Need advice on Eminent Domain and unsecured portion of loan
Posted: Fri Aug 17, 2012 2:23 pm
Call Mary O'Neill (213) 202-3910
Sent from my iPhone
On Aug 17, 2012, at 1:32 PM, "lyounglaw" wrote:
> A colleague in my office has a client with a 1st & 2nd TD with IndyMac/One West. Client was current on both payments. Anaheim exerted eminent domain over client's property & tried to negotiate with One West for the sale of the property, but OW said they couldn't find the 1st TD and delayed, so after about a year, the city had to file suit to get the property. FMV appraisal leaves about $152k unsecured. One West said they will hold client liable for the difference.
>
> We know that Anaheim has the right to claim the property, but OW's actions have affected the situation. This just seems unfair because if the city hadn't claimed the property, then client would still be living there making his payments. And, if OW hadn't delayed the negotiations, the city may have negotiated a different price & the client wouldn't be liable for the unsecured portion and he wouldn't have incurred attorney fees and expenses to fight it. Now his credit could be affected because of something he didn't do or plan for.
>
> We've been researching the codes & cases and can't find anything on point. Does anyone know of case law on this or is willing to discuss eminent domain with us so we can help the client? Or is this a lost cause?
>
> Thank you,
>
> Laura E. Young
> Law Offices
> 2122 N. Broadway
> Santa Ana CA 92706
> 714-571-0042
> 714-571-0119 (fax)
> lyounglaw@yahoo.com
>
>
>
>
>
>
>
Call Mary O'Neill (213) 202-3910Sent from my iPhoneOn Aug 17, 2012, at 1:32 PM, "lyounglaw" <lyounglaw@yahoo.com> wrote:
A colleague in my office has a client with a 1st & 2nd TD with IndyMac/One West. Client was current on both payments. Anaheim exerted eminent domain over client's property & tried to negotiate with One West for the sale of the property, but OW said they couldn't find the 1st TD and delayed, so after about a year, the city had to file suit to get the property. FMV appraisal leaves about $152k unsecured. One West said they will hold client liable for the difference.
We know that Anaheim has the right to claim the property, but OW's actions have affected the situation. This just seems unfair because if the city hadn't claimed the property, then client would still be living there making his payments. And, if OW hadn't delayed the negotiations, the city may have negotiated a different price & the client wouldn't be liable for the unsecured portion and he wouldn't have incurred attorney fees and expenses to fight it. Now his credit could be affected because of something he didn't do or plan for.
We've been researching the codes & cases and can't find anything on point. Does anyone know of case law on this or is willing to discuss eminent domain with us so we can help the client? Or is this a lost cause?
Thank you,
Laura E. Young
Law Offices
2122 N. Broadway
Santa Ana CA 92706
714-571-0042
714-571-0119 (fax)
lyounglaw@yahoo.com
The post was migrated from Yahoo.