U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-09-2008, 09:19 PM
 
4 posts, read 13,058 times
Reputation: 10

Advertisements

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?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 09-09-2008, 10:04 PM
 
Location: Deep in the heart of Texas
1,917 posts, read 6,686,153 times
Reputation: 1971
Contact an attorney asap. Good luck.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-10-2008, 12:27 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,721,359 times
Reputation: 249
what liens? did they not pay there subcontractors and spent the money so your riddled with mechanical liens?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-11-2008, 05:55 PM
 
4,981 posts, read 12,107,395 times
Reputation: 3231
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-24-2008, 12:27 PM
 
4 posts, read 13,058 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
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-24-2008, 01:16 PM
 
Location: Montrose, CA
3,031 posts, read 8,341,832 times
Reputation: 1961
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!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-24-2008, 05:03 PM
 
878 posts, read 1,947,454 times
Reputation: 463
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-24-2008, 08:52 PM
 
4,981 posts, read 12,107,395 times
Reputation: 3231
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-28-2008, 08:57 PM
 
4 posts, read 13,058 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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top