Asked by Jerri, Hawthorn Woods, IL • Fri Jan 9, 2009
estimate in April 07, began construction of my new home in Hawthorn Woods, IL in June 07, rcvd.,notice at the end of Nov. that their in house lender, TBI, no longer could provide a mtg for us with 45 days left until our home was complete. They currently hold $247K, in dep. money. I lost a cash offer in Dec. 07 on my current home because we had no mtg at the time. It took until April 08 to secure another super jumbo loan, however due to the recent housing marke,t we were unable to sell our home. TB is currently holding all of our deposit money, made my broker pay back the commission I received on the property as a Realtor, and is demanding an addt'll 52K on a promissory note for default. TBI is accepting no responsibility whatsoever for not fulfilling their mtg commitment. We have hired an attorney. We have offered to purchase the house at the current MLS price of 1.5K, but they will only accept 1.86K, our old contract price. No lender would appraise house for that price. Help!
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