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Old 04-03-2009, 09:38 AM
 
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I was curious if it goes back to the bank or not???
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Old 04-03-2009, 09:42 AM
 
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It depends. If the Bank gets relief from the automatic stay then it may go back to the Bank, or be auctioned off. but, generally in a chapter 11 the court is trying to see if the debtor can come up with a workable plan. Often the chapter 11 bankruptcies get converted to a 7 if no plan is workable.
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Old 04-03-2009, 09:51 AM
 
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thx!

this house is 60% finished and the builder filed 2 months ago.
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Old 04-03-2009, 10:13 AM
 
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You might want to speak to the builder. Any properties that they can sell can only help with their plan of reorganization. The bankruptcy court can order any properties sold free and clear of all liens.
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Old 04-03-2009, 10:29 AM
 
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If you're talking about St. Lawrence, I heard they're selling their completed homes as short sales, and the partially completed homes they are supposed to be getting money to finish.
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Old 04-03-2009, 02:24 PM
 
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it is a custom home builder that has a few million dollar homes that went into foreclosure. this is his only partially finished home
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Old 04-03-2009, 02:36 PM
 
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Just don't give any money to the builder without an attorney to protect you.

Be aware that any builder warranty may be worthless if the case becomes a Chapter 7 or the court invalidates warrantees in Chapter 11.

Talk to the builder but you NEED a good lawyer.
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Old 04-03-2009, 03:54 PM
 
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Quote:
Originally Posted by jshallen View Post
it is a custom home builder that has a few million dollar homes that went into foreclosure. this is his only partially finished home
Probably nothing until they either work something out with the bank, or if they go into Chapter 7, the home will be sold as is.
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Old 04-03-2009, 04:45 PM
 
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here is what i found....what does this mean?

xxxxx x xxxx filed a voluntary petition for liquidation under Chapter 7 in the US Bankruptcy Court for the Eastern District of North Carolina on December 31, 2008. The company listed its assets of $2.97 million and liabilities of $4.53 million. The unsecured creditors include Professional Builders Supply Inc, Fifth Third Bank, Southern Landscape Professionals Inc, Stock Building Supply, SunTrust, Biggs Heating & Air Conditioning Inc, ST Wooten Corp, Ferguson Enterprises, ... Murray Supply Co and Horizon Forest Products. The company hired Kevin L. Sink of Nicholls & Crampton, P.A. as its debtor counsel. Holmes P Harden of Williams Mullen APC is appointed as Chapter 7 Trustee.
Collapse Detail

FITB's price was unchanged after the transaction was announced on 12/31/08.
Creditor / Lender
Biggs Heating & Air Conditioning Inc
Ferguson Enterprises, Inc.
Fifth Third Bancorp
Horizon Forest Products LP
Murray Supply Company
Professional Builders Supply Llc
S.T. Wooten Corporation
Southern Landscape Professionals Inc
Stock Building Supply, Inc.
SunTrust Banks, Inc.

Legal Advisor
Nicholls & Crampton, P.A.
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Old 04-03-2009, 08:23 PM
 
137 posts, read 552,976 times
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well I guess it is not an 11!
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