Change of Management at Lubbock Square Apartments After Its Foreclosure

A court session was held on Tuesday regarding Lubbock Square Apartments and EFM Transfer Agent LLC, a session that addressed the issue of its foreclosure and the control of the property.

The firm EFM became involved with Lubbock Square Apartments in 2022, when it was granted full authority over the complex, including rights, ownership, and the ability to collect payments under existing agreements; this followed its foreclosure, which took place on December 3. About two hours later, a bankruptcy petition was filed.

Attorney Joyce Lindauer, representing Lubbock Square, is challenging the foreclosure, claiming that the property is worth between 11 and 12 million dollars, instead of the 7 million dollars it was valued at.

On the other hand, EFM’s attorney, Andy Stewart, argued that there is no formal evidence proving the complex has such a high value. He pointed out that Bo Fontana, the current owner, acquired it for about 7.5 million dollars.
According to EFM, the bankruptcy petition seems like a tactic to prolong the legal situation, possibly delaying the return of the assets. Furthermore, a federal trustee also attended the meeting, stating that Fontana had not submitted any valid insurance documents.

Joyce Lindauer also stated that insurance existed, but admitted she had not personally reviewed it. Stewart also stated that EFM had not seen any proof of insurance from them either.

EFM stated that they had already insured the property, while also noting that Lubbock Square had not paid for garbage collection services in the last four months, a balance that was settled by EFM.

In light of all this, Judge Robert Jones then decided to lift the stay. That ruling authorizes EFM to proceed and take control of the apartment complex soon.

Fontana and the Lubbock Square team have also been ordered to present their bank account information and balances before that deadline. Likewise, the proof of insurance must be submitted beforehand.

Spokespersons for the firm made it clear that the place will not close. In fact, they plan to invest money to improve the condition of the property. EFM is actively working to take control of the property and hopes that these changes will benefit the residents.

Available foreclosures:

Lubbock: 43 homes available

By Elías DaSilva | 21 de Mayo de 2025