What is the name of your state (only U.S. law)? Maryland
I purchased property in a condo unit (Tribeca of Camp Springs, Md) in 2009. I was just informed that the owner (Wood Partner) has defaulted on the mortgage and the property has been acquired by Tonti Properties, who is converting the remaining unowned units 186 out of 292 to rental units. I also just learned that Lenders will not refinance nor grant original loans on a mixed-use property. Therefore, I would like to know what rights, if any, do I have, since clearly the property value will immediately and drastically depreciate as a result of the conversion to rentals.
I purchased property in a condo unit (Tribeca of Camp Springs, Md) in 2009. I was just informed that the owner (Wood Partner) has defaulted on the mortgage and the property has been acquired by Tonti Properties, who is converting the remaining unowned units 186 out of 292 to rental units. I also just learned that Lenders will not refinance nor grant original loans on a mixed-use property. Therefore, I would like to know what rights, if any, do I have, since clearly the property value will immediately and drastically depreciate as a result of the conversion to rentals.