The judge overseeing the NJ Affordable Home bankruptcy case approved the sale of some 200 properties belonging to the company. A new twist has developed in the story though. Some of the investors signed mortgage notes and so they may now be on the hook to pay the difference between what the homes sold for and the balance of the mortgage. It appears the difference is $2.3 million dollars. The lending banks have not declared their intention yet.
Source: Greg Saitz, Star Ledger Staff
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Real Estate Investing, Bankruptcy
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Thursday, October 12, 2006
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