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HBPG/ Mortgage Issues

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Blackpoolfan


Joined: 03/12/2008
Posts: 1568

Message Posted:
15/12/2008 13:13

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To any buyers of santa-fe properties, I have bought at Olive Grove in lapta i e-mailed the managing director re the concerns highlighted at the meeting about builders mortgaging/re-mortgaging land. He informs me this morning that they have 5 unsold properties with a collective value of 300,000 and a mortgage on the land of 100,000. Unsure of the legalities, i would presume once the site is sold they are duty bound to pay off the mortgage or if they didnt the bank would auction off the unsold property to re-coup their money. If anybody can add any relevant, factual comment on this it would be appreciated.



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