Legend Homes requests court OK of $2.64 million credit bid for Oregon subdivision

By Jennifer Lanning Drey

Portland, Ore., July 30 - Legend Homes requested court approval to sell its Albany, Ore., subdivision to lender Bank of America, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Oregon.

Bank of America has agreed to reduce its secured claim against the company by $2.64 million in exchange for the assets.

According to the filing, Bank of America was granted a relief from stay in October 2008 allowing it to foreclose its trust deed lien on the property.

The property consists of 47 platted lots and eight completed homes.

Legend Homes is a Portland, Ore., developer, designer and builder of homes and condominiums that filed for bankruptcy on June 10, 2008. Its Chapter 11 case number is 08-32798

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