Beware of putting down a deposit with a new home builder particularly this one after out experience!!! The complaint is about a new condo we put down a 10% deposit of $27,499, not yet built at the time with new home builder Taylor Morrison (formerly Taylor Woodrow). The property is in Sarasota, FL and PALMA SOLA TRACE development - combination of condos and single family homes. We were pre-approved over the phone in 2006. The company rushed us to put down a deposit and then mailed a 5 inch thick binder of paperwork and conditions in which they stated that they will keep our deposit even if we die, our children would have to buy the property. After a year and half their own banking division, an alliance with Wells Fargo Mortgage Services started our loan process. We discovered sometime after the paperwork was filled out that they nearly tripled my husbands wages on the application. We at that time became very upset and informed them that we were not willing to go along with the dishonest wage figures, now called a liar loan and notified them that we are cancelling out of this purchase transaction. They immediately refunded our loan application fee, but that is all. We lost face with them. There was no way we were going to go through with the above 2 dishonest companies. Nothing happened. A year later, they offered the home for almost 1/2 the price with another lender they were newly associated with but we refused to do business with them ever. We asked have been unable to get our deposit back up to this day (SunTrust Bank in Florida holds our deposit as escrow agent), but will exhaust all avenues before we quit. I have contacted the Comptroller of the Currency in Texas to no avail. Since there has been a new, recent $25 billion settlement with all the banks regarding the damages they inflicted on homebuyers, I am hoping my situation could be addressed, I know it is different but we feel this was a very dishonest practice.
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