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Four Investors Involved |
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Myself and 3 others invested in a large lot, in an attempt to develop the lot into 3 separate lots, build and then sell the new homes. Because of this that and the other, it looks like this project is not going to see fruition, and the bank is possibly going to foreclose. My question is how will this foreclosure affect our credit scores. We all have excellent credit at present, so will it all go down the drain, or will it take it from excellent to just okay or to really bad? this of course is not our primary residence(s). We have simply run out of money, (and patience with city planning depts). We could try and gather some monies to push back the notice of default abit in hopes we have a buyer come forward. Do you have any suggestions on the best course of action?
Thank you for your time. |
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I don't know in what legal form you took title to that parcel, which could make a difference in what happens to your individual credit records. As co-investors, you should have your own lawyer and CPA, and those are the persons to answer your questions.
As for selling (along the lines of what investors call the "greater fool" theory) -- you might want to consider offering the land for sale at a bargain price, for a quick sale, even if it means you'll all have to lose money.
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Edith
Originally published on January 15, 2008 |
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