by: Cold River
Real estate assets abandoned by developers are often found in a state of disrepair. The time lapse from the developer failing to maintain the property and the lender foreclosing results in further deterioration of the site causing damage to improvements, environmental contamination and accruing fines. Often the lender must cause repairs and compliance to take place after the foreclosure process has been completed. In some cases the lender must pay fines associated with the developers failure to comply with environmental and code ordinances. Unfortunately these issues are often discovered late in the process and the lender is forced to react to pressure from enforcement agencies.