06-29-2006, 10:19 PM
It's been one hell of a week. I'll try to explain it.
we had a house built 3 years ago. Over the weekend in the paper there was an article about a contractor and a title company defrauding people....i didnt read the article.
So monday morning I come to work, and someone says....wasnt that your contractor? So I call the newspaper and ask for the editor of the article. As she explains things to me, she telle me the contractor name, the title companies name, the title insurance companys name, and the lender for the construction loan's name. She tells me to look at my HUD statement and see if any of these names are on there. I look....all of those names are on there. My stomach felt like upchucking.
It seems that when everyone signed for their loans, the title company diverted the cash to pay off the construction loan back to the contractor (instead of the bank and the subs) and no loans got paid off. SOOO as of right now there is a $171,000 construction loan on my house that was never paid. I called the title insurance company. It seems that MY bank (that loaned me the $$$) paid (to the title company) for the title insurance but the title company never paid for the policy. So technically I had no title insurance. They issued me a policy retroactive back to 2003. So I'm covered and the insurance will pay off the lien. (it seems that title insurance is a policy guaranteeing that all leins and loans for construction get paid off).
There are 14 houses in our area that were built by this contractor....out of the 14. Mine and 2 neighbors are safe. 2 neighbors are in the middle of foreclosure, the rest are still trying to figure out the status. In total there are 107 homes that have this problem.
we had a house built 3 years ago. Over the weekend in the paper there was an article about a contractor and a title company defrauding people....i didnt read the article.
So monday morning I come to work, and someone says....wasnt that your contractor? So I call the newspaper and ask for the editor of the article. As she explains things to me, she telle me the contractor name, the title companies name, the title insurance companys name, and the lender for the construction loan's name. She tells me to look at my HUD statement and see if any of these names are on there. I look....all of those names are on there. My stomach felt like upchucking.
It seems that when everyone signed for their loans, the title company diverted the cash to pay off the construction loan back to the contractor (instead of the bank and the subs) and no loans got paid off. SOOO as of right now there is a $171,000 construction loan on my house that was never paid. I called the title insurance company. It seems that MY bank (that loaned me the $$$) paid (to the title company) for the title insurance but the title company never paid for the policy. So technically I had no title insurance. They issued me a policy retroactive back to 2003. So I'm covered and the insurance will pay off the lien. (it seems that title insurance is a policy guaranteeing that all leins and loans for construction get paid off).
There are 14 houses in our area that were built by this contractor....out of the 14. Mine and 2 neighbors are safe. 2 neighbors are in the middle of foreclosure, the rest are still trying to figure out the status. In total there are 107 homes that have this problem.
apple Wrote:Aww, but mich, its only a 22 year age difference, I'm still legal :broken:
Bill Wrote:The pool is frozen like Tom Foolery's Saturday night date's snatch.
pineschic Wrote:comon' over here big boy (Vita E).. I'll warm you right up. lol
