Oaktree Homes Defaults On 13 Lots, Five Homes

Posted Wed, 07/21/2010 - 21:10 by Headliner

Oaktree Homes, whose owner Stephen Hodgkins was 2009 president of Memphis Area Home Builders Association, defaulted on $3 million construction loan. Just one more of many reasons HR 5409 should not pass; would put taxpayers on the hook for development loans builders default on.

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July 21, 2010

Oaktree Homes LLC has defaulted on 13 lots and five homes in seven subdivisions, according to a pair of first-run foreclosure notices that appear in today’s print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

The company, whose principal Stephen Hodgkins was 2009 president of the Memphis Area Home Builders Association, defaulted on a $3 million construction loan through Independent Bank dated Jan. 10, 2006.

The foreclosed lots include eight lots in Ravencrest Planned Development, four in Hampton Grove PD and one in Hampton Grove North PD.

The foreclosed homes include one residence each in Harrells Ridge Subdivision, Richwood Planned Unit Development, Hamilton Farms, Raleigh-Bartlett Meadows Subdivision and Hampton Grove.

The addresses are 5395 Maple Landing Drive in Arlington; 4300 E. Waterside Cove in unincorporated Shelby County; 1593 Stable Run Drive in unincorporated Shelby County; 3211 Velmagi St. in Memphis; and 4653 Shadow Lawn Road in Bartlett.

William P. Moss of Harris Shelton Hanover Walsh PLLC is serving as substitute trustee in both matters. Moss will sell the properties Aug. 13 at noon on the steps of the Shelby County Courthouse in a substitute trustee’s sale.

http://www.memphisdailynews.com/editorial/Article.aspx?id=51520

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Previously posted on HADD news: HR 5409, Residential Construction Lending Act, the Building industry's legislation to get the U.S. Treasury (taxpayers) to cover their risky construction and development loans that have put banks at more risk. With taxpayers covering the risk, banks will have even less incentive to vet builders before approving their loans: http://www.hadd.com/node/2113