Multi-billion dollar development project facing foreclosure

It may be easy for Gainesville property owners that are facing foreclosure to be humiliated by their predicaments. A presumption may exist that staying on top of one's financial obligations in relation to a property is relatively easy, and that those who struggle with them only do so because of poor money management. Yet were one to actually know how many homes and property developments face the threat of foreclosure, the perceived stigma associated with such a dilemma might easily vanish. 

A multi-billion dollar commercial development project may be the last thing most would believe could be threatened by foreclosure. Yet that is exactly what is happening with a project that was recently initiated in Texas. An Atlanta-based development firm first broke ground on the project (which is reported to include retailers, entertainment venues, residential dwellings and office space, among other things) back in 2014. The work quickly halted and unpaid bills (which have resulted in over $10 million in liens being filed against the project) soon began to pile up. Amid the worry felt by contractors and foreign investors involved in project, a financing firm that had provided over $130 million in loans recently initiated foreclosure proceedings. It went as far as to even schedule a sale (which ultimately did not happen). For its part, the development firm states that it still plans on completing the project as soon as secures new financing. 

It is reported to be fairly common to see large development projects to be threatened with foreclosure. If anything, this should show those facing this possibility that not only are there others that are forced to deal with it, but also that many are able to successfully do so. The chances of avoiding a foreclosure successfully may increase greatly if one has the help of an attorney. 

Source: Dallas News "Frisco's Wade Park project dodges Tuesday foreclosure sale" Brown, Steve, Mar. 06, 2018

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