Comments on: Builders Stuck With Unfinished Projects And No Financing Are Suing Lenders

By: dallas home lender

dallas home lender — Thu, 24 Jul 2008 04:30:22 +0000

Without risk there is no reward. Many of the smaller mom and pop builders built too many spec homes and weren't able to sustain an extended period of vacancy. The lenders are stuck with the note. It's an unfortunate situation. However, builders shouldn't speculate as much as they've done. Grow gradually...grow successfully.. Jason Austin Home Mortgages

By: Yossarian

Yossarian — Wed, 23 Jul 2008 15:32:42 +0000

Two years ago, I remember reading about the coming bull market in litigation.

I love this. ‘I made a stupid decision, and started an unwanted project… someone else must be to blame…” Frankly, I’d be craven enough to do the same thing.

And these guys are the entrepreneurs that the Libertarians say we can’t do without?

I guess I just wonder… do the attorneys get paid very well for this work? How do they get paid, if everyone is claiming they don’t have money?

By: Poirot

Poirot — Wed, 23 Jul 2008 15:24:22 +0000

It sounds like the Construction companies are effectively declaring bankruptcy and when their previous lenders come after them, they’re pointing to these new lenders who have cut off financing and saying “Blame them!”

By: Keith

Keith — Wed, 23 Jul 2008 14:27:17 +0000

Are the banks obligated to loan money? I guess it all comes down to how the documnets are written. This stuff will probably stay tied up in contract litigation for years.