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09-09-2008, 09:19 PM
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Junior Member
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Join Date: Sep 2008
4 posts, read 2,701 times
Reputation: 10
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Builder cant close due to cash flow problems and cant pay off leins
We have been building a house for 2 years. We have put 255000.00 cash into this house. Now that we are ready to close she can't!
She cannot cover the leins that have been placed on the property due to no cash. What happens??
Will the bank foreclose on her? What will happen to our money? Please advise?
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09-09-2008, 10:04 PM
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Senior Member
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Join Date: May 2007
Location: Deep in the heart of Texas
1,120 posts, read 907,203 times
Reputation: 494
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Contact an attorney asap. Good luck.
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09-10-2008, 12:27 AM
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Licensed Mortgage Broker and Banker/Realtor
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Join Date: Aug 2008
Location: Fort Myers, FL
1,287 posts, read 703,209 times
Reputation: 222
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what liens? did they not pay there subcontractors and spent the money so your riddled with mechanical liens?
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09-11-2008, 05:55 PM
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Senior Member
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Join Date: Feb 2008
2,229 posts, read 1,630,905 times
Reputation: 530
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Quote:
Originally Posted by blueleo
We have been building a house for 2 years. We have put 255000.00 cash into this house. Now that we are ready to close she can't!
She cannot cover the leins that have been placed on the property due to no cash. What happens??
Will the bank foreclose on her? What will happen to our money? Please advise?
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My job at a major bank is to work thru these type issues. What type loan is it, how much in liens are we talking about, was the builder paid and they not pay the subs. Need more information or shoot me a PM. |
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09-24-2008, 12:27 PM
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Junior Member
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Join Date: Sep 2008
4 posts, read 2,701 times
Reputation: 10
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Quote:
Originally Posted by Grainraiser
My job at a major bank is to work thru these type issues. What type loan is it, how much in liens are we talking about, was the builder paid and they not pay the subs. Need more information or shoot me a PM.
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It is a nightmare. We still have not closed. We have no recourse due to her other homes going into foreclosure. HELP. blueleo1@gmail.com |
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09-24-2008, 01:16 PM
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Senior Member
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Join Date: Aug 2008
Location: Montrose, CA
3,032 posts, read 1,605,558 times
Reputation: 1489
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Quote:
Originally Posted by blueleo
It is a nightmare. We still have not closed. We have no recourse due to her other homes going into foreclosure. HELP. blueleo1@gmail.com |
Why are you asking here? Go get an attorney. A public forum isn't the place to find help to get your $255k back! |
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09-24-2008, 05:03 PM
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Senior Member
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Join Date: Jul 2008
876 posts, read 424,824 times
Reputation: 404
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Quote:
Originally Posted by blueleo
It is a nightmare. We still have not closed. We have no recourse due to her other homes going into foreclosure. HELP. blueleo1@gmail.com |
Lawyers, Find a Lawyer, Law Firm & Attorney Directory - martindale.com
You do have recourse, you can get your house closed on. You may have to pay off the liens yourself, but that's why you get an attorney.
Step one: Find a real estate attorney.
Step two: Talk to the real estate attorney.
Step three: Take the real estate attorney's advice. |
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09-24-2008, 08:52 PM
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Senior Member
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Join Date: Feb 2008
2,229 posts, read 1,630,905 times
Reputation: 530
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Sadly if the builder is going bankrupt there's not much the OP can due to get her money back. She can file suit but that will not help her in the short run. OP I am sending you a email.
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09-28-2008, 08:57 PM
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Junior Member
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Join Date: Sep 2008
4 posts, read 2,701 times
Reputation: 10
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ALL --- I have an attorney and have had an attorney for the last 9 months.....the cost of the attorney is killing me.....many don't realize that unsecured deposits to builders have no security what so ever. There is no recourse on the builder...she goes bankrupt and takes my funds with her....she should be in jail due to misappropriation of funds and fraud...hopefully this will be the case.
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