Foreclosure And Eminent Domain
The foreclosure epidemic continues to sweep the country. Many estimate that this year will see as many as 5 million more home foreclosures in this country and at least another three million beyond that before the market stabilizes. However, what happens if your home is being threatened by both foreclosure and eminent domain? In this case, the foreclosure process must be put on hold until the eminent domain procedure is complete, but the best possible outcome of the two suits depends on your personal situation.
The combination of a threatened foreclosure and eminent domain claim can be very complex to deal with, but the experienced property lawyers at the Florida Property Rights Law Firm, PA can help you negotiate the difficulties to emerge with the best possible solution. Please call or email us today for a free consultation.
Should You Fight Eminent Domain?
For people who own their property or have mortgages in good standing, it may be best to fight a proposed taking to preserve the property, but this may not be the case for someone whose property is being threatened by foreclosure. If your property is being threatened by foreclosure, it may be best to concede the taking, because then the bank will only be able to get compensation from the condemning authority, not you.
However, if you think you might be able to fight the foreclosure as well, you are better off fighting the eminent domain.
Maximum Compensation Still Matters
One of the most important things an eminent domain lawyer can do for you is to improve the compensation you receive from the condemning authority. This can be particularly important if you have a significant amount of equity built up in your home. Most likely, the government’s initial good faith offer is less than you still owe on your mortgage, but it is possible that we can increase the compensation so that, even if you lose your property, you receive some compensation after the bank has been paid off. This additional money can be extremely helpful as you try to start over.
If you would like to learn more about how we can help you negotiate the complexities of foreclosure and eminent domain to come up with the best possible outcome, please contact the Florida Property Rights Law Firm, PA today.