Escrow Accounts

[Used 2 Sell New Homes]

For THP buyers, you may or may not have your money safe in an escrow account. Get out your contract and check to see if the paragraph stating where the monies would be held (in escrow) or used for the builder's discretion, i.e. to offset the cost of building the house. That's if the builder was honest...Does anyone remember what happened to Ventresca Properties about 10 years ago? Don Ventresca and his employee, John Schenkel, never put any money in escrow accounts, instead used the money for bizarre things, like porn phone calls from the office (Schenkel) and weekend trips with the young boy/girlfriend to NYC (Ventresca). Many buyers had to sue not just Ventresca, but the salespeople also to get their down money back that they thought was in escrow. However, it was a situation of get in line behind a whole lot of contractors who had liens for the hundreds of thousands owed them.

Wishing you all the best of luck, get an attorney, band together and hopefully the Hendricks brothers will be the good guys they used to be & do the best they can. Nobody wants to go bankrupt or lose their reputation. This is not so much a reflection of the economy that the press rages about, but rather THP was always overextended and put out a lot of money but did build a good product. After all, isn't that why you put the money down in fhe first place to buy a house from them?

[crashtc]

All deposits paid under this Agreement shall be held by Hendricks Abstract, Inc. 345 Main Street Lower Salford, Pennsylvania 19438, and deposited in a non-interest bearing trust account with Equity Bank....

[B_robert]

Crash are you buying in nj? My check was made out to thp

[Flux]

My check was made out to Hendricks Abstract.

[B_robert]

Originally Posted by Flux

My check was made out to Hendricks Abstract.

Again was that in pa?

[crashtc]

mine was in NJ & I believe my realtor made sure that was in there.

[Flux]

Yes, Pennsylvania.

[B_robert]

Interesting, I was told that PA buyers made them out to TH Properties.

when was your contract executed?

[Flux]

Originally Posted by B_robert

Interesting, I was told that PA buyers made them out to TH Properties.

when was your contract executed?

My father drilled into my head that..before I sign a contract, make sure my money is going into an "escrow" account, and that my money is guaranteed, if the builder goes belly up.

I specifically asked those questions before we went to sign the papers, and I have that in my agreement.

I signed my contract for Wynstone in July 2008 (I think). My fiance has all documents at her work, so I can't be sure.

Also..my Fiance asked Hendricks Abstract for a document as to where our money is, and the secretary said "I don't think we can do that". By law we are entitled to know where our money is, if it's in an escrow account.

If THP took that money and spent it...I and many others will be going after them criminally.

Bankruptcy won't save him from doing jail time...that's STEALING!

[crashtc]

Originally Posted by Flux

My father drilled into my head that..before I sign a contract, make sure my money is going into an "escrow" account, and that my money is guaranteed, if the builder goes belly up.

I specifically asked those questions before we went to sign the papers, and I have that in my agreement.

I signed my contract for Wynstone in July 2008 (I think). My fiance has all documents at her work, so I can't be sure.

Also..my Fiance asked Hendricks Abstract for a document as to where our money is, and the secretary said "I don't think we can do that". By law we are entitled to know where our money is, if it's in an escrow account.

If THP took that money and spent it...I and many others will be going after them criminally.

Bankruptcy won't save him from doing jail time...that's STEALING!

Look at your contract. Mine lists the bank that the money is in. Of course when I called they couldn't tell me anything because the account ti in Hendrick's name.