Business ProfileforSchumacher Homes, Inc.

My husband & I initially met with Schumacher Homes (Fairlawn) on 12-16-23 to discuss the process for building a new home on a lot in Hartville that we were potentially looking to buy. At that initial meeting with the consultant and in follow up conversations between Dec. 16-27, we stressed that we would only move forward with the lot purchase & build if Schumacher was certain that we would be able to build the house we wanted in the specific location we wanted on the lot. We showed the consultant, customer coordinator & builder the PERC tests previously done on the lot and county emails that expressed concern with the soil conditions and restrictions on septic system installation. We paid $1000 deposit to continue with the process. On 1-2-24, we did a lot walk with the builder & engineer, who conducted a survey of the land & said that we would be able to build there-no major concerns. We closed on the lot & construction loan on 2-29-24 at the reliance of Schumacher's word that we would be able to build on the lot where we wanted. We paid $56,183.05 at closing. $11,146 of that was paid for points to get a lower interest rate of 5.875% instead of taking the other promo option amounting to $27K off the amount owed. Despite paying for points, we were required to make payments at 7.99% interest rate until construction was complete. Schumacher did not break ground until 5-23-24. That day, we received word that they could not proceed because of the water present and soil condition. Our options were to pay $60-80K for modifications, relocate the build site with added costs, or terminate contract. We elected to terminate. By then, we had already paid $2.5K for temp. electric and $3k in interest payments. With the cancellation, they are requiring our loan to transition to a 9% portfolio interest rate & our monthly payments are still required, yet we can't explore other options due to Schumacher still not providing a final accounting for us to transfer or close the loan.