M/I Homes Of Tampa M/I Homes stole $18,500 from me.... Tampa Florida

I am not usually one to complain about the level of service a company has to offer, but I feel it necessary to notify the general public of my current situation simply as a precaution to consumers looking to purchase a new home in the Tampa Bay area. Obviously with the market the way it is, the buyer has the upper hand and when purchasing a new home should be very skeptical with situations like this going on.

My fiance and I have owned a home in Land O Lakes, FL for over two years now. In late 2005 we decided that we wanted to move into a brand new home in a nicer community. We shopped around for approximately 3 months and eventually, as fate would have it, got very lucky. There is a community called Ballantrae off of HWY 54 in Land O Lakes that was exactly what we were looking for.

When we first found the neighborhood we were told there was a waiting list to get into the community and that we needed to put down a deposit to get on this list. When it was our time, we would be called and have the opportunity to purchase an MI Home but were not guaranteed to get the floor plan we wanted on the lot we desired. We happened to stop by a few days later and the salesperson John Feightner (727-967-4273 / jfeightner@mihomes.com) said he had a deal fall through and it happened to be the exact model on the exact waterfront lot we desired. My girlfriend and I took the night to talk it over and decided we could not pass this opportunity up.

I came in the next day on January 17, 2006 and signed the contract putting $2,500 deposit down with the understanding that we would come up with the total deposit of $18,500 within 30 days. As is the case with most people I did not have an extra $18,500 sitting in my checking or savings account so I took out an equity line on my current home and signed very quickly to make sure I could give them the full 5% down within the 30 day time limit. I completed the paperwork and gave MI homes a check in full on for the remaining $16,000 on February 10, 2006.

When I signed the contract with Mr. Feighter I made a few things clear. First, since it was in inventory home I wanted to make a few small changes with the options on the home, which he had no problem with and took care of in a timely manner. Second, I made it very clear that I did not want the purchase of this new house contingent upon selling my current home with a full refund of my deposit if my existing house did not sell which he had no problem with as well.

Over the next few months I decided that in order for me to feel comfortable with the new house payment and to qualify for the new mortgage, it would be necessary to pay a few bills off and sell my 2002 Chevrolet Corvette. I used the remaining funds from my equity line to pay off credit cards and eventually sold my car. I spoke with Beth Endres, my loan specialist with MI Financial (813-393-5735) and she recommended listing my old house or trying to lease it out in order to qualify for the new loan. I notified my realtor to take that approach as well.

We had quite a few people interested in our home and even lowered the price to $20,000 below market value and it still did not sell or lease. Unfortunately, by the time it came around to signing the documents on the new home, my old house did not sell. I did keep MI Homes completely informed each step along the way and expected my contract to be null and void due to my home not selling. Mr. Feightner informed me otherwise.

There was a very confusing document in the paperwork I had signed that DID stipulate that the deal was NOT contingent upon me selling my house. The next step was for me to read the 30 page contract word for word and Mr. Feightner was correct in that there was a signed document which I was unaware of and did not agree with. I guess a verbal agreement, even when dealing with a big company like MI Homes, does not mean anything these days. My natural tendency was to find something in the contract that would help me get my $18,500 back and I found it. It stated that if I did not receive a qualification letter from MI Financial within 30 days of signing the contract, all funds would be released and all parties voided of the contract (I have proof of this in my file at home).

I have been in the mortgage industry for 5 years and I'm well aware of how underwriting a mortgages works. I never received an approval letter because I did not qualify for the loan with two mortgages on my credit due to my debt ratio. I simply did not make enough money to support both payments along with my living expenses. I also have a letter in hand from the loan officer Beth Endres that states I will need to sell my current home or We will also need a signed 12-month lease for no less than $2,000/mo in order to qualify. This letter was dated May 23, 2006 and my projected closing date was only about two and a half weeks away on June 12, 2006.

I wrote a letter to MI Homes and John Feightner requesting that my earnest money be returned in a timely manner and they said we're sorry, but you're not getting your money back. I consulted a lawyer and he stated he could definitely win the case, but it would cost me about $25,000 in lawyer fees. I'm not willing to spend $25,000 to get $18,500 in return.

For about a year now I have taken countless man hours off of work to try and resolve this situation to no avail. I even sent this letter to M/I Homes last year. Three months after they received I got a phone call from Lisa Turbeville 813-290-7900 while I was away on vacation. I have tried contacted Lisa several time since then and have not received a return call.
As I stated in the first paragraph of this letter, this is not intended to defame anyone or any company. I simply want consumers to be aware of the type fraudulent builder/mortgage business that M/I Homes has presented in my case as well as what to look for and cautions to take when signing documents with M/I Homes especially when so much money is involved.

I sold my car and now have a $50,000 equity line at a payment of $400 per month because of this company and have still not received a penny of my $18,500 deposit back.

Bert
Land O' Lakes, Florida
U.S.A.