Yesterday is today? "TheFiling" - THP T.H. Properties DIP Loan 3 Million Discussions

[crashtc]

Originally Posted by grannyd53

could someone tell me a little more about the whole escrow refund issue if you back out of your contract? I am not able to open the filings. Is it saying that if you back out of your contract you can't get your refund back? Is that a sure thing or are they asking for that ruling?

Well, I'm not sure about the other developments, but this filing for Barton Ridge, Coddington View, Kingston Hill Phase IV, Northgate Phase I, Whitfield Estates, & Kingston Hill Phase III states that:

Continental Bank is providing up to $350,000 to establish escrow payment to homebuyers within various projects (doesn't say listed projects so I don't know if this counts for other developments) for which THP is unable to deliver a home.

If WE as a buyer back out we loose our $ plain & simple

[administrator]

Originally Posted by grannyd53

could someone tell me a little more about the whole escrow refund issue if you back out of your contract? I am not able to open the filings. Is it saying that if you back out of your contract you can't get your refund back? Is that a sure thing or are they asking for that ruling?

Paraphrasing - and IANAL - it says if the debtor (THP) is unable to deliver your home "during the course of its chapter 11 case", there will be an escrow established from this loan for repayment to those homebuyers.

It also continues to say that fund is NOT available to those homebuyers that elect on their own accord to not proceed with their home.

In plain english - again IANAL - but if you cancel your contract, the money to be put forth into this escrow is not a source of repayment of deposit. It's only in the event they are unable to build your house during the Chapter 11 proceeding...

So, how long is the chapter 11 proceeding? The rest of people's lives? It's been three months almost already.

[NorthgateAS227]

I think we're going to start seeing two months instead of the standard two weeks reply

[crashtc]

Originally Posted by NorthgateAS227

I think we're going to start seeing two months instead of the standard two weeks reply

or by the court papers...4 months...that's how long it says they'll take to build my home...(from what I can make out of the billing schedule)

[administrator]

The other portion of interest is they are looking to utilize the existing court date of the 16th (for andreas liens and other matters) to come to terms on this motion.

[crashtc]

Originally Posted by administrator

The other portion of interest is they are looking to utilize the existing court date of the 16th (for andreas liens and other matters) to come to terms on this motion.

Yeah...I noticed that...Let's hope the courts agree to that...the sooner the better in my book...

[administrator]

And am I reading it right?

Some of the homes to be completed don't have agreements of sale on them?

So they need to be marketed and find buyers for?

Maybe I'm reading it wrong?

[crashtc]

Originally Posted by administrator

And am I reading it right?

Some of the homes to be completed don't have agreements of sale on them?

So they need to be marketed and find buyers for?

Maybe I'm reading it wrong?

Where did you see that? I don't remember reading that....I did read that they debtor could ADD or DELETE properties to the loan.

[administrator]

Originally Posted by crashtc

Where did you see that? I don't remember reading that....I did read that they debtor could ADD or DELETE properties to the loan.

It's in the exhibit where they display the sale status of each of the homes.

Some are models, some are non contingent ... and some are available.

[crashtc]

Originally Posted by administrator

It's in the exhibit where they display the sale status of each of the homes.

Some are models, some are non contingent ... and some are available.

Ahh...I only went right to Barton Ridge
They all say "in process" so they were probably spec homes that were going to be quick sales or models...so the fact that they're in process would mean they would be included (I believe)