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Author: knighttof3 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 489520  
Subject: Clever lawyers Date: 7/14/2012 4:39 PM
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This story left me in amazement of the cleverness of lawyers. Sometimes you just have to shake your head at the elegance of loopholes.

The headline is "REAL ESTATE: Mortgage aid raises ‘legal’ and ‘constitutional’ questions"

Here is what a firm call Mortgage Resolution Partners, a San Francisco-based investment group, is proposing. The county has not adopted this yet.

Say you live in San Bernadino county and like thousands of irresponsible and/or unlucky homeowners, took out a loan that you can't afford now. Your mortgage is underwater and foreclosure looms ahead. Do not despair, do not declare bankruptcy, and above all, absolutely do not pay what you owe. The county will bail you out by condemning your house using - guess what, Eminent Domain! That lets them acquire your mortgage note and restructure your mortgage as they see fit. The lenders can go suck a lemon.

Oh Eminent Domain, are there no limits to your wonders? Just like the case in New Jersey that our Supreme (Court) Leaders held up in their infinite wisdom, the administration of this plan will be done by MRP (for a modest fee, no doubt.) So the county will effectively shift loans from one private lender to another. But that's OK, no doubt that's the same as acquiring private property for public development, which is what Eminent Domain was supposed to do.
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