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foreclosing on 156 condo,s

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by Orsky, Jan 28, 2009.

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  1. Orsky

    Orsky Law Topic Starter New Member

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    I own a 156 unit condo project which the builder was paid but didn't pay the subs. The bank now wants to foreclose. The appraisal has a bulk value that exceeds the loan amount. if the bank sells the property for less then bulk value can they come after me personally? I did sign a personal guarantee. The bank has said if i would agree to sign another personal guarantee for a set amount and help them all i can, they would be less likely to come after me.
     
  2. dee_dub

    dee_dub Moderator

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    You didn't post your jurisdiction, and your laws may vary, but generally the lender can come after you personally in a foreclosure if there is a shortfall. Moreover, your personal guarantee means they can almost certainly come after you under your personal covenant. When was the appraisal done? Property values have gone down significantly over the last year.

    I don't understand that proposal. What amount, for what purpose, help them how? Would this prevent foreclosure?

    For a 156 unit condo project, I'd be seeking professional legal advice.
     

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