(Las Vegas, NV) A number of homeowners in North Las Vegas gave their support to city officials to consider eminent domain.
A meeting held Tuesday to discuss options with homeowners included representatives of the banking and real estate industries.
Mortgage Resolution Partners has put together a plan to use private dollars to help homeowners refinance their mortgages and in doing so reduce the principal owed.
The meeting, the third of its kind, focused on existing programs that can help homeowners keep their homes. MRP has traveled around the country trying to convince communities like North Las Vegas that eminent domain would be beneficial and also generate millions of dollars back into the community.
“I don’t want leave this house, I love this house. I am even willing to pay back the money as I agreed to do. But, I would like to refinance it and nobody will do that because the value is so upside down,” says Darrel, who has owned his home in North Las Vegas since 2005. He is currently $200,000 underwater.
MRP’s plan calls for the company’s private investors to purchase underwater home mortgages at market value. However, the amount would be significantly lower than original value and then the mortgage would be refinanced back to the original homeowner with a lower principal.
The city of North Las Vegas has been told that there would be no cost to them. There are roughly 4,700 homeowners in Las Vegas that eminent domain could effect.