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…at least that’s what the Oregonian’s August 8th headline read, “
This is unlike the recent situation regarding the Waterfront Pearl condos, where the lender actually took possession of the building when the developer signed the complex over to the bank through a “deed in lieu of foreclosure”.
In the South Waterfront situation, it sounds like there has been no foreclosure activity, but that the bank has stepped into the situation to help ensure that they will be repaid on their construction loan or at least receive as much as they possibly can. The way the article puts it, nothing will change for people interested in purchasing in these two buildings except that any contracts signed by the developer will have to get final approval from the lender. Sounds a lot like a short sale set-up to me.