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Ripoff Report | Landmark Home And Review - Michigan City, Indiana
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Report: #215921

Complaint Review: Landmark Home And Land - Michigan City Indiana

  • Submitted:
  • Updated:
  • Reported By: Lexington Park Maryland
  • Author Confirmed What's this?
  • Why?
  • Landmark Home And Land lhlc.com/custom.htm Michigan City, Indiana U.S.A.
  • Phone: 800-830-9788
  • Web:
  • Category: Loans

Landmark Home And Land, $1,000.00 Ripoff! SweatEquity Own your own home! Don't fall for it! Michigan City Indiana

*REBUTTAL Owner of company: we do not provide financing, customers finances were different than represented

*REBUTTAL Individual responds: Complaints With Midcountry Bank

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My wife and I wanted to build our own home without a General Contractor and we needed a bank that would finance the land and construction with little money down. We have a home in Sav Ga that is currently on the market for sale and thought we would have to wait until it sold to build until we saw this Landmark ad. What a rip-off!

The ad states that with as little as $1,000.00 out of pocket and using your sweat equity, they will provide you with the materials to build and the financing needed for construction and the %100 financing of your land. All you have to do is fill out their pre-qualifying form and send a rough copy of your floor plans. Once pre-approved the company will then contact you and give you a rough budget and let you know if your plans are do able.

My wife and I did just that. We were pre-approved. We were told to contact our real-estate agent immediately to get a (contract to purchase) for the land we found. I asked the Landmark agent what about our home in Savannah that was not yet sold? I was reassured that this was not an issue! I had 12 months for the construction of our New home that was to be in Upstate NewYork and by then the house would surely be sold. Best of all there is No out of pocket fees (Except the $1,000 for appraisel and blue prints) and no payments during construction! Isn't this great!

I received a phone call from the Landmark agent 1 day later and he asked if I had the contract to purchase the land yet? I told Frank no, this was moving a bit fast and we did not want to jeopardise the purchase of the land we had found. We knew before we decided to try Landmark that we could get the land for a good price but did not want to make an offer until we were positive we had the money to follow through. Frank from Landmark all but called me stupid and reassured me that we are approved for the funds and what part of approved didn't I understand? So I got intouch with the Real-Estate agent and made a firm offer. After negotiating a few times, my wife and I got a contract to purchase for the land for less money than we expected. All is well up till now!!

Frank from Landmark said the next step was to send the $1,000 to Landmark and Midcountry Bank will be setting up a closing date. We immediately started getting everything in line. Bids for the job, perk test for the land, negotiating deals on materials not supplied by LandMark. LandMark contacted me and congradulated my wife and I. We were assured a speedy and easy loan approval. Everything looked great including the budget for the project. Midcountry also noted our home in Savannah that was on the market and also reaasured us that this was not a problem.

One week from pre-approval we received a package from Midcountry Bank in the mail that had a Disk that explained their construction loan process and how people who currently own a home and are selling it may be asked to use the equity for a down payment? I immediately called my loan officer with MidCountry, I asked Tracy about what I heard on the disk and explained to Tracy that we planned to use the equity in our home to pay off credit card debt so that the only thing we would have to pay for is our new home. Tracy assured me yet once again, "this is required of some customers but not in your case". My sweat Equity was being used as our down payment.

Two weeks goes by, we were still waiting for a closing date and final approval from MidCountry. We finally receive a phone call from Tracy(MidCountry Bank). Tracy says that the underwriters were looking over everything and decided that we would need to provide %5 of the appraised value of our New Home at closing. We told Tracy that this is not what was advertised nor what we were told from the beginning but to let us know how much the appraised value on our New Home would be. Another week goes by still no appraisel has been done. Midcountry Bank wants me to give them a Market Value on our Savannah home? They want a drive by appraisel? My question is why? They would not do a bridge loan nor would they cross colaterlize so why would they need an appraisel of our Savannah home? They had no answer except that their underwriters required it?

Now we are going into the 3rd week of waiting on a closing date and the amount that will be required at closing? Tracy from Midcountry Bank e-mails me and says that the appraisel of our New Home was in but the underwriters have decided that instead of 5% of the appraised value down, they would require me to pay 20% of appraised value @ closing!! Wow this just happens to work out to about $10,000 more than the equity in our home? I wonder how they come up with those figures? Of course we can't do this. I am now out of $1,000 and guess what, Frank from Landmark hasn't sent my final blue prints that I have paid for and he doesn't return my phone calls! Go figure. So if you are looking to build your own house I don't recommend LandMark! Because of the time I have lost with this Company misleading us I may end up losing the land my wife and I look so hard to find. It's going to be hard to explain to them what has happened. So people beware of this "Build your dream home" it is scam.

Gary
Lexington Park, Maryland
U.S.A.

This report was posted on Ripoff Report on 10/15/2006 03:33 PM and is a permanent record located here: https://www.ripoffreport.com/reports/landmark-home-and-land/michigan-city-indiana-46361/landmark-home-and-land-100000-ripoff-sweatequity-own-your-own-home-dont-fall-for-it-215921. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
0Consumer
2Employee/Owner

#2 REBUTTAL Owner of company

we do not provide financing, customers finances were different than represented

AUTHOR: Steve - ()

POSTED: Friday, August 16, 2013

We have been helping customers build their own homes since 1993.  We have helped many customers build all types of homes across the United States.  We have an excellent reputation as documented by the Better Business Burea.  We are an accredited business with an A+ rating.

We take pride in our company, products and services and customers.

We do not provide financing so we are not sure why this customer has filed a complaint against us.

When initially applying for a loan a customer will provide information requested by the bank for a prequalification.  This preliminary information is used  to provide an initial estimate of financing that may be available for a customer.  This prequalification is based solely on information provided by the customer.  If the customer provides information that they cannot verify or is found to be wrong it will affect their financing capabilities.  

In this case, as the information provided initially was different than what they could document and therefore the lender provided alternatives to help the customer  obtain a loan so that they could get a new home.  The lender was not able to verify any information that would give them the ability to provide a loan.  Therefore, they were not granted a loan.  The bank was doing their job in verifying that the customer would be able to repay the loan and must have found that it was not possible.

Either way, this complaint should not have been directed towards our company as we do not provide the financing.  The financing was being supplied by a federally chartered bank that has an excellent reputation.  Unfortunately, in this case, the information provided by the customer initially did not match their documents so financing was not possible and further efforts to help them were not successful

As we are very concerned about our reputation, products, services and customers we will gladly review this situation with any past, current or future customer of ours.  We would like to be able to explain how financing works so you can be better equipped to understand what is  necessary to finance your new home.

We invite you to contact us through our website by email or telephone call.  This information is available on our website.

We appreciate you reviewing our rebuttal.

Sincerely,

Steve

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#1 REBUTTAL Individual responds

Complaints With Midcountry Bank

AUTHOR: Roger - (U.S.A.)

POSTED: Wednesday, February 10, 2010

Would like to know any complaints or dealings with home morgages with Midcountry Bank or Homeworx partners.

Thank You

Will be greatly appreciated

Please response to my e mail (((REDACTED)))



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