Residential owner/occupants who have owned and occupied a property for more than 180 days are eligible for compensation and reimbursement for increased mortgage costs which they may incur as a result of acquiring a new property. Additionally, this reimbursement is also available to businesses and nonprofit organizations which own land being seized, as well as businesses or nonprofit organizations which rent land being condemned by PennDot.

The purpose of this form of compensation is to provide money to an individual, business or nonprofit organization to purchase a property which has monthly mortgage payment similar to that of the new property is the same as the monthly payment on the property that was condemned by Penn Dot. Although various restrictions apply, this form of compensation would be applied towards the principal of the new mortgage on a new property to equalize the monthly payment to that of the prior mortgage on the seized property.

Additionally, this form of compensation may also provide funds to an affected property owner or tenant to be used towards points, loan origination fees, mortgage recording fees, mortgage application and appraisal fees, and the preparation of mortgage documents.

To learn more about reimbursement and compensation for increased mortgage costs, and for a free consultation with respect to your rights regarding eminent domain proceedings, we invite you to contact us.

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