Homebuilder-Bankruptcy.com

Rhodes Homes, one of the leading builders in Nevada which went into bankruptcy earlier in March this year, has requested the court to extend its exclusivity period on June 19, 2009. In Chapter 11 bankruptcies, companies are given an exclusivity period where they have the exclusive right to file and solicit votes for a reorganization [...]

Some good news for Village Homes of Colorado, amidst its battles with lenders - the bankruptcy court has granted its request to renew the lease for its corporate headquarters office in Greenwood Village. The new lease expires in Jun’09, with an option to renew for two 6-month periods. One way of viewing this is that [...]

Village Homes’ exclusivity period for filing the Chapter 11 plan was due to expire on March 6, 2009. The exclusivity period is one where the bankrupt company has the exclusive right to file the plan (as opposed to a situation where creditors can come up with competing plans). The bankrupt builder filed a motion to [...]

Two days after Mercedes Homes filed for bankruptcy, the home builder obtained interim court authorization to use lenders’ cash collateral. Like almost all cash collateral orders, this authorization was supposed to end on March 2, 2009. With March 2 behind us, Mercedes Homes had requested an extension of the use of cash collateral through April [...]

Jun’09 News Flash: Post-Petition Financing Deal Fallen Apart; Fire Sale of Properties Begin
John Laing Homes is undergoing impending liquidation ever since the financing deal fell apart and it has been converted to Chapter 7. We have a list with John Laing real estate properties if you are interested in picking up any properties at a fire sale [...]

John Laing Homes’s CRO declared that the expected rate of return on investment on distressed homes is around 18-20% and that such residential properties are routinely sold in bulk to speculators at 20-25 cents on the dollar.

*For up-to-date information, download property descriptions & valuations in Quarterly Reports on Properties from Distressed Home Builders
The Bankruptcy Court has authorized Mercedes Homes to continue to honor obligations related to Customer Programs, including home warranties.
The builder now has authorization to honor home warranties, but it is not obligated to do so. There is a limitation to this [...]

A number of entities in the Ginn corporate group filed for Chapter 7 in Dec’08. These are companies involved in 2 upscale residential and resort community projects – Tesoro in Port St Lucie, Florida, and Quail West in Naples, Florida, where they sell single-family units and condominium units.
Even though Chapter 7 proceedings generally involve fire-sale [...]

Peninsula Boynton Beach is divided into 3 sections: a section with 40 condo units, another with 10 coach style homes, and the third section with townhomes (not yet finished). The developer, Waterbrook Peninsula, filed for Chapter 11 in Jun’08 to forestall foreclosure by National City Bank and there’s no resolution yet.
Anyway, for those of you [...]

Wall Homes filed for bankruptcy on January 17, 2009. Like many builders which went into bankruptcy, Wall Homes was affected by the deteriorating residential real estate market. In the first day declaration, the builder stated that homes purchased on contracts with modest earnest money had a higher failure rate than had previously been experienced.
An additional [...]