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Old 09-09-2008, 08:19 PM
 
4 posts, read 12,423 times
Reputation: 10

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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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Old 09-09-2008, 09:04 PM
 
Location: Deep in the heart of Texas
1,917 posts, read 6,304,971 times
Reputation: 1957
Contact an attorney asap. Good luck.
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Old 09-09-2008, 11:27 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,965 times
Reputation: 249
what liens? did they not pay there subcontractors and spent the money so your riddled with mechanical liens?
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Old 09-11-2008, 04:55 PM
 
4,304 posts, read 11,126,079 times
Reputation: 2456
Quote:
Originally Posted by blueleo View Post
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?


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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Old 09-24-2008, 11:27 AM
 
4 posts, read 12,423 times
Reputation: 10
Quote:
Originally Posted by Grainraiser View Post
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.
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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Old 09-24-2008, 12:16 PM
 
Location: Montrose, CA
3,031 posts, read 7,865,223 times
Reputation: 1925
Quote:
Originally Posted by blueleo View Post
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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Old 09-24-2008, 04:03 PM
 
878 posts, read 1,846,372 times
Reputation: 460
Quote:
Originally Posted by blueleo View Post
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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Old 09-24-2008, 07:52 PM
 
4,304 posts, read 11,126,079 times
Reputation: 2456
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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Old 09-28-2008, 07:57 PM
 
4 posts, read 12,423 times
Reputation: 10
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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