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Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 217396

Re: Discussion on Bill Mace Home Builders
PostPosted: Fri Aug 15, 2008 7:12 pm Reply with quoteBack to top

http://builder-implode.com/imp.....07-25.html
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houston
Nitroglycerin


Joined: 02 Dec 2008
Posts: 661
Location: Houston, Texas

Re: Discussion on Bill Mace Home Builders
PostPosted: Tue Dec 23, 2008 4:37 pm Reply with quoteBack to top

Quote:
"We are hoping there is no lien on the house," said homeowner Maria Wenger.

"But you don't know?" asked reporter Jeremy Finley.

"No," she said.

Mace is accused of taking part in a scheme in which checks homeowners wrote intending to pay off Mace's construction loans were instead used to fund his other developments.

An employee of a title company is accused of working with Mace in the scheme.

Mace has also filed for bankruptcy, which means there could be a lien on the residents' houses in addition to their mortgages.

Title insurance would have saved them, an expert said. Title insurance protects people if an unpaid lien shows up on the house from a previous owner. But because the residents bought new homes, they said they didn't think they needed it.

"They are the ones that are in trouble," said columnist and Realtor Richard Courtney.

Courtney writes a weekly real estate column and advises people buying new construction to get title insurance.

"If a person doesn't have a clear title to their house, they don't own anything. Therefore, they can't sell it, they can't do improvements on it. Really, they'll be improving someone else's house," Courtney said.

When a resident buys an older home, the seller pays for the title insurance.

People who buy new homes are "forced to pay for that title insurance, which is a hefty sum," Courtney said.

On a $150,000 home, the price for title insurance would be about $850.

Mace's attorney told a Clarksville newspaper that his client has filed bankruptcy but has enough assets to cover his debts.

It is not clear if that means the liens are lifted on the residents’ homes.


I just happened to come across this old story. I can not believe that no one ever read it or at least commented on it...the reporter is an imbecile...and so is the person he or she is reporting on!

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Moan Alot
Flash in the pan


Joined: 16 Oct 2008
Posts: 76

Re: Discussion on Bill Mace Home Builders
PostPosted: Wed Dec 24, 2008 2:26 pm Reply with quoteBack to top

If he is indeed quilty of charges,,may he hang from the highest tree in his community as an example to all.
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houston
Nitroglycerin


Joined: 02 Dec 2008
Posts: 661
Location: Houston, Texas

Re: Discussion on Bill Mace Home Builders
PostPosted: Wed Dec 24, 2008 5:20 pm Reply with quoteBack to top

You’re missing the point. My criticism is of the reporter & homeowner who are egregiously misinformed on Title Insurance. I’m not defending the builder – if he falsified paperwork and participated in a conspiracy to defraud the mortgage company, the homeowner, or the title Company, he should be prosecuted.

But as far as hanging him for all to see, thats a bit too graphic for me. By the way, what would you have us do to the person who is caught stealing a newspaper from the front lawn? Laughing

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