I hear a recent court win could help most phase 1 and 2 owners be succesful in their court case (see costaluzlawers) but I spoke to corvera yesterday and they said that if they lost so many cases they would not have the funds to repay everyone. They are funning on empty now! This scenario would lead them to bankruptcy and then nobdy gets their depost back as most of the land/units are bank owned due to the mortgages held on them as many people didnt complete. ie corvera is footing the cost of these mortgages. Not good for the current owners either. Has anybody else thought of this/has their legal teams talked this scenarioout.... corvera obviously suggested walking away as any lost court case being appealed will be lost too for the same reasons we lost 1st time and will cost a huge amount in legal fees.... any comments/thoughts as I have 2 propertied in phase 1 and do not know what to do. either way it doesnt feel like a good outcome for owners?
Chris