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Levitt & Sons allowed to abandon home lots

Posted at November 28th, 2007 5:46 pm by Eric Hochberger
Filed under: Bank of America, Central Florida Housing Market, Home Builders, KeyBank, North Florida Housing Market

Fort Lauderdale based home builder, Levitt and Sons received permission from the bankruptcy court to walk away from 4,000 residential lots that served as collateral on loans from Bank of America and KeyBank.

The court’s ruling allows Bank of America and KeyBank to begin legal proceedings to get title to the lots which are located in central and northern Florida.  Levitt recently declared bankruptcy earlier this month after it was unable to secure financing to begin construction on the lots.

Levitt and Sons still remains hopeful that it can secure financing agreements with its other key creditors such as Wachovia, Regions, and AmTrust.

You can read more about the Levitt & Sons bankruptcy court findings at the Bradenton Herald.

« Existing home sales drop eighth month

2 Responses to “Levitt & Sons allowed to abandon home lots”

  1. Richard Stabile new homes Says:
    March 23rd, 2009 at 10:39 pm

    It is the sign of the times. Over leverage in a bad market. It all seemed good to some, but you had to beat the clock. The market takes no prisoners. Slow and steady wins the race.

  2. First Time Buyer Home Loans Says:
    February 4th, 2010 at 9:04 am

    I am always searching online for articles that can help me. Thank you

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