http://www.realcentralva.com/2009/01/09/four-seasons-development-in-ruckersville-going-to-auction/ Tracking Charlottesville's Real Estate Market since 2005 Mon, 13 Feb 2012 12:10:41 +0000 hourly 1 http://wordpress.org/?v= http://www.realcentralva.com/2009/01/09/four-seasons-development-in-ruckersville-going-to-auction/#comment-22336 Unfinished Business - What happens when a developer bankrupts? Interview with Cheri Lewis Mon, 19 Jan 2009 19:31:21 +0000 http://www.realcentralva.com/2009/01/09/four-seasons-development-in-ruckersville-going-to-auction/#comment-22336 [...] The second option would be if the bank just took over the debt.  They aren’t taking over the project, just the debt.  The developer would stay in control and the bank would try to sell the debt, knowing they might take a loss.  Personally, I think you’ll see more of that happening:banks saying, “we just need to get this off our books”.  In this area, I’m not aware of it ever having happened on a project wide level in recent years. (Ironically, this  quote was given Jan. 7th -  and then a post on Jim Duncan’s website Jan. 9th) [...] [...] The second option would be if the bank just took over the debt.  They aren’t taking over the project, just the debt.  The developer would stay in control and the bank would try to sell the debt, knowing they might take a loss.  Personally, I think you’ll see more of that happening:banks saying, “we just need to get this off our books”.  In this area, I’m not aware of it ever having happened on a project wide level in recent years. (Ironically, this  quote was given Jan. 7th -  and then a post on Jim Duncan’s website Jan. 9th) [...]

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