North Las Vegas Considers Controversial Plan
(North Las Vegas, NV) – A plan to help homeowners avoid foreclosure could be adopted in North Las Vegas.
A special city council meeting Tuesday afternoon will take up the program by Mortgage Resolution Partners.
The controversial plan calls for the city to use its eminent domain power to buy underwater homes, then resell them to the homeowner with a lower principal.
Council members will also hear alternative plans for troubled homeowners.
If approved, North Las Vegas would be the sixth and largest city in the nation to use the MRP program.
The special meeting at City Hall begins at 5 p.m.