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if you negotiate for the developer to pay CC and they default, do you then have a claim against the developer?

Started by marco_m
about 16 years ago
Posts: 2481
Member since: Dec 2008
Discussion about
lets say they agree to pay CC for a year and then they default 6 months in..
Response by w67thstreet
about 16 years ago
Posts: 9003
Member since: Dec 2008

You become a general unsecured creditor. FYI usually get nothing and pennies on the dollar if any value left post secured lenders.

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Response by marco_m
about 16 years ago
Posts: 2481
Member since: Dec 2008

understood. do apartment owners have any negotiating leverage with the secured lenders or whoever they may sell the project to ?

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Response by marco_m
about 16 years ago
Posts: 2481
Member since: Dec 2008

and thanks for the reply. appreciate it!

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