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zenmastertracy
Guest
I live in NY State. We just took out a mortgage to pay off our house we live in now(54,000$) and to partially build a new one (70,000$). Both reside on the same property, and we plan to bulldoze the first house. The new house will is estimated to be worth 154,000$ according to our plans. We have aproximately the rest of the cash to finish our house off, while using 'sweat equity' by doing ALL of the inside ourselfs. We basically wanted the 70 for a builder to complete a weather tight shell. Now, the shell is complete, the bills are coming in,and our mortgage lender is changing the rules by not allowing us to draw about half of our original 70 stating that the house is only half finished!!! I don't want to use our money to pay the lumber bills, and the contractor yet. We have begun paying on the mortgage fully, but haven't recieved all of the monies yet. Is this legal? We had given them our unfinished plans from the beginning, and they are saying it doesn't matter. We want to hold onto our money in case it gets short, we can work easier with changing our wants to suit our wallet. How can we get the mortgage lender to release the monies now???