Kim Zolciak Biermann Home Foreclosure
Reality TV star Kim Zolciak-Biermann’s Georgia home was in danger of being sold at auction after a foreclosure notice was issued earlier this month. Nevertheless, according to recent reports, the home will not be be sold at the auction anymore.
The couple acquired the home in 2013 for $880,000, and it is seated in the exclusive Atlanta suburb of Johns Creek. The home is settled on a straggling 2.2-acre lot and prides seven bedrooms, eight bathrooms, a gym, a pool, and a full-sized basketball court.
However, the couple’s financial troubles began when they stopped making mortgage payments in August 2020. The primary loan was for $586,000, and the couple had been making monthly installments of $4,600. The bank registered for foreclosure in December of the same year after the couple were unsuccessful to make any payments for over a year.
What is a Foreclosure?
Foreclosure denotes a legal course of action through which a lender endeavors to retrieve the outstanding balance of a loan from a borrower who has ceased to make payments, via selling the asset employed as collateral for the loan. If the sale of said property fails to generate sufficient funds to pay off the loan, the moneylender may go after the borrower for the remaining sum.
Notwithstanding, in this instance, it appears that Zolciak-Biermann and Biermann managed to evade foreclosure and retain ownership of their residence. Although the rationale behind the cancellation of the auction remains vague, insiders have put forth the proposition that the couple may have arrived at a settlement with the bank.
Foreclosure can have dire ramifications for homeowners, including deleterious effects on their credit scores and the forfeiture of their abodes. However, homeowners who experience difficulty in paying their mortgages have a plenty of options at their disposition, such as loan modifications, refinancing, and forbearance.
Loan modification is a legal procedure that involves the alteration of the conditions of a borrower’s loan to render the payments more feasible. Such a modification may comprehend the reduction of interest rates, the extension of the loan term, or the curtailment of the principal balance. On the other hand, refinancing entails a borrower obtaining a fresh loan to settle an existing loan, frequently at a lower interest rate.
Forbearance is a temporary pause on mortgage payments, often granted to borrowers who are experiencing a financial hardship.
It is uncertain whether Zolciak-Biermann and Biermann pursued any of these options, but it is worth noting that they were able to avoid foreclosure and keep their home.
Zolciak-Biermann, the businesswoman best known for her appearances on both ‘The Real Housewives of Atlanta’ and her spin-off show, ‘Don’t Be Tardy,’ has six children that she shares with her husband. After a decade of marriage, Zolciak-Biermann and her husband have gathered a lot of knowledge about parenting. They’re clearly experts on the subject, having spent a lot of time with their kids!
The fiscal tribulations of the aforementioned couple have been the subject of extensive coverage in the past, with Zolciak-Biermann making public admissions on her program regarding their economic hardships subsequent to Biermann’s release from the NFL in 2016. Nonetheless, the couple has garnered attention for their pretentious expenses, demonstrated by their acquisition of a yacht valued at $1.3 million in the same year.
With their financial struggles now cleared up, Zolciak-Biermann and her husband will be able to continue enjoying their luxurious home in Johns Creek. This also shows the importance of financial planning and responsibility, especially for those who wish to enjoy all the boons of the finer things in life.