expiry on that loan has gone from 25 years out to "now"... forcing someone to realize a loss they wouldn't have otherwise realized... is not the same thing. It was going to be a loss either way. You're playing at being this obtuse, right? That must be it. It is a loss because it is being forced "now". That same property may not be a loss 5 years from now, or 10 years. But they no longer have the option to wait it out. They're forced to take a loss artificially now. Jesus, this isn't even that fancy MBA stuff. Try and keep up Bloat Boy... -----signature----- In the immortal words of Socrates - "I drank what?" "God you guys suck at the internet - how can you fail to locate porn?!" - Eternal_Midnight "Knowing means nothing." - Fat-badger
Yukishiro1 Posts: 3,243 Registered: 2002-9-20 23:52:57	Date Posted: 1/1/00 12:00am Subject: What should be done when the state uses eminent domain on a property that is underwater?
	If it's underwater by nearly as much as the article seems to imply it was going to be a loss either way. Property that lost more than half its value in the last couple years is not about to shoot back up and suddenly turn out to have been a great investment. But maybe it isn't underwater that much because maybe most of that is the 2nd mortgage. Which really has nothing to do with whether it's underwater or not. The article is stupid in multiple ways. And the idea the government should pay some theoretic value or whatever the person paid for it or something like that is also stupid and very prone to abuse.
gatzby Title: Insanity Personified Posts: 86 Registered: 2001-7-26 17:49:19	Date Posted: 1/1/00 12:00am Subject: What should be done when the state uses eminent domain on a property that is underwater?
	This is one of the few times I would be all for a strategic default. -----signature----- Radio Shack TRS 80 \| 640k \| 5.25 Drive INTEGRATED! A stretched thread = A useless thread
Bobvillas Posts: 643 Registered: 2008-11-19 12:56:18	Date Posted: 1/1/00 12:00am Subject: What should be done when the state uses eminent domain on a property that is underwater?
	cabbyman posted: Pay neighbor to start a fire. Claim insurance. -----signature----- "well honestly i didnt learn "jw" on the net i learned it from multiple females that have texted me. but keep on truckin broheim." Thorikos http://fluffytit.mybrute.com

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