I have a story and really want to know what everyone thinks.....I have a friend who got a construction to perm loan last March. They interviewed several builders and thought they picked the perfect one. Everything was off to a great start. About four months into the project they received a phone call from a sub wanting to get paid. They were alarmed by this because they were paying their contractor , and he was paying the subs. They called him , and he said there must have been a misunderstanding and would take care of it. They didn't hear anything else about it. So everything went on as normal. They are about two weeks before their certificate of occupancy and have one more draw from their bank of 25K. The builder is calling them for the last draw and they want their punch list done first. then the phone calls begin again.Subs are coming out of the woodwork's looking for their money. My friends are scared, mad, and confused. They tell the subs they need to call the builder and the subs are saying that he told them to call them. They call the builder and guess what....his number has been changed unlisted and his office is closed until further notice.
Now their bank wants them to sign the final paperwork to start the permanent financing....but they have to sign a form that states they are not aware of any liens on the property. At this point they have received two notices from subs that liens will be placed unless they are paid. They call their bank and explain what happened. The bank tells them not unpack that their house. They call attorneys and for 20K+ they can maybe win a civil case. They call the district attorney about pressing charges , and they tell them their is no laws they have been broken. Now they have a $318,000.00 dream home that has over $80,000.00 worth of liens that they can't get put into permanent financing and is on it's way to foreclosure.
How can this happen? Is it not a criminal act to steal money from someone that you have a contract with? I need some feed back. What is disturbing is the bank told them that they had 9 cases of the same circumstances on their desk that day and there was another individual that he did this too at the same time. Any feedback would be helpful. Thanks Cassie Hansley
RE/MAX Crossroads
518 N. Generals Blvd. Ste. D, Lincolnton, NC 28092
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