Judge Releases Funds From HomeBanc To Lawyers Left Holding the Bag
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A Delaware Bankruptcy judge has approved a deal that would let HomeBanc to fund the loans that they promised to, and left Georgian attorneys scrambling to fund in in the interim. As we covered before, a quirk in Georgia law created the scenario that attorneys in Georgia were forced to cover loans at the table that HomeBanc had promised to fund, but instead were unable to when they raced into bankruptcy last week.
Now with the timely judges ruling, the attorneys will be made whole in the process and can breathe a deep sigh of relief.
Judge Kevin J. Carey of the U.S. Bankruptcy Court in Wilmington ruled yesterday after hearing testimony from Atlanta real estate lawyer Edwin Neel. He said he put up his own home to make sure that rubber checks from the failed lender would NOT ruin home sales his firm handled for HomeBanc.
Carey said he would let HomeBanc hand over mortgages that the company failed to fund to the people that did fund them. That, he said, would avert “great mischief” for HomeBanc, which is attempting to liquidate under court protection. via WIStv.com
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
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