Our family was planning to build a house in Charlton, MA. We gave our builder, Gem Builders, a $40,000 deposit in February. In April, we were notified by our realtor that our builders bank, North Brookfield Savings Bank, had "pulled" his credit. We have no details as to why they were no longer going to extend him credit to finish the development. Also, in April, North Brookfield Savings Bank, sent us a Loan Term sheet, with our $40,000 as a deposit, with the intent of us getting the construction loan and having Gem Builders build the house. We felt that if the bank didn't trust him we probably shouldn't either. We asked that our deposit be refunded as our contract was now broken. They declined to refund our money. The builder claimed it was used for site work, even though the Purchase and Sale agreement stated that it would remain in escrow until the sale closed. We then hired a litigation attorney to help us get our deposit back. Our attorney filed a Writ of Attachment on the land on our behalf. North Brookfield Savings Bank then foreclosed on the land, which in turn wiped out the Writ of Attachment. Our attorney filed a complaint under the Consumer Protect Act (93a) with the Attorney Generals office. North Brookfield Savings Bank replied saying that they did not have a contract with us therefore they were not responsible for the situation. They did offer to build our house for the previously agreed upon price with our $40,000 as a credit, however they did not have any house plans or a builder. They gave us until Sept. 1st to decide. The letter was received on Aug. 20th. We declined this offer as well. My wife then called our attorney and explained our situation to him on a personal level. We saved the $40,000 before our second daugther was born. After she was born my wife has been a stay at home mom, taking care of our girls. Our first daughter was born with cancer. She has many public services that she relies on for her development, i.e Early Intervention and Group Therapy. She has to be evaluated by the town she lives in for her to be accepted into these programs. Since North Brookfield Savings Bank has refused to refund our deposit, we assume we will be in our current temporary home for quite a while. Our daughter has been evaluated and admitted to the local public services she needs in our current town. NOT Charlton, MA. North Brookfield Savings Bank replied by offering us another house that was 90% complete, at a rate of 5% and again crediting us the $40,000. This house was custom designed by the owners who were planning to live in it. It does not suit our needs and is overpriced. On top of that, based on what my attorney told me, the intended owners of that house also lost their deposit. Aside from that, the development is a mess. There is a dirt pile in the middle of the cul-de-sac. There are unfinished houses with 2x4's proping up the front porch. Who know's if and when the development would be finished. Based on our experience with North Brookfield Savings Bank, we assume they will take their profit and run. What makes me angry is that this is a lot of money to us. North Brookfield Savings Bank owns the land. Since they are offering us the $40,000 credit for our deposit they acknowledge that there is value in the land. The land has been cleared, the driveway has been cut. The site has been leveled. If they sold the land they would get the $40,000 from the sale.