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I am in the process of building a house, and have a construction loan for it.
The house is almost done being built, and we are currently paying the interest payments on it. We are looking to modify the loan to a permanent loan in a few weeks.
Our problem is we finding that the bank misrepresented many costs to us when selling us the loan. We do not want to continue doing business with them anymore.
Is it possible to do the loan modification with another bank? Or will we have to wait until after the modification and hen refinance with another company?
You do NOT have to close with the final loan with that lender. Most people don't make a move during the permanent loan reconciliation, they're paralyzed, thinking they are trapped. How many more draws do you have left?
You do NOT have to close with the final loan with that lender. Most people don't make a move during the permanent loan reconciliation, they're paralyzed, thinking they are trapped. How many more draws do you have left?
...there may be issues related to construction financing and the way that the lender has clouded the title when they agreed to fund the build. The rules vary by state and I would be extremely reluctant to recommend any path forward without knowing where the home is located...
...there may be issues related to construction financing and the way that the lender has clouded the title when they agreed to fund the build. The rules vary by state and I would be extremely reluctant to recommend any path forward without knowing where the home is located...
The home is in Citrus Springs,. Florida (citrus county). zip code 34434
...there may be issues related to construction financing and the way that the lender has clouded the title when they agreed to fund the build. The rules vary by state and I would be extremely reluctant to recommend any path forward without knowing where the home is located...
just curious Chet, what could the lender do with regard to title other than record their mortgage?
just curious Chet, what could the lender do with regard to title other than record their mortgage?
My title insurance buddy has stories of developers and lenders who’ve gotten into fueds and deliberated forced contractors to file liens due to non-payment. The title insurer is then stuck having to settle with those lien holders and clean the title...
As I understand it there are legal ways to block such actions through specific kinds of performance bonds and some lenders then have a kind of insurance policy to isolate them from bad contractors, the cost of those bonds is passed on through a funding agreement that would end up costing the borrower more...
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Technically...
