When you're looking for a home, choosing to build instead of buying is a big decision. So, too, is the decision of which builder to entrust with your vision and finances.
Yet even the most promising of builders can fail to live up to their promises. Sometimes financial mismanagement forces builders to file bankruptcy. Other times they simply shutter their doors with no notice to customers or other affected parties, as in the HD Custom Homes case out of Port Charlotte.
In either case, customers are often blindsided and left holding the bag: stuck with shells of homes abandoned mid-construction, unpaid subcontractors, costly liens and financial nightmares.
The Florida Homeowners Construction Industry Recovery Fund
Where can you turn for compensation when the defaulting builder has no money?
The answer in many cases is the Homeowners Construction Industry Recovery Fund. Established by the Construction Industry Licensing Board, this fund provides compensation to homeowners who have been abandoned by builders or contractors, provided they meet certain eligibility requirements.
There are limits on the amount of compensation available per defaulting builder, however. It's important to involve an attorney at the outset so you don't miss out on the opportunity to secure compensation.
Proven Success In Helping Homeowners Secure Financial Recovery
At Tannenbaum Scro, one of Florida's most well-respected construction law firms, we represent customers left high and dry by unscrupulous or negligent builders. Our lawyers have a history of success in handling homebuilder default cases on behalf of homebuyers.
In one prominent case, we represented 150 customers who were left with a financial nightmare when builder CCI Homes filed for bankruptcy. Given the amount of money at stake – six figures in unsatisfied liens alone – and the number of affected owners, our attorney was able to raise the compensation limit on the Homeowners Construction Industry Recovery Fund. As a result, our clients each received a fair share of the recovery to offset their losses.
If you've been a victim of a homebuilder who recently defaulted, we can help you pursue compensation. Call 941-316-0111, toll-free at 888-883-9441 or contact us online to learn more. With offices in Sarasota, Fort Myers, St. Petersburg and Orlando, we handle these cases statewide.