North Las Vegas homeowners wary of eminent domain plan
“Those who own a home in North Las Vegas — and owe more than it’s worth — may soon be dealing with a controversial proposal that could have the city seizing the underwater mortgage.
Cliff Coleman is retired, raising a grandkid and owes more money on his North Las Vegas home than it’s worth.
While times are tough, Coleman wants nothing to do with a proposal that would have the city use eminent domain to take underwater mortgages and refinance them.
“I don’t think the city needs to be involved in taking over homes because they might not give them back,” Coleman said.
But Mortgage Resolution Partners, the company trying to sell the City Council on the idea, says homeowners only benefit.
Company officials say homeowners volunteer getting a lower mortgage, which allows them to stay in their homes.”
Dixon, Amber. News 3 7 March 2013.