Homes And NVR Mortgage, Roy Grant, Vice President NVR, Inc. T/a Ryan Homes And Dianne Counsel Give Ryan Homes and NVR Mortgage Huge Earnest money and Give Ryan Homes Interest-rate Hike Power Ellicott City Maryland

Ryan, I agree with everything you have said and have been struggling with this issue for 3 years now. Has your situation been resolved? I too, am a victim of predatory lending and mortgage fraud. As a matter of fact, the attorney NVR used for my loan closing was indicted by the FBI within 6 months of my closing for mortgage fraud and money laundering!! 4 others with her have already pled guilty! I got a copy of my appraisal and there are 23 mistakes in it! There were even 2 loan applications in my file....one I signed and another one that was unsigned. I wonder which one they submitted to the bank?? I have been working with a counselor from the consumer credit counseling service for 9 months trying to get a loan modification. I had an 80/10/10 loan too. I now have a case file number with the NC Banking Commission and am trying to get help under Obama's Affordable Housing Plan to stay out of foreclosure. I also consulted an attorney for civil ligitation so if anyone else wants to join in a class action lawsuit, let me know!

Fortunately this story had a happy ending. As a victim of this company myself, I've been following stories like this for years, and this is not always how things work out for many. I've come across a number of stories about this sort of predatory lending practice from NVR.

Ryan Homes targets first time buyers for most sales, which makes their tricks a little easier to pull off, but clearly, no matter who the buyer is, NVR/Ryan Homes is willing to use preditory tactics.

Most ironic in this case, Ryan Home advertises NVR mortgage is a better choice in part because they are more coordinated with their own builder, and are thus more cooperative and flexible when complications come up. The complaint here alleges that coordination may have intentionally created the problems. It seemed planned, not inadvertent.

What makes your story different, is the housing crunch probably saved you. During the boom, home builders saw the value of the homes they built go higher by the time they were completed. Sometimes they willingly pushed buyers out of deals with these same tactics, and they could and did legally keep the down payments, and still quickly sold the house to another buyer for it's higher appraised price.

They have frequently used the earnest money or down payment to force buyers into ridiculous rates, terrible ARMS, loads of unexpected junk fees at closing, and the buyer is really trapped, within a "take the deal or loose your $15,000 +" down payment.

Some buyers had to walk away, with no real recourse. While the market is tight, it may be less likely they would try to push a buyer from closing a deal, but banks are certainly squeezing every cent out of consumers they can get right now with near lawlessness, so one could only guess what tactics are being attempted.

While it's good you got resolution, it should not be forgotten, this company likely continues this type of what I consider to be predatory lending. I believe the practice played a hand in what caused the banking crisis. It's been a loosely regulated industry, as we all know, due to the bail out and banking crashes.

Until some regulation protects consumers from this method of scheming, there is not much to stop it from repeating. You got lucky. That isn't going to happen with everyone.

And yeah, their people will tell you should have read the contracts, and it's your fault if you signed a scam deal. But those are often the same people that just got $700,000,000,000 from taxpayers for not paying close attention to more obvious scams in their own dealings.

I mistakenly stated in the last comment that I had a "2-month" rate lock. However, it was an 8-month lock. Ryan homes told me, at closing, the home would only take 6 months to build.

Rhi,
Is 'Rhi' an acronym? It is good to hear you are an excellent negotiator. You are correct, this was my fault. The truth is, previous good experiences are not guarantees that the next company will be so honest. I'd bought two homes in the past eight years and combed painstakingly through every document. Construction times were spot on, and the rates I was promised did not skyrocket inexplicably. I became trusting and fully believed the builder's assurances that the 2-month rate lock I'd purchased would never see such a long construction period. As you now know, Ryan delayed construction long enough to allow their lock to expire and happily reported to me that my rate jumped to over 10%--they explained that was a normal rate last fall for someone with over an over 800 credit rating.

After filing this complaint on Ripoff Report, I hired a lawyer. I patted myself on the back for my negotiating powers when Ryan and NVR informed me they'd remove all junk fees and lower the price of my home by over $10K. But I quickly learned that, following the fall's Real Estate market crash, they'd already lowered the prices on their homes and were paying all of the closing costs for new buyers. I was a rare, viable consumer receiving a market-symptom deal to not walk away.

New homes sell for absolutely no less than market analysts tell builders they can get for their homes, according to current market prices. Lots of willing buyers looking at few available homes pay more to avoid losing the deal. When the tide turns, those few who can get approved for a loan in a market saturated with homes can demand lower prices. In essence, homes sell for what a buyer is willing to pay (Fair Market Value). So you did not get a $570K home for $450K--you got a $450K home for $450K.

Nevertheless, you are absolutely correct; it was my fault that I trusted Ryan Homes and NVR mortgage. I agreed with terms which seemed acceptable given Ryan Homes' claims on their reported rates and construction times, which were completely within their control, but ended with an expired lock that, so tragically for them, worked in their favor--to the tune of tens of thousands of dollars. Until the market crash, that is.

I'm guessing they will not have that kind of selling power as long as the market and the availability of qualifying buyers remains at current levels. But we know now what they will do the second the balance is in their favor once again.

Still, 'Rhi', I am curious to know why such a happy consumer logged onto, read, and took the time to comment on a site called "Ripoff Reports" only to report a great deal.

Rhi,
Is 'Rhi' an acronym? It is good to hear you are an excellent negotiator. You are correct, this was my fault. The truth is, previous good experiences are not guarantees that the next company will be so honest. I'd bought two homes in the past eight years and combed painstakingly through every document. Construction times were spot on, and the rates I was promised did not skyrocket inexplicably. I became trusting and fully believed the builder's assurances that the 2-month rate lock I'd purchased would never see such a long construction period. As you now know, Ryan delayed construction long enough to allow their lock to expire and happily reported to me that my rate jumped to over 10%--they explained that was a normal rate last fall for someone with over an over 800 credit rating.

After filing this complaint on Ripoff Report, I hired a lawyer. I patted myself on the back for my negotiating powers when Ryan and NVR informed me they'd remove all junk fees and lower the price of my home by over $10K. But I quickly learned that, following the fall's Real Estate market crash, they'd already lowered the prices on their homes and were paying all of the closing costs for new buyers. I was a rare, viable consumer receiving a market-symptom deal to not walk away.

New homes sell for absolutely no less than market analysts tell builders they can get for their homes, according to current market prices. Lots of willing buyers looking at few available homes pay more to avoid losing the deal. When the tide turns, those few who can get approved for a loan in a market saturated with homes can demand lower prices. In essence, homes sell for what a buyer is willing to pay (Fair Market Value). So you did not get a $570K home for $450K--you got a $450K home for $450K.

Nevertheless, you are absolutely correct; it was my fault that I trusted Ryan Homes and NVR mortgage. I agreed with terms which seemed acceptable given Ryan Homes' claims on their reported rates and construction times, which were completely within their control, but ended with an expired lock that, so tragically for them, worked in their favor--to the tune of tens of thousands of dollars. Until the market crash, that is.

I'm guessing they will not have that kind of selling power as long as the market and the availability of qualifying buyers remains at current levels. But we know now what they will do the second the balance is in their favor once again.

Still, 'Rhi', I am curious to know why such a happy consumer logged onto, read, and took the time to comment on a site called "Ripoff Reports" only to report a great deal.

Rhi,
Is 'Rhi' an acronym? It is good to hear you are an excellent negotiator. You are correct, this was my fault. The truth is, previous good experiences are not guarantees that the next company will be so honest. I'd bought two homes in the past eight years and combed painstakingly through every document. Construction times were spot on, and the rates I was promised did not skyrocket inexplicably. I became trusting and fully believed the builder's assurances that the 2-month rate lock I'd purchased would never see such a long construction period. As you now know, Ryan delayed construction long enough to allow their lock to expire and happily reported to me that my rate jumped to over 10%--they explained that was a normal rate last fall for someone with over an over 800 credit rating.

After filing this complaint on Ripoff Report, I hired a lawyer. I patted myself on the back for my negotiating powers when Ryan and NVR informed me they'd remove all junk fees and lower the price of my home by over $10K. But I quickly learned that, following the fall's Real Estate market crash, they'd already lowered the prices on their homes and were paying all of the closing costs for new buyers. I was a rare, viable consumer receiving a market-symptom deal to not walk away.

New homes sell for absolutely no less than market analysts tell builders they can get for their homes, according to current market prices. Lots of willing buyers looking at few available homes pay more to avoid losing the deal. When the tide turns, those few who can get approved for a loan in a market saturated with homes can demand lower prices. In essence, homes sell for what a buyer is willing to pay (Fair Market Value). So you did not get a $570K home for $450K--you got a $450K home for $450K.

Nevertheless, you are absolutely correct; it was my fault that I trusted Ryan Homes and NVR mortgage. I agreed with terms which seemed acceptable given Ryan Homes' claims on their reported rates and construction times, which were completely within their control, but ended with an expired lock that, so tragically for them, worked in their favor--to the tune of tens of thousands of dollars. Until the market crash, that is.

I'm guessing they will not have that kind of selling power as long as the market and the availability of qualifying buyers remains at current levels. But we know now what they will do the second the balance is in their favor once again.

Still, 'Rhi', I am curious to know why such a happy consumer logged onto, read, and took the time to comment on a site called "Ripoff Reports" only to report a great deal.

Rhi,
Is 'Rhi' an acronym? It is good to hear you are an excellent negotiator. You are correct, this was my fault. The truth is, previous good experiences are not guarantees that the next company will be so honest. I'd bought two homes in the past eight years and combed painstakingly through every document. Construction times were spot on, and the rates I was promised did not skyrocket inexplicably. I became trusting and fully believed the builder's assurances that the 2-month rate lock I'd purchased would never see such a long construction period. As you now know, Ryan delayed construction long enough to allow their lock to expire and happily reported to me that my rate jumped to over 10%--they explained that was a normal rate last fall for someone with over an over 800 credit rating.

After filing this complaint on Ripoff Report, I hired a lawyer. I patted myself on the back for my negotiating powers when Ryan and NVR informed me they'd remove all junk fees and lower the price of my home by over $10K. But I quickly learned that, following the fall's Real Estate market crash, they'd already lowered the prices on their homes and were paying all of the closing costs for new buyers. I was a rare, viable consumer receiving a market-symptom deal to not walk away.

New homes sell for absolutely no less than market analysts tell builders they can get for their homes, according to current market prices. Lots of willing buyers looking at few available homes pay more to avoid losing the deal. When the tide turns, those few who can get approved for a loan in a market saturated with homes can demand lower prices. In essence, homes sell for what a buyer is willing to pay (Fair Market Value). So you did not get a $570K home for $450K--you got a $450K home for $450K.

Nevertheless, you are absolutely correct; it was my fault that I trusted Ryan Homes and NVR mortgage. I agreed with terms which seemed acceptable given Ryan Homes' claims on their reported rates and construction times, which were completely within their control, but ended with an expired lock that, so tragically for them, worked in their favor--to the tune of tens of thousands of dollars. Until the market crash, that is.

I'm guessing they will not have that kind of selling power as long as the market and the availability of qualifying buyers remains at current levels. But we know now what they will do the second the balance is in their favor once again.

Still, 'Rhi', I am curious to know why such a happy consumer logged onto, read, and took the time to comment on a site called "Ripoff Reports" only to report a great deal.

There are many lenders out there who require you to use "their lender" for incentives if it states so in the contract unfortunately it is not fair but it is legal...however if the builder is agreeable they can include an addendum to indicate that you have the right to choose your own lender and they will honor the incentives, etc. I did that. I just bought a Ryan home and declined NVR mortgage got 100K plus in upgrades and incentives (got a 570K house for 450K) and went with my own lender without any problem because they signed an agreement through an addendum that was included in the contract that clearly stated they would honor that.

Also, you never ever sign anything at all until you have everything in front of you. I don't care what you are promised. At that settlement table if everything is not what it was supposed to be and is not what the contract states you have the right under law to walk without penalty and with all deposits back...

If you don't read it and sign it then it's not their fault it's yours so be careful of everything. You have the right to ask them to explain themselves even if it takes 10 hours. do it it's your money...

In the state of Maryland you are given a certain amount of days to review and sign your HOA documents after signing your contract of sale. Meaning that if there is something you don't agree with in the information within the docs you have the right to cancel your contract. If you were not given these docs or haven't signed them after reviewing them; this may be a way for you to cancel your contract. There is no such thing as a incomplete contract, so if there is any document that you haven't signed; this also may be a way out. I have a friend that worked for NV homes and this builder is known for threatening to keep buyers deposits and allowing buyers to give different amounts of deposits (earnest money) within the same development. When a builder sells homes that builder must sell homes in a uniform manner. If a deposit is returned to one customer, it must be returned to the next. Otherwise, this is considered discriminatory practices. Get an attorney, you may really need one.

Berriie