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  • Home-Building nightmares

    I have really managed to get myself in a pickle. My wife and I
    decided to build a custom home, and purchased a piece of land about 7
    months ago. To our horror, our builder closed his doors on August
    15th. We got lucky - we only lost about $4,000 in the whole fiasco,
    so we turned ourselves to finding another builder.

    After locating a builder, we had to secure a new bank (the old one
    wouldn't let us continue construction with them). With our builder's
    blessing, we applied to a bank that he was approved with (in fact, he
    had other homeowners with that same bank already that had also been
    involved with our first builder's shenanigans).

    With the understanding (that we were ok) from the mortgage loan
    officer, we allowed our builder to continue construction on our house
    while awaiting the bank to close on our loan. This is the crux of our
    problem - the new bank is now stonewalling us closing on our
    construction loan, because work has occurred on the property within
    the last 60 days (the time limit for a mechanic's lien).

    This has turned into a disaster for us. We have no construction loan,
    subcontractors are getting impatient, and if we stop construction, our
    finances will implode.

    This may be the wrong newsgroup for this question, but I'm really
    desperate. I have no idea what our best option is at this point - to
    try to finish the home, and then approach a new bank with a finished
    house (and a mess of liens to clear up)? Or stop construction for two
    months (while costs continue to rise, taking the price out of our
    range) then pray a bank will approve us to finish? We have a third
    option, but I really don't want to do it - that is, to switch builders
    again, and approach another bank - but we don't know who to trust
    anymore as far as builders go, and ours is pretty well stuck as far as
    getting approved with another bank.

    What are the legal ramifications of the construction lien? That is,
    can our property be confiscated from us if we can't pay them off by
    getting a loan? What happens to our 20% equity in the house if this
    happens? And, does ANYONE out there have any advice for how we can
    approach a bank to help us?

    Our credit is stellar (in the high 700s). It amazes me that this
    situation has come down to this, with as little money as we lost.

    Help?

    Lost in the American dream (er, nightmare),

    Ganraeln

  • #2
    Home-Building nightmares


    Look, I do construction loans all day. Right now it is Sunday 12:15. If
    you contact me I can have you an approval on your construction loan in 2
    hours. I must assume something else is going on (hair in the deal) but I'm
    willing to do this today, now, no charge.

    I'm posting this to the newsgroup at the same time so this can be seen
    publicly.

    Michael Papp
    iNet Lending Group
    www.iNet-Lender.com
    MSN Messenger ID - iNet-Lending


    "Ganraeln" <[email protected]> wrote in message
    news:[email protected] om...
    I have really managed to get myself in a pickle. My wife and I decided to build a custom home, and purchased a piece of land about 7 months ago. To our horror, our builder closed his doors on August 15th. We got lucky - we only lost about $4,000 in the whole fiasco, so we turned ourselves to finding another builder. After locating a builder, we had to secure a new bank (the old one wouldn't let us continue construction with them). With our builder's blessing, we applied to a bank that he was approved with (in fact, he had other homeowners with that same bank already that had also been involved with our first builder's shenanigans). With the understanding (that we were ok) from the mortgage loan officer, we allowed our builder to continue construction on our house while awaiting the bank to close on our loan. This is the crux of our problem - the new bank is now stonewalling us closing on our construction loan, because work has occurred on the property within the last 60 days (the time limit for a mechanic's lien). This has turned into a disaster for us. We have no construction loan, subcontractors are getting impatient, and if we stop construction, our finances will implode. This may be the wrong newsgroup for this question, but I'm really desperate. I have no idea what our best option is at this point - to try to finish the home, and then approach a new bank with a finished house (and a mess of liens to clear up)? Or stop construction for two months (while costs continue to rise, taking the price out of our range) then pray a bank will approve us to finish? We have a third option, but I really don't want to do it - that is, to switch builders again, and approach another bank - but we don't know who to trust anymore as far as builders go, and ours is pretty well stuck as far as getting approved with another bank. What are the legal ramifications of the construction lien? That is, can our property be confiscated from us if we can't pay them off by getting a loan? What happens to our 20% equity in the house if this happens? And, does ANYONE out there have any advice for how we can approach a bank to help us? Our credit is stellar (in the high 700s). It amazes me that this situation has come down to this, with as little money as we lost. Help? Lost in the American dream (er, nightmare), Ganraeln

    Comment


    • #3
      Home-Building nightmares

      Just in case anyone in this newsgroup is tempted to get involved with
      Michael Papp of iNet Lending (screen name Canzie), I must tell you that
      he is not to be trusted. In fact he is a thief and a liar. If you want
      to deal with him at least do so knowing that much about him. When I say
      he is a thief I mean that he orders services from individuals having no
      intention to pay for them. That's defacto thievery. I have done good
      work for him, engineering work that he now shows on one of his Web
      sites, presenting it as if it were his own work (I can prove that and
      prove that it is my own work, not his -- just email me by removing or
      replacing the MUNGE text in my reply-to email address). He hasn't paid
      even though he continued to order work done weeks after he was invoiced
      and say that he was pleased with the progress made on the design
      project. He doesn't intend to pay, as evidenced by the fact that he
      doesn't return courteous emails and phone messages. I've confirmed that
      he is active in business and is not ill or incapacitated (i.e. he has no
      legitimate excuses).

      If Michael Papp is willing to shaft individuals who do good work for him
      and please him with their services imagine what he wouldn't mind doing
      to those who simply want him to do good work for them . . . If you want
      to take out a loan through him, do a little thinking and a little
      research first. Michael Papp claims on one of his own Web sites,
      "deadbeatdad.org", that he is "the most arrested man in New Jersey". Of
      course he claims that the arrests were unjust, and indicates via many
      examples just how much of a pycho his ex-wife is or was in getting him
      charged falsely many times. He says that she claimed that he is a
      "pathological liar" . . . as if that is an entirely untrue insult. I
      now suspect that his wife may be the more honest and sane one of the
      two. This man claims he has made two fortunes, and lost both, is now on
      his 3rd. I suspect if he made two fortunes he lost them both for
      reasons of poor judgement and dubious morals. Michael Papp also claims
      in Usenet newsgroup postings that he is making big bucks, lots more than
      his critics make. That's a rather telling claim, I think. If it's true
      then he's not just a thief, he's particularly dispicable because he
      could afford to pay me what he owes me, and if it's false then he's very
      obviously a liar.

      Don't trust this man.

      He uses a number of email aliases, among them are these at bottom -- but
      I've MUNGED them just to take the high ethical ground and not expose him
      to any more SPAM than is necessary. However, in posting the email
      addresses at all I consider that the good of those individuals who might
      otherwise unwittingly get involved with this man outweighs consideration
      for the man himself.

      Beware these email addresses:
      [email protected],
      [email protected],
      [email protected],
      [email protected],
      [email protected]

      Mark 'Sporky' Stapleton
      Charlotte, North Carolina

      Canzie wrote:
      Look, I do construction loans all day. Right now it is Sunday 12:15. If you contact me I can have you an approval on your construction loan in 2 hours. I must assume something else is going on (hair in the deal) but I'm willing to do this today, now, no charge. I'm posting this to the newsgroup at the same time so this can be seen publicly. Michael Papp iNet Lending Group www.iNet-Lender.com MSN Messenger ID - iNet-Lending

      Comment

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