I had a home built in Lake Park, GA beginning March 1999. My home was completed July 1999. Upon completion, I was scheduled to close 20-30 days after completion. The date was set for the first week in September 1999. However, the builder (America's Home Place along with BMG Mortgage Co in Brunswick, GA and Chase Manhattan Mortgage delayed my closing for 5 months.
My house was completed July 99. I did not go to closing until the second week in December 1999. They never gave me any reasons why the closing date was delayed. I called everyday for 5 months trying to get someone to explain to me what was going on.in the midst of all the delays, I was not told that I was going to be charged everyday that I had not closed the loan.
The delays were not due to the mortgage broker waiting on information from me. When they asked for documents such as tax documents and so forth they were produced within the same day requested. Again, due to the delays I was charged interest everyday that the loan had not closed.
The house was appraised at $124,500 at completion according to the copy I received at closing. However, when I got two additional appraisal opinions they both told me it was worth less than that. So when it was time to closed I had a home valued less than what I owe in addition I was told that an additional $7000 to $8000 would be added to my total purchase price due to interest that accumulated during the delays.
When I went to closing I knew something was wrong but I didn't know what to do. I had signed a contract and we were finally at closing so I didn't know what to do.
After my closing, I begin to do some research to find out if there were other families who had the same experience as I had with this company. I found several families who experienced the same scenario yet their closings were delayed longer than mine. I have accounted for at least 10 families. Some of these families walked away because they knew they were being taken advantage of as I knew the same thing. Most of these families were African American however, there are some Caucasian families who experienced this as well.
If it had only happened to me then I would have just dealt with but to find more families with the same issue something is definately wrong and this should be addressed.
A lot of these families have lost their home and their credit will be tarnished for 7 years. I too have lost my home this month. Something has to be done. I would hate for someone to go through what I did with this company. They build houses in South Georgia, North Georgia etc so who knows how many people went through this situation as
I. It has to be brought to someone attention and hopefully this will be the first step towards that.
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