Hi Gary, I am happy to assist you today.
Well, I am very sorry to hear about your situation.
I would first take a look at your title insurance policy and see if there is a possible claim for you here. You now have title that is not marketable, so that might be covered. They also might be able to bring a court action on your behalf and pay for the lawyer. Worth investigating.
Next, I would file a claim in the bankruptcy hearing. See if you can get in as a creditor and claim that the developer should purchase back your property due to the financial situation. Again, because your property has become unmarketable.
Next, I would file my own separate law suit on this matter. This is not likely to resolve itself and just work out. This complex is not likely to ever get finished its current status unless and until someone purchases it from the developer. That is a possibility but we are looking at a lot of time that will pass before that happens. In the meantime, you do not have all the amenities
you pay for, you are living in a complex that is mostly unfinished, and you have no ability to rent out or sell your unit. You definitely have a law suit stating that the developer is not living up to their part of the bargain.
I have seen this happen many times before, and the outcomes that I have seen include having an investor with money come in and purchase the problem from the developer. However, more often, I have seen the unit owners trickle away and simply walk away from the situation with a loss. The banks can't even foreclose on the condo owners because the units have pretty much no value in the current situation. So your best bet is to try to get your sales transaction reversed, or get the developer to buy back your unit, and just get out of the situation. That's the best you can do here.
Let me know if you have any questions.
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