Published On: October 14th, 2012 | Author: Perry Law, P.C. | Category: Real Estate and Title
It may come as a surprise, but most mortgages contain a clause regarding the event of eminent domain (a process where the government takes private property to serve a public purpose in exchange for just compensation). Most eminent domain provisions contain two important points. First, the mortgagor has a responsibility to notify the lender upon notice of an eminent domain proceeding. Second, the mortgagor assigns a portion or all of the eminent domain proceeds. Failure to comply with these requirements may result in a default under the mortgage. Therefore, its important to know what your mortgage states ahead of time before its too late.
When faced with a difficult legal situation, you want to make certain you have the best representation and legal team in your corner. At Perry Law, our attorneys and support team are here to ensure you the most sound advice and legal counsel possible. Perry Law is a regional law firm with attorneys licensed in Arizona, Florida, Idaho, Oregon, and Washington. The firm represents over seventy years of combined legal experience.