UPDATE: Since this story has been published, the co-owner of Olympus Pools has severed ties with the company. Read the latest update here.

TAMPA, Fla. (WFLA) – RAB, Inc., a national commercial collections company, has confirmed to Better Call Behnken that it has sent out 40 “Notice of Intent to Foreclose” letters to Olympus Pools customers, and many more notices are in the works.

The notices are expected to start hitting Tampa Bay area mailboxes later this week, and foreclosure lawsuits could be filed 45 days after that. The certified letters are a last-ditch effort by subcontractors seeking payment for completed work on Olympus Pools jobs.

It’s a nightmare scenario for frustrated homeowners with unfinished pools and massive holes in their backyards. This is the latest shoe to drop in our ongoing Better Call Behnken investigation into hundreds of unfinished pools by Lutz-based Olympus Pools.

Zachery Hill, of RAB, said the company represents multiple subcontractors who have not been paid for hundreds of thousands of dollars in work done on Olympus Pools jobs.

“The intent is not to hurt these homeowners more,” Hill said. “Our hope is that Olympus Pools will pay what they owe.”

Unfortunately, he said, this is the best legal avenue subcontractors have to get paid for work they’ve already completed. Under the Notice of Intent to Foreclose, Olympus and/or the homeowner will have 45 days to pay the debt or a foreclosure lawsuit will be filed.

One of the contractors moving forward with foreclosure claims to be owed $125,000 and another $350,000. Numerous other contractors tell Better Call Behnken they are owed money for completed work as well.

The Notice of Intent to Foreclose is a massive blow for homeowners, many of whom already paid Olympus Pools for much – and in some cases – all of the work.

Meanwhile, Olympus Pools co-owners James Staten and Jordan Hidalgo insist they can finish all of the pools and save the company. Earlier this month, Staten told Investigator Shannon Behnken that he expects to finish all of the pools by Christmas.

Behnken has reached out to Olympus Pools for comment on the foreclosure action.

This is a developing story and will be updated.