Michael Vick

[copperwindow]

@GiantRat

Yes. But more often the property, once seized is taken into the custody of the USMS. Once forfeiture proceedings are completed, the property would generally be sold to recover it’s value, minus mortgage the outstanding mortgage, which would be paid to the lienholder.

What is the value of the house is less than the mortgage? Does the government foot the difference?

[Acsenray]

@copperwindow

What is the value of the house is less than the mortgage? Does the government foot the difference?

No, the government doesn’t foot the difference; the mortgagee foots the difference. That’s why you don’t get to keep the $400,000.

[Spoke]

@acsenray

No, the government doesn’t foot the difference; the mortgagee foots the difference.

And in the scenario copperwindow describes, likely gets a count of mortgage fraud added to the criminal charges against him.