Archive for March 2010
31
Homeowner pulls Owner/builder permit as acting general contractor. Who is responsibile?
2 Comments · Posted by admin in owner builder
I am a general contractor who did remodeling for an homeowner who pulled the building permit as owner-builder. Now I am being sued for construction defects as the general contractor for the job. I was paid on a time and material basis and produced all the invoices to my lawyer along with proof of all monies received from homeowner. The lawsuit is for double the amount of monies received plus all money paid to sub contractors.
My lawyer advises me I do not have a chance in the California courts and I should offer the homeowner $10,000.00 to drop the lawsuit. To me this sounds like the homeowner is being allowed to blackmail me because I am a general contractor. He also states the $30,000.00 I have already paid to him can in no way be recovered and if I decide to take the case to trial it will be alot more than the $30,000.00 I have paid. Even if I win in trial I lose. How can this happen? My lawyer also said I cannot sue the homeowner to get any of my money back. Any hope?
You, as the General Contractor, are responsible, however, if one of the sub contractors caused the defect, I would think you would be able to sue them. You might have to settle the case between you and the homeowner first, then sue whichever sub caused the defect for the money you are out of. Ask your lawyer if this is possible. It should be, unless you are directly responsible for the defect. you don’t say what actually happened, so it is hard to answer specifically.
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31
My husband and I are wanting to try an build our own home. We have looked into construction loans and they all
3 Comments · Posted by admin in construction loans
cont… require you build within one year. My husband sometimes gets home around 10pm (he’s a truck driver and works up to 14 hour days) and we think it may take us a little longer. Any suggestions??
We can’t afford to pay a contractor.
A year is actually pretty genereous, they are usually 9 months.
But, that said, you can renew them when they expire. It cost about 500 a month and you can only renew one month at a time. The 500 is a fee and not included in the loan payment.
You also need to check your city. Most cities will start fining you as well if you drag out construction, they also have a time limit that is not renewable.
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31
What if we do not sell our home by the time we have to close on our construction loan?
2 Comments · Posted by admin in construction loan
What happens if we don’t have the money from our existing home to pay into the construction loan? Will we have to keep the loan at that amount. Will we be able to put the money from our existing home into
the loan once we get it? Will we have to refinance the whole thing to do this and go through another closing? We would appreciate any answers that are based on facts only. Thanks.
I do know that I have heard of construction loans being extended even until the sale of the house.
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31
Construction Woodland Hills – Construction in Woodland Hills CA
No comments · Posted by admin in construction loan
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Duration : 1 min 6 sec
31
Are Loan Modifications Common In California?
No comments · Posted by admin in California construction loans
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Duration : 52 sec
31
Are Loan Modifications Common In California?
No comments · Posted by admin in California construction loan
LegalFaces Directory http://www.legalfaces.com/search/Howard-Nassiri-Predatory-Lending-and-Loan-Modification HOWARD | NASSIRI, LLP http://www.howardnassiri.com/ HOWARD | NASSIRI, LLP is a national law firm comprised of experienced teams of attorneys that have represented plaintiffs and consumers from all over the country in many complex and high profile litigation matters. Our teams of attorneys represent thousands of consumers, who have been victimized by fraudulent, abusive, and predatory business and lending practices. Free Consultations: Call for immediate action 1-800-872-5925
Duration : 52 sec
This video answers some of the typical questions that our owner builder students ask about the course and about owner building in general. Rick steps you through some of the concerns that people have when they are considering becoming an owner builder.
Duration : 0:10:55
building your own home · owner builder · owner builder course · owner builder courses
31
Construction loans california
No comments · Posted by admin in California construction loans
http://www.lendinguniverse.com/ construction loans california As early as the thirteenth century, Italian banks had begun accepting coin and agreeing to repay it on demand. They lent out most of these deposits, relying on new deposits to offset the withdrawal of old ones. They kept on hand only a relatively small reserve of coins to guard against withdrawals temporarily exceeding new deposits. They paid interest on their deposit accounts and their customers fully understood that the bank had lent out most of the coin it received. For a long time legal problems prevented the use of checks, but Italian banks were prepared to transfer ownership of deposits from one person to another through bookkeeping entries. But both parties to the transaction had to appear in person. In England, goldsmiths became predominant in the banking business, and it was the English goldsmiths who led the way in the development of bank-note currency. The English goldsmiths accepted deposits-with a promise to pay on demand-and then lent most of what they received. They gave interest-bearing receipts and permitted the holders to transfer ownership of deposits by endorsing these receipts. Presently, to make endorsements unnecessary, the receipts were made payable to the bearer. Then, because it was so convenient to make payments by giving goldsmiths’ receipts, customers became willing to take non-interest-bearing receipts. As a final step, the receipts were issued in round numbers and engraved on standard forms. These were bank notes, the earliest form of paper money. The use of bank notes developed rapidly. As soon as the acceptability of bank-note currency was established, note-issuing banks sprang up all over England. Many of these banks did no deposit business at all. The organizers of the bank put up a certain amount of capital in coin. They then printed notes-promises to pay coin on demand. They lent the notes to business firms and made a profit by charging interest.
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