Posted by KSNotary on 12/22/09 6:53pm
Msg #315463

DDN Services and DDN Mortgage Services will cease operations

I used to do draw inspections for DDN.. glad I quit doing them early last year! (Guess that first time home buyer credit didn't make it to new construction and draw builds).

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Recv'd 12/21/09

To all Inspectors/Builders:

Due to the continuing decline of the construction markets, government intervention in the foreclosure process, and frivolous lawsuits filed against the company, DDN Services has ceased operations effective today. We no longer have any staff to accept your calls.
We have been operating using a line of credit since April and that line of credit has now been exhausted and we have no further funds on which to operate. The December 15th and December 30th inspector payables cannot be released or mailed for this reason. We regret this occurring, but have made every effort to develop new business for the last 2 years and have exhausted our financial resources. We do not anticipate being able to make further payments to inspectors.

We will send an email update on January 5th to provide a status update.
Doug Stuart

...and their website at www.drawnet.com states:

DDN Services and DDN Mortgage Services will cease operations
Effective Monday, December 21st, 2009

DDN Services and DDN Mortgage Services regret to announce that due to market conditions in the construction lending industry, government intervention in the normal foreclosure process, and frivolous and baseless lawsuits filed against the company, we will cease operations effective Monday, December 21st, 2009.

All work completed as of Sunday, December 20th, 2009 will be returned to clients via the usual channels. Any new orders or work in progress will unfortunately not be accepted or be able to be completed. We will make every attempt to keep our website and the data housed on it up and available to clients through January 31st, 2010, though circumstances beyond our control may prevent us fulfilling this effort.

We appreciate the loyal patronage of our clients over the past seven years, as well as the excellent and professional service of the inspectors and contractors in our national network. We apologize in advance for the negative impact our demise may have on any of these groups, companies, or individuals.

For questions or inquiries, please direct your e-mails to [e-mail address] or [e-mail address]


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