Report: #671667

Complaint Review: Hanover Companies

  • Submitted: Tue, December 14, 2010
  • Updated: Tue, November 01, 2011
  • Reported By: Norman — Meadow Vista California United States of America
  • Hanover Companies
    1824 W Webster Ave, Suite 40
    Chicago, Illinois
    United States of America

Hanover Companies A Very Dissapointing Investment-I am Owed THOUSANDS OF DOLLARS and Am Being Ignored! Chicago, Illinois

*Author of original report: Hanover Companies Performs as Agreed

*Author of original report: Contacted by Mr. Gutterman--Health Issues

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My wife and I purchased a condo in Gulf Shores, AL, as an investment property.  A significant incentive for us to invest was that the developer, Hanover Companies, would lease back the property from us for a period of 30 months AND the company would pay the Condo Owners Association annual insurance assessment.

After the first couple of months, Hanover Companies began to fall behind on the lease payments.  I kept in cordial and friendly communication with the company's principal, Gerry Gutterman, regarding the consistently late payments.  By the end of the first year of the lease, all payments were caught up.  However, the second year has been quite different.

The lease payments are now THREE MONTHS behind and this month's payment is due.  Additionally, the insurance assessment for this year had not been paid to the association by Hanover Companies.  The Association is now in the process of placing a lien on the property.  Mr. Gutterman has not replied to any of the e-mail messages I have sent to him in the past three weeks.

Counting the insurance assessment, Hanover Companies now owes me over $9,800!

Based upon Hanover Companies' performance, and Mr. Gutterman's absence of communication, I feel that I was deliberately deceived and misled into purchasing this property as the agreements made up front have not been honored by Hanover Companies.

Hindsight being what it is and based upon my experiences with this investment, given the opportunity, I would NEVER AGAIN purchase another property from Hanover Companies.
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#1 Author of original report

Hanover Companies Performs as Agreed

AUTHOR: Norman - (USA)

I am pleased to say that Gerry Gutterman and Hanover Companies met their obligation to me in full.  In spite of a horrible real estate market and his own health setbacks, Mr. Gutterman persevered and brought the HOA insurance payments and all amounts owed to me current.

It is nice to know that there are businesses out there that have the integrity to work through innumerable setbacks and challenges to keep their customers satisfied.  I appreciate Hanover Companies' efforts to meet their obligations all the while staying in constant contact with me.
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#2 Author of original report

Contacted by Mr. Gutterman--Health Issues

AUTHOR: Norman - (USA)

Soon after my initial report was filed, Mr. Gutterman immediately called, from his hospital room, and left a message for me. He explained that he has been experiencing some significant health problems (for his own privacy, I will not detail them here) and has had surgery on more than one occasion over the past month. He did give me the name and location of the hospital where he is now.

Mr. Gutterman was very apologetic for the situation and did admit to me that things "slipped" while he has been recuperating. I had been communicating with him via his personal e-mail account, which he has not been able to check. This explains why I earlier stated that I was being ignored, which is NOT consistent with my past dealings with Mr. Gutterman.

He did commit to me that two months rent would be paid to me by Wednesday of next week.

My family's prayers and wishes go out to Mr. Gutterman for a quick and complete recovery.

I will continue to post updates here as things progress through this situation.

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