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July 16, 2008

Bank of America aims for builder John Reynen's home

Attorneys for Bank of America have filed a request with the U.S. Bankruptcy Court, Eastern District, asking for a "motion for relief from the automatic stay" on a Sacramento home owned by Reynen & Bardis Communities co-founder John Reynen and his wife, Judith.

Translated: they are initiating a process aiming to get the house in exchange for $1.5 million in debts allegedly owed the Charlotte-based bank. The house was reportedly valued at $3.6 million in an earlier bankruptcy filing.

Reynen spokeswoman Michele McCormick says the BofA request is not about the larger financial problems of the company. She says Reyen has missed some payments on a home loan made by the Charlotte bank.

The filing was July 10. A hearing on the request is set for Aug. 12.

A May 30 Home Front posting here provides some background.

Posted by Jim Wasserman, July 16, 2008 4:59 PM