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DolphinFan · Jan 9, 2008, 07:17 PM

I am currently in the process of building a home that is about 50% complete. The original commitment delivery date for the home was Oct. 30, 2006.

We asked the builder to halt active work on the home to do a full evaluation and that evaluation revealed several code violations in addition the builder cut corners and did not build the home to all of the blueprints.

The repairs could cost 30% of the total construction budget in addition the builder is also the developer and has abandoned completing the neighborhood.

At this point, I will sue the builder but I do not expect to get the money I need to repair the house and the neighborhood is nowhere close to being completed.

I want to seek help from the bank. I hope that turning over the deed to them to avoid foreclosure. Can I get them to not report this as a foreclosure given that the circumstances are beyond my control? I am current on the payments.

Karodopati2 · Jan 19, 2009, 09:15 PM

Offering deed in lieu may be the answer.
I am in a similar predicament and if you are successful please let me know.
As a owner builder I have drawn $520K out of a $650K loan. The house is on a five acre site and is 4900 sq ft. Still need to complete about 20% of the house inside. I am current on my interest payments. Can they foreclose? They are asking me to pay the full $650K so I am confused. Any answers?