Need some advice on dealing with Portrait/CB Jeni Homes (Plano: real estate, mortgage)

[yjc281]

We had a contract with Portrait Homes in April 2008 but they never finish our house as promised. We've been trying to get our earnest money back since December 2008. However, we heard that they ceased operations in most states but have not filed bankruptcy. Every time we try to contact them they forward us to a number that seems to belong to nobody. Recently, the community has been transferred to CB Jeni Homes and they started to sell the house that we booked. As far as I know, CB Jeni is headed by the same CEO as Portrait Homes in Texas, Bruno Pasquinelli. How could he just transfer the ownership without giving us back our earnest money? We've asked our realtor to help but he has been very unsuccessful and not helpful in getting this resolved. He told us he was not experienced in this and "need a favor" from a real estate attorney to help. (despite being a "top realtor" with Remax) I've been told by some realtors in other states that the money can definitely be gained back but I really have no idea how this can be done. The deposit is $2500 so I really don't want to spend hundreds and thousands to hire an RE attorney. I would appreciate any advice and/or help.

Also, my realtor told me the CB Jeni agent told him that Portrait has already filed bankruptcy but he can "take care of it" if we are willing to buy the house. However, from an alternative source I was told that Portrait never filed bankruptcy only ceased operations...

Thanks for your input.

[Rakin]

It's hard to give advice since we don't know the details of where exactly Portrait Homes is but I understood they had filed bankruptcy. You might Google them and see if you can get info on their status.

You need to talk to an attorney. He may need to find out the status of Portrait. You may be able to put a lien on the property so they cannot sell or transfer it unless you get paid. There could possibly be a class action representing all their clients who put up deposits, you've just got to find out who is handling.

There again you need legal advice.

[nsumner]

Your information is correct. Portrait filed for bankrupty but they came out of it so it was never finalized. Yes it is the same owner, he just changed the name of the company and actually CB JENI are the initials of his children and his wife Jen.

Did you make the earnest money directly to Portrait or did they have you use a title company? That would be key to know in how to proceed.

Naima

[yjc281]

Originally Posted by nsumner

Your information is correct. Portrait filed for bankrupty but they came out of it so it was never finalized. Yes it is the same owner, he just changed the name of the company and actually CB JENI are the initials of his children and his wife Jen.

Did you make the earnest money directly to Portrait or did they have you use a title company? That would be key to know in how to proceed.

Naima

Thanks for your feedbacks.
The money was paid directly to Portrait. I guess it would be very hard to get it back after a bankruptcy? Can you recommend any RE attorney?

I googled around and found that I could only put a lien on the property if I sue them first and get an approval from a judge... If I still have any chance I probably need some legal help.

Thanks.

[butlerba]

it depends i worked for portrait for several years and each division was initself a seperate llc company so that means each division would have to file bankruptcy or if the division you bought in would have to file bankruptcy but even still you can be listed as a creditor on any bankruptcy claim now as for cb jeni portrat a/k/a bruno and tony sold formed and incorparated this company at the beginning of the housing crisis and sold all the assets portrait homes held free and clear off to cb jeni as a way to protect their mony from a bankruptcy this is not uncommon with tese kinds of people as i said i worked there for many years at one point bruno charted himself as a bank and trust and was making mortgage loans to underqualified buyers and then sold the loans to big name banks so i say get a lawyer and see if maybe you can go class action for some sort of fraud because that is what happened portrait defrauded you and the banks

[dallasbuyer]

Thanks a lot City-data forum. We were about to pursue our dream of owning a house with our hard earned (not those 0 down payment buyers)..we waited and thought we will have to do this responsibly and wanted to go ahead with CJ Beni homes in Plano. But thanks to City-data forum..We found out the colors of Portrait homes aka Cj beni aka Bruno Pasquinelli. I dont think I will be buying my first home with this company. Thank you everyone.