Toni Braxton just can’t seem to get her finances in order.
The R&B diva, whose “Family Matters” reality show is scheduled to air on the WE network in April 2011, is facing forecl0sure of her Georgia home. If you recall, Toni has filed bankruptcy at least two times (that we know of) and also has had other several other properties seized in the past.
This week, a judge approved that the holder of mortgage debt on Braxton’s Georgia home can now launch foreclosure proceedings against that property.
It ain’t lookin’ good…
According to the Wall Street Journal:
Court papers show that Judge Barry Russell of the U.S. Bankruptcy Court in Los Angeles on Friday lifted the shield protecting Braxton, who filed for Chapter 7 liquidation in September, from the reach of US Bank.
As Bankruptcy Beat previously reported, the bank – which represents the holder of Braxton’s mortgage debt – had argued for the right to launch foreclosure proceedings on the grounds that Braxton doesn’t have any equity in the Duluth, Ga., property nor is the mortgage holder’s interest in the property adequately protected. (Braxton herself doesn’t own the property; a trust does.) As of Nov. 23, US Bank said Braxton owes the full $1.5 million on her mortgage, while the property itself been appraised at $1.2 million.
Braxton took out the mortgage from Wells Fargo Bank in 2004, and the lender later transferred its interest in the debt to a trust set up to administer a pool of mortgages for investors in those securities.
Braxton had earlier told the bankruptcy court of her intention to remain in her single-family residence, part of the Sugarloaf Country Club community. But David Gill, the bankruptcy trustee appointed to liquidate.
Braxton’s assets, said last month that he would abandon the property. In court papers, Gill acknowledged the lack of “realizable equity” for the singer’s creditors and its “inconsequential value and benefit” to Braxton’s estate.
Even Toni’s mom is feelin’ ‘some kinda way’! I bet those reality show checks can’t come soon enough…
Photos below of Toni & the Braxton Family as they participated in the WE TV Network’s 2011 tv Winter 2011 TCA Panel at the Langham Hotel (January 7, 2011):