Kennedy Homes lays off staff

just wondering if anyone got Bill G. to answer his phone today??

Bill was supposed to call us on Friday (after Kennedy's tentative meeting with the bank), but he mentioned he would be out of the office. I asked Bill to call on Monday morning if he could not get back to us on Friday. Monday came and with with no return call. I do have to say that they usually call back. I plan on taking care of things tomorrow!

I was in Coal City today paying my water bill.(Not fully moved in yet) I noticed that todays meeting agenda was posted on the window. One of the topics of discussion was somehting to do with the "Richards Crossing Bond Issuance"

Anyone know what the conclusion was???

And, I also notice that there has been work on and off of Spring Road near the drainage ditch. Are they preparing to build the bike path or what are they doing???

Last, Anyone know if the light has been repaired off @ corner of Batista and Thomas??
I called the city and they said that they could not do anything as it was the builders responsibility until the subdivision is turned over to the city.

Jay

I saw that all the Kennedy model homes in Bourbonnais are for sale now.

Heard from Bill today, I called him of course and guess what happened at the meeting with the bank.

NOTHING NEW. that is what we were told. The banks arent' budging. Like it is our fault that they made accounting errors. FU**ERS.

anyone else thinking class action lawsuit? I want my home or my money back and the way it is going I don't even think I want the home now.
I am so disgusted with everything. I don't care whose ass I have to pull the money out of but I will get it back if it is the last thing I do.

Do they think we are idiots?

Jay wrote:

I was in Coal City today paying my water bill.(Not fully moved in yet) I noticed that todays meeting agenda was posted on the window. One of the topics of discussion was somehting to do with the "Richards Crossing Bond Issuance"
Anyone know what the conclusion was???
And, I also notice that there has been work on and off of Spring Road near the drainage ditch. Are they preparing to build the bike path or what are they doing???
Last, Anyone know if the light has been repaired off @ corner of Batista and Thomas??
I called the city and they said that they could not do anything as it was the builders responsibility until the subdivision is turned over to the city.
Jay

That's right, the city doesn't need to since it isn't their responsibility yet. The paper said they are going to call on Kennedy's bond of over $2.5Million to get the work done. We need to be thanking the city for the efforts to make it right after someone else jacked it up. I did talk to one of the aldermen or whatever they are called and he seemed to want to work it out as soon as they could. Thank God!

anything new???

We are done waiting. We have sent our last letter, made our last call, and made our last drive past the house. It is time to move on. We have started looking for another house. I truly feel much more relaxed. What a load off our shoulders.

Below Ground wrote:

We are done waiting. We have sent our last letter, made our last call, and made our last drive past the house. It is time to move on. We have started looking for another house. I truly feel much more relaxed. What a load off our shoulders.

I am really sorry to hear your moving on. I know a huge burdens has been lift. It's just terrible.

I wonder??
has anyone tried reaching bank or Montreal/Harris bank?

Seems odd that their owed this enormous amount of money by KB and since the Bank now own the property, they wouldn't negotiate with you. At this point, I really can't see what Kennedy has to do with any of this.

Jay

Jay you are an idiot for even suggesting to call Bank of Montreal/Harris Bank. Do you really think they'll care about your concerns. Their main concern is getting their money from Kennedy Homes.

They are not a developer, they are an investor. They are looking to sell the land.

Some of you people that made comments are complete morons. Don't post something if you don't know anything.

Shut Up People wrote:

Jay you are an idiot for even suggesting to call Bank of Montreal/Harris Bank. Do you really think they'll care about your concerns. Their main concern is getting their money from Kennedy Homes.
They are not a developer, they are an investor. They are looking to sell the land.
Some of you people that made comments are complete morons. Don't post something if you don't know anything.

The "investor" told Kennedy Homes they could borrow X amount of dollars and then basically said OOPS our bad, we messed up and you owe us this. The bank is at fault and Kennedy homes should be able to honor Kennedy homes because Kennedy did not make the mistake. The bank did. Maybe you shouldn't post something if you don't know.

Ha Ha-- look what you have now---the subdivision looks like crap. Your homes are really friendly too.....the siding waves at you due to the quality subs......get what you pay for--sucker.

Builders go into making money they can blame the bank for the screw up but its their fault that
is like say i can get a loan way over what i can afford and going a head and doing so knowing i can't afford the house thats what kenndy homes has done they went way over their own heads and know the consumer is paying the price

you move in a subdivision you think is going to be beautiful and now it looks terrible its not right for a developer to pull out without finishing homes they started why should we have to pay again for the mechanics lien thats way i had a closing and paid all my money up front this is just terrible

Has anyone had any luck using a lawyer to things moving?

This is Richard from Eagle Creek. It does not appear that there has been any activity on the partially built homes here. These home seem to invite kids who like to go in the vacant homes and trash them. Also, the available lots in the subdivision look horrible as the grass/weeds are being allowed to grow. The North side of the subdivision, where there are a handful of homes, is becoming a dumping spot, kids drinking and an area of people doing things they are not supposed to (won't say what is going on to keep it G-rated).

I feel bad for the people who live around the lots that are not being cared for. It looks like these are some of the few people who actually care about their homes and have put up some landscaping, trees, etc. to make the subdivision look nice.

As for the foreclosure count, we are up to 7. There are currently 5 unoccupied homes and 2 homes that are being restored after they "accidently" caught on fire and the 2 homes that are being built but will probably never get finished. That is a total of 16 homes in the subdivision that are in distress. That is an astounding 1 out 7 homes.

I can only imagine how more homes will go into foreclosure with many people here who utilized the Kennedy preferred lenders who were offering the zero down, interest only mortgages and did not put the property taxes in escrow.

Unfortunately, there may be some issues with the the vacant homes (which has happened locally) where homeless people move in or people start stripping these vacant homes for copper. This subdivision is only 5 miles north of an area where this kind of activity happens on a daily basis.

Anyways, hopefully people will be vigilant and call the police to report this type of activity when it happens.

Any time we called Kenndy homes, They did return your calls the next day.Our house is 90% complete it took a little longer...but we are happy with Kenndy homes!...our turnkey date is the middle of June.=)

It looks like too many people are moaning about not getting into their homes. What about the homeowners who currently live in the partially completed subdivisions????? If you are not able to move in to your new house it may actually be a blessing.

It will take years for some of these subdivisions to seem like a place people can call home. It is unfortunate that things are this way.

Also, since this posting is somewhat anonymous I would be interested in knowing how many more people are foreclosing/can't pay the mortage in the Eagle Creek subdivision. I feel bad for anyone who has to go through this and the whole unfinished subdivision will make it extremely difficult to sell a home in order to get out of any financial troubles.

We have people posting here who feel sorry for Kennedy Homes, what about the current homeowners' whose property values are most likely dropping because of this big mess??

Kennedy Homes are good homes, they gambled with the housing market and lost, give me a break miilions of $$$$ and they can't repay sounds like someone made a bad decision. Do you think the bank would actually not want KH to pay them back and are willing to throw away these millions of $$$ if they thought KH could pay them back. Why hasn't KH actually filed for bankruptcy and there are only rumors as to the actual status of the finances of KH.

There is probably much more of the story that nobody knows about!!!! I wish I knew.

Think about this: IF Kennedy Homes is in financial trouble they are not obligated to do anything once they file for bankruptcy--a judge will decide. The people who put $$ for downpayments will get the short end of the pole. The first people who are obligated to get money are the employees who have not been paid. A judge will decide who gets the remainder of the money, if any, after the empoloyees are taken care of.

I feel bad for the people who will eventually buy the homes that are sitting half done now and are open to the elements soaking up water and the mold that is hiding behind the drywall. and the peoples property values that keep declining because of the rundown look of the subdivision.

I worked for K-Homes and they are not coming back. They had great workers and business partners. They actually built a decent home. Locations were too far out. Hebron, Waterman and Coal City were duds. Hebron didn't even have a grocery store. The Janesville community was a complete disaster and the boat anchor. People wanted to live in Zion, McHenry, Elburn, and Montgomery. Watch out for Coal City, problems with basements and high water tables. Check with the city to verify.