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Servicing / The Ticker

Construction loan creates foreclosure risk for current borrowers

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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
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