One of the largest U.S. homebuilders with a big business in Colorado is evaluating its options, including going bankrupt. John Laing Homes closed its main office in Colorado recently, leaving many homeowners in limbo.
Among them are Betsy and Mike Billinghurst, who bought their home in Stapleton in 2005. A year later, their house began shifting and cracking, they said.
While the repair work was covered by the warranty, John Laing’s financial troubles have left the couple on the hook after subcontractors filed mechanics’ liens against their property. Recently, the couple got a lien for $1,300 from an engineering firm that did work on their home but wasn’t paid by the builder.
John Laing declined to answer specific questions, instead issuing a news release from its office in California saying the company is “reviewing all potential options to meet its capital requirements. . . . Operations have not ceased.”
David Hansen of the Colorado Association of Homebuilders recommends that homebuyers talk with a builder before purchasing and ask for a lien waiver, which is money set aside upfront by the builder to pay for future liens.
The association recommends that home owners caught in a situation similar to the Billinghursts’ hire an attorney.
