Developer Scams

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Many borrowers are in the dire position of owning a property that is severely upside down because the developer never completed the project or important amenities were never furnished.  Often the developer is now bankrupt.

Whether it be luxury condos, golf resort communities or simply a new home for the family, real estate developers made promises that went unfulfilled.  The owner’s loss is only magnified by a disastrous real estate market. He is left with a mortgage on a home or property that he cannot sell and soon finds that the lender has no sympathy.

While the first reaction may be a lawsuit against the developer, the borrower’s real problem is finding a solution to a monthly mortgage payment on an unsalable home or property with no equity.