Question for Steele in Minnesota
Posted by kd on August 23, 2007 at 14:46:04:
Thanks in advance for any advice!
I have a property in Florida that is under construction. I have a construction/perm loan. The full loan amount is for 203k, I have had construction advances of 156k, the contractor wants his final draw of 47k. I cannot afford the payment and will have to go into default as soon as the payments start. My question is do I contact the bank and tell them? Or do I pay out the rest to the contactor and then default when the payments start? I live in WA state and own other properties in WA. Can the bank or contractor get a judgement against these properties or can they only attack the one in Florida, where the judgement would be awarded? Also, I heard since this was considered an acquistion loan, the bank cannot sue for deficiency. Any thoughts? I just don't know what my options are or what I can do..... I really appreciate your time!
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- Re: Question for Steele in Minnesota - Mark Balaban 08:43:30 08/27/07
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