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Asked 12/19/2009 03:06 am CT (Duluth, MN)

On May 17th, 2001 we entered into a contract for a construction loan with a local bank. We were going to clear ground, build a full foundation, and move our upscale mobile home onto a 40 acre parcel that we had purchassed (and paid for) a couple of years before. We were told that at the end of the construction loan term (90 day\'s) that it would be turned into a 30 yr. mortgage and insurance and taxes would be escrowed into the monthly payment. When we went in to sign the paperwork after the construction was finished and the home was moved onto the property, we were told that they were unable to secure a mortgage, but that they would carry a note for the total amount owed. At that time we were told that they would only carry the \"note\" for a period of twenty years, and that it would not include insurance or taxes. The \"truth in lending\" paperwork showed (at the time the construction loan was approved) that it would be a 30 year term and that they were \"able\" to service the loan. We were caught between a rock and a hard place, and were forced to accept their \"new\" terms as we did not have $125,000.00 in cash to pay off the construction loan which was now due! Although the payment\'s were quite a bit higher, we were able to make payments for several years, and every year they would continue the note. Lately, because of the lack of wok due to the economy we have fallen behind several times in our payment\'s, but have alsway\'s been able to catch up. 3 months ago, we received a letter in the mail after being only 27 day\'s late, that they would begin forclosure proceedings if we did not catch up our payments. We did, but are now living under the pressure that we will lose our home if we are late even a little bit late. They refuse to help us or even work with us. Is any of this even legal?



Asked 03/18/2008 06:10 am CT (Houston, TX)

My wife and I are attempting to sell our home in Dallas Texas. We received an offer but we will be paying $16,000 for closing and fees and we would like to purchase another house in the next 4 to 6 months and we do not have the total amount for closing and fees. What would be the best way to secure the closig on our house but still be able to purchase a new house within our timeframe without getting a bridged loan?



Asked 10/24/2007 09:58 pm CT (chicago, IL)

a small company in chicago got my dad to sign for a condo. the company said they would make the payments. they gave him a small amout of cash. my dad recently passed away. now the condo could go into forclosure. if it does and the bank dosent get the total amount owed is my mom responsible for the difference?? she and I didn't know about this deal untill we started getting phone calls. It's not the house we live in