Legal Question in Real Estate Law in Texas
Eminent Domain
A Grand Parkway might be built through my neiborhood. I have been told that we will be paid fair market value for the property and the mortgage does not have to be paid off. I am wondering if the mortgage has to be paid or not?
Asked on 3/31/07, 4:08 pm
1 Answer from Attorneys
Re: Eminent Domain
I haven't read your mortgage documents, so I can't answer you for certain. However, typically, a mortgage would have to be paid, unless there is some insurance policy covering a condemnation. Otherwise, you would be responsible. You also need to negotaite to get the best deal in your condemnation. I suggest your hiring counsel to assist with that process.
Answered on 3/31/07, 5:56 pm