After 9.5 years of owning a commercial 6 unit property (LLC) in Maine I need to foreclose for the following reasons.

Bankruptcy and Debt 3 views 1 answers
I bought the property expecting a certain cash-flow only to find out that the tenants had been seeded. Tremendous construction defects had been hidden and the units were not permitted as is. The bank had done its own evaluation and had determined that the given facts were correct. They could not have been further from the truth. I paid out of pocket for many years incurring large losses. About 2 years ago i was permanently disabled. With the minimal rents coming in I made many expensive repairs and improvements. Now after draining my IRA the town sent a code enforcement officer who created a lengthy list which need to be completed within 10 days. Cost $50,000. There is no money available/foreclosure emminent. If bank puts a lien on one of my other properties can they force a sale

Attorney Answer

1
Joseph Lacosta ·
Maybe you could rescind the whole deal and sue in San Diego federal court to get your money back ( contact a local real estate attorney like me ) who is willing to sue the seller
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