Legal Question in Real Estate Law in Wisconsin

Construction Loan to Mortgage transfer
I have built a house with a builder. The loan I have is a construction loan that should have been converted to a 30 year fix mortgage on August 1 according to my paperwork, contracts and closing documents. The builder took out the last draw a little late and now the loan is still in construction until Sept 1 or later. Would it be feasible to pursue any legal actions because I am paying an interest only loan for an extra month or two which is above $1000 and under $5000. Who should I pursue, the builder, mortgage company, or bank? The bank says its the builders fault and wants me to sign new documents now that changes the wording on my original loan an contract at closing.

Asked on 8/03/06, 11:38 am

Mark Mahoney Cassiani Law Office, Wise Shepherd Law Office

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Re: Construction Loan to Mortgage transfer

What does the builder say? Hopefully if you explain the situation to the builder, the builder will pay for your loss.

If not, you may have to go to small claims court as a last resort.

Best wishes, Mark J. Mahoney

Answered on 8/03/06, 9:41 pm

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