Judge Releases Funds From HomeBanc To Lawyers Left Holding the Bag
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
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