What is the true, after expenses, value of the property, if sold? Be sure to include all the expenses–they are probably larger than you think.
What will be the 1st & 2d debt owed, as of the date of the last unit sold?
If there is anything left over, that is what is kept.
In my case I could see the builder was going to make less than zero. Therefore he had no incentive to continue. But I could see that if could buy out the bank construction lender, I could sell the remaining units and lessen my loss. It was a nightmare but I did it with the help of a great lawyer. The bankers were turds–they knew I was the bag-holder. But sometimes you must salvage what you can from the situation
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