Developer Faces Foreclosure: Bank of America has...
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Developer Faces Foreclosure: Bank of America has moved to foreclose on a Tustin condominium development.
In a lawsuit filed last week in Orange County Superior Court, B of A said it is owed $10.2 million it loaned to LDM Development Inc. in 1989 to build 130 condominiums. LDM has been in default on the loans since April, the bank said.
So far, 79 condos have been built and 52 sold, according to the lawsuit.
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