Comstock Homebuilding Companies Inc. (CHCI) Relieved of Foreclosure Pressures by Regions Bank
Comstock Homebuilding Companies Inc. (Nasdaq: CHCI) functions as a diversified real estate development firm focused on affordable, residential products. The company builds and markets single-family homes, townhomes, mid-rise condominiums and more. The company today announced an agreement with Regions Bank regarding approximately $5.3 million of the company’s $144 million of secured debt as of June 30, 2008. Per the forbearance and conditional release agreement, Comstock will work with Regions with respect to its foreclosure on its real estate assets in Georgia. Regions will relieve Comstock from its obligations on three properties with no deficiency liability post-foreclosure. Christopher Clemente, Comstock's chairman…