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Eminent Domain Might Resolve Underwater Mortgages

Eminent domain usually means the state or the city forces you to sell your land back to the government for a government project - roads or parks. The government has to pay the market value. Now a group of investors is proposing that North Las Vegas use its power of eminent domain to buy up underwater mortgages at market prices in order refinance them at the real value of the house. But is it legal? And could it resolve the 63,000 mortgages in the Las Vegas Valley that are currently thought to be under water.
 
GUESTS
 
Byron Georgiou, Mortgage Resolution Partners
Steven Gluckstein, Mortgage Resolution Partners
 
 
 
 

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