Recent New-Home Buyer Hit With $60K In Mechanics Liens As Financially Strapped Builder Stiffs Subs

In Dayton, Nevada, Nevada Appeal reports:

• Bobbi Hammerstaedt did all the right things when she purchased a home in the Waterford subdivision along the Carson River in Dayton last December. She put 20 percent cash down on the home, got a conventional, 30-year, fixed-rate mortgage and kept up with her payments. "I didn't do any of the inventive loans," she said. But financial difficulties in the housing industry have left her responsible actions going for naught - about $60,000 in liens are being placed on her new home because the developer hasn't been able to pay the subcontractors. Hammerstaedt is concerned about losing her home to foreclosure because Landmark Homes & Development Inc., hasn't paid some of the subcontractors, even though Hammerstaedt paid Landmark in good faith.

For more, see Developers' woes trickle down to homeowners.

For other posts on homeowners left in the lurch due to actions by builders/contractors, go here and go here. contractors stiff subs customers zeta