Home Buying in Arab>Question Details

Kris, Home Buyer in Arab, AL

If the state takes my house for a highway, and they put me in another house , how does that work ?

Asked by Kris, Arab, AL Mon Jul 30, 2012

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Kris,

Great question. I am by no means a real estate attorney, but my understanding of how eminent domain works is that they should pay fair market value for your property, and then you would need to find a new house with the money you obtained from the sale of your home. If you currently have a mortgage on your home, whatever the difference was between the sales price and the mortgage payoff would essentially be your 'equity.' This could be used to pay a down payment on a new home.

If you have any more questions regarding specific mortgage related questions or to discuss your options of obtaining a new mortgage, feel free to contact me at 256-694-7514 or visit my website at http://www.MortgagesCanBeSimple.com.

Sincerely,
Brandon Snider
District Lending Manager
Consumer First Mortgage, Inc.
0 votes Thank Flag Link Tue Jul 31, 2012
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