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Real Estate & Property Law

: The Home Equity Theft Reporter

Struggling Developer Turns Tables On Uncooperative Lenders; Uses "Asset Assignment" To Force Mortgage Holders To Negotiating Table

By r morris

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In Sarasota, Florida, the Sarasota Herald Tribune reports: Unable to get bankers to renegotiate nearly $22 million in debt, Southwest Florida home builder Lee Wetherington has filed a legal action akin to a bankruptcy proceeding. Wetherington said that the filing, known as an "assignment for the benefit of creditors," affects only the development side of his business, and that he is using it as

Full post as published by The Home Equity Theft Reporter on January 15, 2009 (boomark / email).

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