Mountain Property
There are many different issues, including biblical, legal, and ethical that must be examined.
Mountain Property
Because Andrew took out a loan utilizing the property as collateral, the lender has a right to get their money back. Martin would have two possible options in this case. Martin may get Andrew to sign over the property in exchange for paying his debt to the lender. This would essentially be buying Andrew out of the property. Another option would be to just pay off Andrews debt to the mortgage company. However this option would be very unwise, because Andrew could just take out another loan.
The first and foremost issue has to do with the foreclosure issue. Unfortunately the bank is fully within its rights to foreclose. …show more content…
Eminent domain can only be utilized for “Public Use.” (Harvard 2005) Building a resort on private property is not a public use. Public use is building facilities such as a transportation hub, roadway, or an airport would be considered a public use. There are, however a variety of conflicting court rulings on whether or not building a resort is considered a public use. Certain courts have ruled that such takings are within the law, and other cases have ruled just the opposite. So it is quite unclear regarding which way a court would decide to rule on this case.
Martin must take the potential cost of legal fees into consideration. In the case of the mountain property, Martin clearly has something to lose by not fighting. However in this particular case, he will be compensated for the full value of his house that is being demolished. Rather than fight this unjust case, it may be more financially advantageous just to take the payment for the house. Then Martin can purchase another similar coastal house with this money. By taking the approach, he avoids the risk of possibly losing hundreds of thousands in legal
Mountain Property
Because Andrew took out a loan utilizing the property as collateral, the lender has a right to get their money back. Martin would have two possible options in this case. Martin may get Andrew to sign over the property in exchange for paying his debt to the lender. This would essentially be buying Andrew out of the property. Another option would be to just pay off Andrews debt to the mortgage company. However this option would be very unwise, because Andrew could just take out another loan.
The first and foremost issue has to do with the foreclosure issue. Unfortunately the bank is fully within its rights to foreclose. …show more content…
Eminent domain can only be utilized for “Public Use.” (Harvard 2005) Building a resort on private property is not a public use. Public use is building facilities such as a transportation hub, roadway, or an airport would be considered a public use. There are, however a variety of conflicting court rulings on whether or not building a resort is considered a public use. Certain courts have ruled that such takings are within the law, and other cases have ruled just the opposite. So it is quite unclear regarding which way a court would decide to rule on this case.
Martin must take the potential cost of legal fees into consideration. In the case of the mountain property, Martin clearly has something to lose by not fighting. However in this particular case, he will be compensated for the full value of his house that is being demolished. Rather than fight this unjust case, it may be more financially advantageous just to take the payment for the house. Then Martin can purchase another similar coastal house with this money. By taking the approach, he avoids the risk of possibly losing hundreds of thousands in legal