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Recover from owner $2,687,822, the difference between $3,662,822 owed to HUD by owner and $975,000 proceeds of foreclosure sale.

Publication Report

2004-BO-1002 | November 04, 2003

Family Living Adult Care Center FHA Project Number 024-22019 Biddeford and Saco, Maine

Our review disclosed that the Family Living project has suffered serious financial problems, including a default on the HUD-insured mortgage, and had ceased being a profitable entity. These problems were caused by questionable cash distributions (… more