Homebuilder-Bankruptcy.com

Just found a really interesting article which explains the ins and outs of builders going into liquidation, partly precipitated by actions of their banks. It has been quite an eventful 18 months, watching so many builders slide into default and liquidation, leaving home buyers and owners in a lurch. Anyway, if you look at the [...]

For those watching the sales of Caruso Homes, note that there are residential developments affiliated with Caruso Homes which are not involved in the bankruptcy proceedings. Caruso Homes Inc provides management services to 8 residential real estate projects, generally known as the SNS/Waterford projects.
Digging deeper, we found that these projects are financed by SNSPF Interim [...]

An court order on March 6, 2009 confirmed the sale of the Shores of Panama condo development to the holder of the secured loan, Silverton Bank (successor to  Vision Bank). Silverton Bank held a claim of around $73 million.
Apparently, even though the auction was carried out “pursuant to the Procedures Order” and marketed by NorthMarq [...]

Lincoln Logs, a manufacturer of log homes building packages, has given up on reorganization under Chapter 11. It obtained authorization from the bankruptcy court to accept offers for substantially all its assets totaling $2.6 million (the amount owed to the secured creditor). Looks like a fire sale might be on the way…

There were two recent Feb’09 filings of home sales by bankrupt home builder, Whitney Lake:
PROPERTY TO BE SOLD: Unit 174, 1719 Brittlebrush Lane, Charleston, SC
PRICE: $188,760
PROPERTY TO BE SOLD: Unit 181, 1735 Brittlebrush Lane, Charleston, SC
PRICE: $195,000
The home builder also covered $4,000 of the Buyer’s closing costs and pre-paid items.
These are sales made free and [...]

Remember our earlier posts about banks hacking a path towards foreclosing on Village Homes of Colorado?
Shown below are part of the more memorable responses filed by Village Homes and the Committee of Unsecured Creditors. By the way, those of you interested in these Pre-Preforeclosure properties, Village Homes provided a list of all homes in its [...]

In December 2008, Caruso Homes (which filed for Chapter 11 in Jun’08) decided to pursue an auction sale of real property in connection with the following Projects as the means to obtain highest and best returns to their estates and their creditors.
These properties were sold at an auction mostly to lenders at the following prices:
Buyers [...]

The court has just lifted the automatic stay in bankruptcy proceedings for Maryland Development Company to permit Suburban Federal Savings Bank to foreclose on 14111 and 14119 Turkey Foot Road, Darnestown, Maryland 20878.
The bank’s claim on the property consisted of a principal balance of $1,205,995.70, and accrued interest and late charges make it up to [...]

Tarragon Corp has obtained authorization to sell its remaining 71 units in a 140-unit condo project in Palisades Park, New Jersey, for $18.1 million (unless a better offer comes along during its Feb 17, 2009 auction). The residential real estate developer filed for Chapter 11 in Jan’09 to forestall foreclosure action by creditors. Anyway, in [...]

Lakemont Legado is the developer of a single family division development in Dayton Valley. With the development located within commute distance of Carson City and Reno, this was an area with a mixture of entry-level housing and move-up housing.
A formal appraisal of the property was undertaken on August 21, 2008. The property consisted of 510 [...]