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Fontana California using eminent domain to sieze foreclosed homes from banks

 
Anonymous Coward
User ID: 1609676
Canada
07/12/2012 03:32 PM
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Fontana California using eminent domain to sieze foreclosed homes from banks
Just watching BNN, Canada's CNBC finacial channel and they were interviewing the Mayor of Fontana California. She is trying to use eminent domain laws to sieze properties in forecloser from banks for the betterment of the municipality / county and the local populous. The realators and banks are furious but the city of 200 000 people is not getting its property taxes and the banks won't refinance the foreclosed homes. She wants to sieze the mortgages and revalue them to actual market value and try to sell them for less than the banks who are keeping them inflated for an asset on their books.

This is a stroke of genius, watch her get assassinated. Banks don't have to pay property tax during the foreclsure process.

There is no link but get this idea out there!
Anonymous Coward (OP)
User ID: 1609676
Canada
07/12/2012 03:34 PM
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Re: Fontana California using eminent domain to sieze foreclosed homes from banks
bump
Aggieranch

User ID: 19438845
United States
07/12/2012 04:59 PM
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Re: Fontana California using eminent domain to sieze foreclosed homes from banks
bump
Anonymous Coward
User ID: 11026575
United States
07/12/2012 07:28 PM
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Re: Fontana California using eminent domain to sieze foreclosed homes from banks
This gets to the heart of who owns property in this country. Certainly not the homeowner since he must pay property tax. Property tax is a thinly disguised ownership. If the homeowner doesn't pay it, the home is foreclosed at a tax sale. People lose their homes for under $500. in back taxes sometimes. And of course, next in line is the bank, that can foreclose if the loan is delinquent. And don't forget the utilities, that can foreclose for non-paid gas or electric. So is there a difference between renting and owning? At least if you own your home you have more control. There is no landlord to evict you for some whim.
FierySky

User ID: 7612693
United States
07/12/2012 07:31 PM
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Re: Fontana California using eminent domain to sieze foreclosed homes from banks
Just watching BNN, Canada's CNBC finacial channel and they were interviewing the Mayor of Fontana California. She is trying to use eminent domain laws to sieze properties in forecloser from banks for the betterment of the municipality / county and the local populous. The realators and banks are furious but the city of 200 000 people is not getting its property taxes and the banks won't refinance the foreclosed homes. She wants to sieze the mortgages and revalue them to actual market value and try to sell them for less than the banks who are keeping them inflated for an asset on their books.

This is a stroke of genius, watch her get assassinated. Banks don't have to pay property tax during the foreclsure process.

There is no link but get this idea out there!
 Quoting: Anonymous Coward 1609676


That's right. Take those houses away from those deadbeat and felonious banks and revalue them to a reasonable amount and let the city rent or sell them because the municipality is the one who ends up losing the most on these deals gone bad and the economy is screwed because of the banks.

Right On!!!
THEVOICE

User ID: 1267719
United States
07/12/2012 07:54 PM

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Re: Fontana California using eminent domain to sieze foreclosed homes from banks
Just watching BNN, Canada's CNBC finacial channel and they were interviewing the Mayor of Fontana California. She is trying to use eminent domain laws to sieze properties in forecloser from banks for the betterment of the municipality / county and the local populous. The realators and banks are furious but the city of 200 000 people is not getting its property taxes and the banks won't refinance the foreclosed homes. She wants to sieze the mortgages and revalue them to actual market value and try to sell them for less than the banks who are keeping them inflated for an asset on their books.

This is a stroke of genius, watch her get assassinated. Banks don't have to pay property tax during the foreclsure process.

There is no link but get this idea out there!
 Quoting: Anonymous Coward 1609676


She just needs a magistrate to agree on a date the foreclosures was over..... cha ching.. Then charge them all the back taxes on each property.