Premier Developers scores $28M condo inventory loan for Riva The developer of my condo building has defaulted on his loan and is being foreclosed on. Asked by Kathryn, Seattle, WA Mon Dec 8, 2008. I have no problems with my own, separate, mortgage, but the bank foreclosing on the developer has sent letters listing all of the condo owners as well as part of the action in their foreclosure against the developer.
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Savvy investors might carry debt as part of their investment portfolio, but the average person should avoid debt. If you have student loans, unpaid medical bills or have children who will soon attend college, purchasing a rental property may not be the right move at this time.
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