For the second time in many months, the North Las Vegas City Council listened to a presentation by Mortgage Resolution Partners. These partners include Las Vegas Attorney Byron Georgiou, Developer Michael Saltman, and Owner of the Las Vegas Sun Daniel Greenspun. The council will decide in June whether or not they will endorse this plan to help refinance underwater home mortgages.
With the use of private dollars, this plan includes purchasing underwater mortgages and then refinances them at a lower principal amount to the homeowner. This also includes the city using its’ power of eminent domain, seizing private property without the owner’s consent. The council has decided to hold a vote on this proposal which has caused controversy.
In June, if the plan is accepted, Mortgage Resolution Partners will begin inventory on North Las Vegas homes that are eligible for this program. They will also attempt to negotiate with mortgage owners.