Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
W S
Servicing / The Ticker

Construction loan creates foreclosure risk for current borrowers

house construction
/ Print / Reprints /
| Share More
/ Text Size+

More than a dozen homeowners in Statesville, N.C., paid their bills on time and never missed a payment, yet they are facing a potential foreclosure. Homeowners in the city were in for a surprise when they received a demand letter for $4.6 million. Per WSOCTV:  

Officials said it stemmed from an unpaid construction loan in 2003. Normally during closing, something called a "release deed" would be filed releasing the homeowners land from things like construction loans received by the developer, but records indicate that did not happen.
 

Source: WSOCTV
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus