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re: underwater on a real estate loan
Posted on 3/26/12 at 2:35 pm to ZereauxSum
Posted on 3/26/12 at 2:35 pm to ZereauxSum
quote:
'm sorry to hear that. It sounds like a total mess. I can understand why a lender would run the other way.
Yes,it is a mess! State Farm has a lawsuit against the COA for a fire that occurred in one of the buildings. It is a 4 plex and it burned to the ground. 2 of the owners had State Farm for their personal coverage. State Farm is saying the COA had inadequate coverage and is suing them for it.
The funny/sad thing is the COA doesn't have any money. I'm guessing some of that will come out of my daughter's pocket too.
My husband told her not to buy the property because he had a bad feeling about the developers. My daughter has learned a valuable lesson about heeding her dad's advice.
This post was edited on 3/26/12 at 2:37 pm
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