1) You are the owner of a home located on a street that your city has decided to widen. That project will require the city to take a portion of your front yard by eminent domain. The city has agreed to pay you $10,000. 00 for the property being taken. You have a mortgage with City National Bank. Does the bank have any claim to your proceeds, and where would you look to determine your respective rights

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28-03-2022
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1) You are the owner of a home located on a street that your city has decided to widen. That project will require the city to take a portion of your front yard by eminent domain. The city has agreed to pay you $10,000. 00 for the property being taken. You have a mortgage with City National Bank. Does the bank have any claim to your proceeds, and where would you look to determine your respective rights

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Martebi Martebi · Answer 1 · 2022-03-31T14:33:46+02:00

The bank do have right to claim to your proceeds. In the scenario when you owe some mortgage money on your property, the lender which is the mortgage company is known to holds priority over the borrower.

Although one may owe a debt to a bank or lender, they still have some measures of legal rights. One can meet a well and experienced eminent domain lawyer that can help you to explore your legal rights.

What is the eminent domain?

Eminent domain is known to be the power of the government to have any of private property in the country and use it into public use.

The Fifth Amendment is one that gives that the government the right to only exercise this power and also give the right compensation to the specific property owners.

Learn more about Eminent domain from

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