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Bankrupt Smith Family Homes owed creditors $50-million

The full extent of the financial carnage left behind by bankrupt Smith Family Homes was revealed in a court filing showing the Tampa builder stiffing lenders nearly $50-million.

Smith, active mostly in the Pasco County suburbs, filed for Chapter 7 liquidation last month, a victim of the housing slump. The company lists $58.7-million in liabilities, mostly mortgage debt on lots. SunTrust is out the most, at $20.1-million. Bank of America is owed $6.9-million, Regions Bank $6.4-million.

What could be bad news for homeowners is that Smith is delinquent paying back $3.3-million in Community Development District bonds used to finance Hillsborough's Panther Trace and Pasco's Seven Oaks neighborhoods. Homeowners living there pay back the bonds as part of their yearly tax bill. In other neighborhoods, such large delinquencies have left homeowners on the hook for the debt.

Bankrupt Smith Family Homes owed creditors $50-million 09/01/08 [Last modified: Friday, September 5, 2008 11:57am]
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