A foreclosure in the State of Texas.
I am in the middle of construction and the builder has taken money and left me 70% complete and way over budget. There is 141K left to draw from the bank but it is not enough to complete the house. I can finish the house with 141k but there are three liens and the house wouldn't be up to par as far as finishes are concerned. I have had other bids from other buuilders to complete the house and they all fall into the 250-260k range. I have done my research and those numbers make sense. The bank is not willing to work with me and give me the additional 100k in order to finish.
What do you do in this situation? What happens when you foreclose in mid construction?, more
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