Eminent Domain To The Rescue In Irvington? - New York News

Eminent Domain To The Rescue In Irvington?

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Irvington, New Jersey (My9NJ) - Should New Jersey towns get into the mortgage business?

Two long-time Irvington New Jersey residents, Mary Whetstone and Yves Louis, say that the mortgage crisis in town has gotten out of control and something has to be done.

“Every block there’s one or two or three, foreclosures on it. And if it keeps on like this, every house is going to be foreclosed,” Whetstone said.

These residents say the answer is Irvington’s proposed eminent domain program where private property is taken for public use by the government. Basically, the town of Irvington would buy mortgages in foreclosure that people can no longer afford to pay and give them a better rate.

The town has identified 199 homes in Irvington that would qualify for the program and more and more residents are getting involved and interested. Many are now attending workshops to learn what eminent domain is really all about.

If this program is put in place, this will be the first town in the United States where eminent domain has been implemented to fix the mortgage crisis.

Advocates of the program say the process of the local government buying up bad mortgages would keep Irvington from falling into complete decline by keeping people in their homes, but it also means that towns like Irvington would potentially have to go up against big U.S. banks in court who could claim illegal seizure of property and breach of contract.

Many people who support the plan say that it’s not just because they can save their homes and community, but also to set a precedent for other American towns that are drowning in foreclosed homes like they are in Irvington.


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