Construction loan amount exceeded that in Subordination Agreement

11-22-2007, 01:57 PM

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Join Date: Nov 2007

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Construction loan amount exceeded that in Subordination Agreement

Colorado. I sold raw land to and carried a note for a builder who obtained a construction loan for $320k as we agreed in the subordination agreement. The lender ultimately lent $440k because the builder couldn't make the interest payments. The house is in foreclosure for $610k because of all of the late and default penalties. Because I am unsure whether the house is worth $610k plus back taxes, the cost to finish the house, and realtor commision, I am reluctant to redeem. However, if I was only subordinate to the $320 + penalties, that would make a difference in the decision. What are my options?

Last edited by pomo623; 11-22-2007 at 02:06 PM. Reason: I failed to ask the question.

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