Suspension of HUD Registration
A couple of days ago, Le Jardin and its affiliates requested court authorization to pay fees for voluntarily suspending the HUD registration. See our earlier post - Le Jardin Pitted Against Security Bank
The main reason is that Le Jardin is not currently marketing the property for sale, so there is no need or benefit to maintain the HUD filing. Furthermore, keeping the registration means that the developer would be responsible for annual filing requirements and fees.
This brings to mind an issue to be aware of when dealing with a bankrupt home builder or developer to buy cheap homes, make sure they have HUD registration.
