Freddie Mac: Here are the top 5 improving metro markets for housing

The Census Bureau is cooking the new home sales numbers

You can’t make bricks with imaginary straw

The 12 hottest housing markets right now

And the biggest losers in the price growth race
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