This message is to inform all builders entering into a contract for the construction of a new residence which is a sales contract! Make sure you review the Disbursement Authorization and NEVER allow draw money to be wired directly into an account that Suntrust Mortgage, Inc. Is supposed to be servicing through their "construction services division" without reviewing the debtor/borrower records.
I am a builder that didn't get my 2nd draw and it was kept by Suntrust Mortgage Inc.'s debtor/borrowers and never paid over to me. I was removed from the property by a phonecall from the local sheriff... I went to court a year and 1/2 later and was found not to have breached! There is a recorded construction mortgage against this property conveying it until I was finished with the new home. My attorney was stupid and filed a material supplier lien w/o bringing the Construction Mortgage or Commitment!
Be very careful when dealing with this company because they will remain silent and expose the ignorance of your attorney who might not know or understand real estate laws! Suntrust Mortgage also allowed the debtor/borrowers to lie on their residential loan application and did not verify employment or income. It is the asset column that irks me because Suntrust allowed proceeds from the sale of a home and also listed the same home as an asset! Their debtor didn't even have a job but said she was making over $3500/month! Nice! Watch out america!!! THIS IS WHAT IT"S ABOUT!
Justice 2... Coming soon!
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