Top 5 cities where safety is not a question

Top 5 cities where safety is not a question

Number one shouldn't be a shocker

Where's Watt?

FHFA scorecard should be marked tardy

Rentership society? Insider trading on Russian sanctions?

What We're Reading: The Good Friday edition
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