Actually, the M/L is a positive thing for the contractors because most of the problems are directly related to new building or construction which is a result of new financing, and as such, the lenders usually require construction loan updates. When we find the M/L's or judgments we report them to the lender that will stop any further funding until these items are paid and then the contractors get their money , if not then they have to proceed with the suit.
My reference to the case in Fx Co Va was one in which the owner of the company that was building new homes in a 30 townhouse development, had become very well versed in how the M/L's were recorded and he would forge a release for them so he could continue with "selling", he had been so good as to open bank accounts up in all of the contractors names and offered to disburse the checks to the respective people after each settlement-and would then deposit them in "his" new accounts- he managed to get away with a good sum of money before he just left town, later to be apprehended robbing a bank in North Carolina when the money ran out.
Steve Meinecke
Nashville , Tn
to post a reply:
login - or -
register