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what happens when developer goes into default

Started by newguy97
over 17 years ago
Posts: 46
Member since: Feb 2009
Discussion about
I have a question. If a lender calls a default on a developer building a condo because of whatever (late payments, taking too long, etc). What happens to the buyers who have put deposits on the building? Would the building still get finished? Would a default by the lender mean automatic bankruptcy for the developer?
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