Mexico Homebuilder Homex Files for Bankruptcy, Seeks Financing
Troubled Mexican homebuilder Homex has filed for bankruptcy after gaining the support of a majority of its creditors, Reuters reported yesterday. The company, which has struggled with a heavy debt load and slumping home sales, said that it was seeking additional financing during the bankruptcy proceedings. Mexican homebuilders have been hit hard since the government […]
Third Circuit Supports “Gavel Rule” Holding that a Foreclosed Property is “Sold” at the Sheriff’s Sale and Not after Delivery of the Deed
For more than ten years, New Jersey Federal Bankruptcy and District Courts have been divided over whether Chapter 13 debtors have the right to cure a default on a mortgage secured by the debtor’s principal residence between the time the residence is sold at the foreclosure sale and the time the Sheriff delivers the deed. […]
Developers: Are You a Single Asset Real Estate Entity?
On March 12, 2007, the Hon. Michael B. Kaplan, U.S.B.J. ruled that the affiliates of real estate developer Kara Homes, Inc. are each a Single Asset Real Estate entity as defined in §101(51B) of the United States Bankruptcy Code, requiring each entity to file a plan of reorganization or make monthly payments to their secured […]
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