I apologize for getting a bit behind in my blog posts but I've been involved in a fight to stop San Bernardino county from doing something stupid and possibly detrimental to the housing industry. On July 13th, I spoke in front of the Joint Powers Authority for San Bernardino County as a new board of directors was formed to research and prepare to implement the use of eminent domain to seize underwater mortgages in the San Bernardino County area. My impassioned statement reminded this board that eminent domain is not designed for this purpose and the implementation of their plan could have far reaching and disastrous effects. Besides the improper use of the law, there is the likely hood that lawsuits would follow and lenders would blacklist our area creating hardships for all homeowners.
This is a hot topic that's been picked up by many California publications but here is a recent article from another professional outside state lines:
Eminent Domain on My Mortgage--Really?
I will be attending the next meeting of the Joint Powers Authority on August 16th. If you're as disturbed by this plan as I am, I hope to see you there.
For all your real estate needs in the San Bernardino mountain communities:
www.CozyCabinsRealty.com
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