Legal Question in Real Estate Law in Pennsylvania
Condemnation of Property
The landlord of the property next to my home has been contacted by our town to purchase his property with the intent to purchase all properties on our block for a parking lot.
My question is: if the town buys my home will they need to pay off my total mortgage to satisfy the bank and have a clear deed prior to removing it for a parking lot? Also will they need to compensate me for more than the bank note as they will be displacing my family with no equity for down payment on another home purchase? thanks for your help.
1 Answer from Attorneys
Re: Condemnation of Property
You asked about condemnation of a property that is upside down on the mortgage.
This is actually a unique problem that may be seen more frequently now. Generally an authority condeming property must pay fair market value for a property. In this case that will leave you in the hole. There would be no justice in such a situation and I think a court would have to look at the situation very carefully as to how to be fair to you and allow the authority to proceed with its legal right.
You need to hire a local lawyer with experience in defending condemnations. There are a few theories with which s/he can work to hopefully help you come out of this situation whole. You probably will not be able to get the best results on your own.
Regards,
Roger
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