Tousa, the parent of company of Engle Homes and current company funding the development of Independence in Winter Garden stated it may file for chapter 11 bankruptcy protection after reporting a $619 million loss at the end of November. Chapter 11 is a reorganization filing so people under contract in this community will probably get their deposits returned but how quickly is really the question to be asking. They’ll also be wondering if and when they’re home will ever be built. I’ve recently noticed Engle Homes advertising a lot of discounts for their homes but if it was me, I’d stay tuned to news about Tousa before signing any contracts with them. It’s just my opinion though.
Another local builder Levitt and Sons filed for chapter 11 bankruptcy a few weeks ago and their customers are sitting in limbo. They have no idea when their home will be built or deposits returned. Construction has ceased in Levitt’s communities and Tousa will most likely take similar actions. Customers who are currently building homes with Engle may want to start investigating what will happen if Tousa actually files for bankruptcy.