I have an apartment building which was found to have extensive termite damage coupled with a substandard foundation (from the day it was constructed) such that the building is a complete loss.
I owe $200k and the lot is probably worth $100k.
Will the bank even consider a short sale? I have significant assets, but not liquid to cover the amt.
They would allow the Short Sale.
so I’ll thicken the plot a bit…
I’m in litigation over the damage. At this point, I’m funding this out of my pocket. Obviously, if there was some recovery of funds, the bank would want priority over my out of pcoket losses already incurred (this is actually a question).
Do the bank and I become co-planitiffs???