[quote name='Friend of Sonic']Why in the world...? Not to derail this thread or judge you of course. But why? And did you start building before or after the collapse?[/QUOTE]
It's a rather long story, but in a nutshell...
In 2006 my cousin (who lives in mesa) started building houses and flipping them, making lots of money. He convinced me to do the same, with his company. I used my credit to get a $530,000 loan. Half way through 2007, he broke up with his partner (the builder) because he had stolen nearly $100,000 from my loan money and had hardly done any work on my house.
I spent the next year trying to get another builder to finish it. I finally got one, but in March of this year vandals cut and stole all the wiring in the house. It turns out my builder used a fradulent insurance policy on my loan, so it wasn't insured. There is no longer enough money in the loan to finish the house.
It's a common story. I'll be in litigation with the builder for probably years. I have just been ignoring the bank, as I have no way to pay them their $1300 a month interest payments, expecting to forclose whenever they figure out nothing else is going to happen.
I hate to be a statistic, but there you have it. And I Am.