QUESTION
Developer Bankrupt after we bought investment property.
Asked on Mar 02nd, 2013 on Real Estate - Texas
More details to this question:
Lot bought at $45K in Lake Tawakoni, Texas. Developer went bankrupt; Bank of America owns most of remaining lots. Out lot was appraised at $3,000 by Hunt County, but we have $40K bank loan; remaining lots appraised lower. How can we get the load reduced or get out of the investment property?
1 ANSWER
Best bet would be to negociate with bank. If they do not agree to reduction, the options depend on your overall financial position. If you need help negocating please contact me.
David Pritchard
david@dlplegal.com
Answered on Mar 04th, 2013 at 3:50 PM