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This is a discussion on Need Help ASAP on Construction Loan NOD within the California Attorneys forums, part of the Ask the Attorneys? category; We are totally frazzled and no one seems to be able to offer any assistance. We took out a construction ...
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| Junior Member Join Date: Sep 2009
Posts: 2
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Need Help ASAP on Construction Loan NOD We are totally frazzled and no one seems to be able to offer any assistance. We took out a construction loan in Jan 2007 and undertook construction of our family dream home. Our youngest is very challenged to much of the home is designed especially for his needs. Well the contractor was an idiot and the entire construction took 24 months instead of the anticipated 14. During the course of construction the mortgage market crumbled and wife lost her job. So now we have a fabulous home that we haven't been able to live in because we don't have permanent financing; can't get permanent financing due to change in qualification requirements - lack of stated income loans - and the construction lender will not grant any further extensions and has filed a NOD. |
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| | #2 (permalink) |
| Senior Member Join Date: Sep 2009
Posts: 153
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need Help ASAP on Construction Loan NOD You can either sell or have the bank foreclose, leaving you with less profit. Either way you lose the house, so why not just sell it yourself and use the equity to start over and build another house that will accommodate your son? I realize this is your dream house, but no home is worth financial ruin. |
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| | #3 (permalink) | |
| Homeowner & Forum Guide Join Date: Feb 2008 Location: San Diego
Posts: 877
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need Help ASAP on Construction Loan NOD Quote:
I am sorry to hear about your situation including your child's situation. Hope everything will be fine with you and family. You are not alone, all of us homeowners lose a lot of money due to the decline of the value of homes, some lose their jobs, their homes due to foreclosure and Short Sale. Maybe you should ask your lender to see if they can modify the loan? I think you have a hardship which is due to loss of income and the situation about your child. In a situation like this, before you do anything else you should talk to a Real Estate Lawyer. Ask for a free consultation or buy an hour or two hours of his time to discuss your situation. Check his license to State BAR Association online to see if he is license to practice law. There is a thread in this forum called ask the attorneys, why don't you click on that section and see what they say. Here's the link for it: http://www.loansafe.org/forum/ Here's the link also about Short Sale to give you an idea how to do it: http://www.loansafe.org/forum/short-sale-outpost/ ffice > My thoughts and prayers are with you and family. Take care and God be with you
__________________ Regards, Faith "Pay it forward" | |
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| | #4 (permalink) | |
| Senior Member Join Date: Jul 2009 Location: San Diego, CA
Posts: 457
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need Help ASAP on Construction Loan NOD Quote:
IF they are still filming that show, I wonder if they would take on a case of "MORTGAGE NIGHTMARE" and get this 'paperwork construction'/lending issue fixed? I wonder if that program has ever delved into the current nightmare of mortgages for these families? | |
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