Mortgage

Construction loan creates foreclosure risk for current borrowers

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.
 

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Caliber Home Loans CEO Sanjiv Das steps down

Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. 

3d rendering of a row of luxury townhouses along a street

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