Juan_Hong_Loe
That's dumb
Serious replies please...
My sister and her husband decided to build a house. They found a piece of property that they liked in a pretty nice neighborhood and bought it. Financed it for about a year before making final plans to build. Got a respectable builder and pulled the trigger. From my understanding in order to not have to have two separate payments they needed to somehow get the land signed into the construction loan or something like that. To my belief it was just to make closing and payments easier in the long run. The house is framed and "blacked in". Windows installed and all but the front door is there as well. The builder just up and stops taking their phone calls and will not make any attempt to get back with them. Tried to get his wife to make sure he calls them back but not happening. My sister just got a phone call from him this morning only to hear him tell her that he is filing for bankruptcy!!!!! Since the land was signed into the loan for the house that is not finished and essentially not theirs until builder finishes it, seems they're screwed! Anybody have any advice or know what should be done. Seems to me like there should be some law protecting them from something like this but at the same time maybe they shouldn't have signed the land over. I pretty sure my sister is going to lose sleep over this so I'm trying to help her find a solution. The builder told her also that it would be 6-8 months before the bank could release the loan to someone else...
If it were actually happening to me the builder would probably have broken legs!
My sister and her husband decided to build a house. They found a piece of property that they liked in a pretty nice neighborhood and bought it. Financed it for about a year before making final plans to build. Got a respectable builder and pulled the trigger. From my understanding in order to not have to have two separate payments they needed to somehow get the land signed into the construction loan or something like that. To my belief it was just to make closing and payments easier in the long run. The house is framed and "blacked in". Windows installed and all but the front door is there as well. The builder just up and stops taking their phone calls and will not make any attempt to get back with them. Tried to get his wife to make sure he calls them back but not happening. My sister just got a phone call from him this morning only to hear him tell her that he is filing for bankruptcy!!!!! Since the land was signed into the loan for the house that is not finished and essentially not theirs until builder finishes it, seems they're screwed! Anybody have any advice or know what should be done. Seems to me like there should be some law protecting them from something like this but at the same time maybe they shouldn't have signed the land over. I pretty sure my sister is going to lose sleep over this so I'm trying to help her find a solution. The builder told her also that it would be 6-8 months before the bank could release the loan to someone else...
If it were actually happening to me the builder would probably have broken legs!