Chicago considers eminent domain to seize underwater mortgages

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City Considers Using Eminent Domain Power to Seize Underwater Mortgages. Naperville: 630-778-3818 Oak Brook: 630-288-2555. Weekend and Evening hours by Appointment | Naperville: 630-778-3818 Oak Brook: 630-288-2555.

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A report by a visiting professor at the New York Federal Reserve is reviving the debate over using government powers of eminent domain to seize mortgages of underwater homeowners. County and has.

A number of cities in New Jersey, including Irvington and Newark, are considering using the power of eminent domain to aid homeowners whose mortgages are underwater.A mortgage is underwater when its unpaid balance is greater than the property’s market value. The underlying mortgages, however, are not necessarily in default.

The City of Chicago will hold a hearing over using eminent domain to seize underwater mortgages. The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country. Using investor dollars, local governments would seize performing mortgages in negative equity, reduce the principal for the borrower and refinance it into a government-backed loan.

announced the adoption of a controversial plan to keep homeowners out of foreclosure by seizing underwater mortgages via eminent domain. This move is. Calif., and Chicago initially considered the.

Thomas J. Miceli University of Connecticut. "Chicago Considers Eminent Domain to Seize Underwater Mortgages" Jon Prior, , July 7, 2012, We conclude the article with our thoughts about the viability of using eminent domain to take underwater mortgages.

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A venture capital firm, Mortgage Resolution Partners, is gaining a lot of attention with its controversial plan to use eminent domain to seize – and reduce – homeowners. eminent domain to buy.

Chicago is the latest city to join a growing list of cities and counties across the country that are considering using Eminent Domain in order to seize underwater mortgages. The controversial idea of using Eminent Domain first surfaced in San Bernardino County, Calif.

New Chicago Machine Scam In the Works: Eminent Domain Seizure of ‘Underwater’ Mortgages by Steve Bartin 08/14/2012 With property values down 40% since 2006 in Chicago, the Chicago Democrat Machine has a new scam brewing.

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