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Bill Mace Home Builders - Tennessee home builder

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2008-07-25

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stories: wsmv.com, theleafchronicle.com

A back-add (Today is August 15), Clarksville, Tenn-based Bill Mace Home Builders (website - billmacehomes.com) has apparently filed for bankruptcy according to wsmv.com. Furthermore, there have been apparent allegations of fraud:

Mace is accused of taking part in a scheme in which checks homeowners wrote intending to pay off Mace's construction loans were instead used to fund his other developments.

An employee of a title company is accused of working with Mace in the scheme.

Mace has also filed for bankruptcy, which means there could be a lien on the residents' houses in addition to their mortgages.

The article goes on to note that Mace's attorney has indicated that the company has enough assets to pay off all debts.

We are classifying Bill Mace Home Builders as a "tiny" implosion, though apparently they were one of the larger builders in Clarksville. If you can provide further information regarding Billl Mace Home Builders, please let us know!

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Comments:

houston at 11:37 2008-12-23 said:
"We are hoping there is no lien on the house," said homeowner Maria Wenger.

"But you don't know?" asked reporter Jeremy Finley.

"No," she said.

Mace is accused of taking part in a scheme in which checks homeowners wrote intending to pay off Mace's construction loans were instead used to fund his other developments.

An employee of a title company is accused of working with Mace in the scheme.

Mace has also filed for bankruptcy, which means there could be a lien on the residents' houses in addition to their mortgages.

Title insurance would have saved them, an expert said. Title insurance protects people if an unpaid lien shows up on the house from a previous owner. But because the residents bought new homes, they said they didn't think they needed it.

"They are the ones that are in trouble," said columnist and Realtor Richard Courtney.

Courtney writes a weekly real estate column and advises people buying new construction to get title insurance.

"If a person doesn't have a clear title to their house, they don't own anything. Therefore, they can't sell it, they can't do improvements on it. Really, they'll be improving someone else's house," Courtney said.

When a resident buys an older home, the seller pays for the title insurance.

People who buy new homes are "forced to pay for that title insurance, which is a hefty sum," Courtney said.

On a $150,000 home, the price for title insurance would be about $850.

Mace's attorney told a Clarksville newspaper that his client has filed bankruptcy but has enough assets to cover his debts.

It is not clear if that means the liens are lifted on the residents’ homes.

I just happened to come across this old story. I can not believe that no one ever read it or at least commented on it...the reporter is an imbecile...and so is the person he or she is reporting on! Permalink
Moan Alot at 09:26 2008-12-24 said:
If he is indeed quilty of charges,,may he hang from the highest tree in his community as an example to all. Permalink
houston at 12:20 2008-12-24 said:
You’re missing the point. My criticism is of the reporter & homeowner who are egregiously misinformed on Title Insurance. I’m not defending the builder – if he falsified paperwork and participated in a conspiracy to defraud the mortgage company, the homeowner, or the title Company, he should be prosecuted.

But as far as hanging him for all to see, thats a bit too graphic for me. By the way, what would you have us do to the person who is caught stealing a newspaper from the front lawn? :lol: Permalink

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.