November 16, 2024 11:26 pm
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San Francisco debates eminent domain for mortgages

EMINENT DOMAINBy Alison Vekshin | Bloomberg

San Francisco may become the biggest U.S. city to use its development powers to help homeowners avoid foreclosure, partnering with another California community whose own plan has come under fire from investors.

The proposal from a member of San Francisco’s Board of Supervisors would use eminent domain to take over loans on property with a market value below the mortgage amount. A lawmaker says it would help minorities in the city of about 837,000, while some officials see the move increasing borrowing costs and discouraging investors.

Continued:

Related: Homeowners, Wells Fargo head to trial over mortgage fees

If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.