Paying Legal Fees
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 28% |
| Lender Rate: | 15% | Borrower: | barter1 |
| Finished | State: | FL | |
| Funded: | 100% | Group: | Eagle Scout Lending Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2006-09-01 | EricsCC ROI: | -62% |
| Status History | |
|---|---|
| Sep 01, 2006 | Current |
| Apr 16, 2008 | Late |
| May 02, 2008 | 1 month late |
| Jun 05, 2008 | 2 months late |
| Jul 09, 2008 | 3 months late |
| Aug 02, 2008 | 4+ months late |
|
My wife and I recently completed the construction of our new home in Orange Park, FL. When I say "my wife and I", I really mean it. The contractor who was in charge of the construction appeared to have mismanaged our construction loan funds and ran out of money about HALF WAY THROUGH! Subsequently, we had to finish the construction essentially by ourselves. We've obviously retained good legal assistance and have also placed a claim with the Florida Department of Business and Professional Regulation which has been accepted on its merits. The "wheels of justice" just don't seem to turn as quickly as we'd like. Our home's market value is right around $ 960,000 and our construction loan was about $ 500,000 including the land. There are some liens on the property by some of the subcontractors who have not been paid. This amount is approximately $ 67,000. We have spent an additional $ 50,000 of our personal funds to finish...or get close enough for a CO. Our credit cards are just about maxed out as we've used those primarily to finish the home and pay the lawyers. Our credit scores were in the 700's prior to all of this mess. They are now in the high 600's I'm assuming because of liens on the public records. We are current with all creditor payments. My wife and I have a combined income of approximately $ 180,000 and are not destitute, however we could use a little "boost" to finish paying the attorney fees. Our request is for $ 6,500.00 just to give us some "breathing room". We are unable to get a home equity loan as our construction loan has not been modified as of yet due to the existing liens. Luckily for us, the bank sympathizes with us and will continue to be very patient as we work through this matter. The VP of SunTrust Mortgage has told us personally that there is absolutely no threat of foreclosure by them and that they would provide us any additional funding (secured by the home) to satisfy any of the subcontractor claims when it legally resolved. As soon as we modify our construction loan, we will then refi. to pay off any outstanding home loans at that time. Conservatively, this should occur within a year or less. But again, depends on the legal system. It appears evident that we're not far away from a settlement. But, who knows... Thank you for your consideration. Michael & Cynthia [LAST NAME DELETED] 4959 Lakeshore Drive West Orange Park, FL 32003 [EMAIL DELETED] [PHONE DELETED] home [PHONE DELETED] cell |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 25725 | Paying Attorney Fees | C | $4,500 @ 13% | Jul 20, 2006 | Expired |
| 263999 | Pay Down Higher Interest Credit Card | C | $6,000 @ 15% | Jan 12, 2008 | Expired |
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