15 Nov 2007 08:15 am
What To Do When A Home Builder Declares Bankruptcy
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The ugliness in today’s housing market is claiming a new class of victims — customers of insolvent home builders. What a builder’s troubles mean for its customers can vary depending on factors such as state law, contract terms and how long it takes to get the project back on track. In some cases, buyers may lose all or part of their deposit or wait a year or more for their house to be completed or the builder’s financial troubles to be sorted out. Homeowners who’ve already moved into a new development can find themselves living near a half-finished house where work has been halted.
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