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Do I have a case against the lender

IllinoisPayment Disputes

I am the owner of a Construction Company. We did a 203k loan project for a client in March of 2022. The client signed the certificate of completion, the portal showed completion of 98% and the final step was for me to provide an unconditional lien waiver before the bank could send my check. After, I signed the waiver, the completion percentage went down to 30%. The client claimed that I did not complete certain items, however no pictures have been produced. I recently spoke to the appraiser/inspector and she informed me that the items listed as not complete on her report were verbal statements taken from the client and she never seen the project. I ended up in arbitration and a year later I finally received an award for the remaining balance of the contract. This was the second arbitration due to me not counterclaiming in the first arbitration. When I sent the first ruling to the bank, they told me that although threw her case was thrown out but still could not pay me because the ruling didn't award me any money. I sent the recent arbitration ruling to the lender and after over a year, they are ordering a final inspection of the property. So my question is, what can I do? I have no idea what has been done to that property since last year. I have tried calling the bank but no one will answer. I have spent thousands on this case and am out of options. Is the bank able to do this? Is there any recourse against the bank? This client has tried to rip me off, now I am at the mercy of an inspection, even though I have an arbitration ruling. Any advice would be appreciated.

1 reply

Apr 27, 2023

What you seek is a legal opinion that goes beyond construction issues: it is about collecting on a judgment granted in Arbitration. A few things to consider:

  • First, I assume your company had a lawyer in the Arbitration cases, so this would be a quesiton for that lawyer.
  • Second, if you did not have a lawyer, or if you wish to secure new counsel, I recommend you seek a private consultation. 
  • Third, this forum will not yield the answers you seek. What you need is an Attorney to carry out a post-judgment collection action against the Bank.

I hope this guidance was helpful, but am aware you will not have a real answer until you sit down with an Attorney. Luckly, LevelSet is a great place to begin your search. Best of luck!

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