In Tennessee and elsewhere, many people understand what it is like to encounter financial challenges while raising their families. Whether a household includes one or more children, providing for clothing, food and lodging can be expensive. When financial trouble hits, many parents are able to get things back on track by cutting out unnecessary spending or working out new payment plans for their mortgage or other loans with their lenders. A family who is well-known for their TV show on the TLC channel, “Doubling Down with the Derricos” is facing foreclosure on the home they live in on their reality TV show after negotiations with lenders failed to produce an agreement for a restructured payment plan.
Deon Derrico owns more than one home
The father on “Doubling Down with the Derricos,” Deon Derrico, reportedly has part ownership in several other homes. The house in question is the primary residence for his wife and 14 children. Derrico is no stranger to financial trouble and has filed for bankruptcy several times in past years; however, each bankruptcy case was dismissed for various reasons.
Deon Derrico has also faced legal problems
As many people in this state and beyond can attest, financial problems are often intensified if they are struggling with other issues at the same time. In Derrico’s case, he faced more than 10 charges of fraud and misrepresentation. The court ruled that he was not guilty on all but two of the charges, which had to do with misrepresentation of a title and improper notarization of a signature.
The court denied motion for restraining order
When a petition for foreclosure was filed on the Derrico’s home, Deon Derrico filed a motion for a restraining order to prevent the sale, stating that his wife and children live in the house and there hasn’t been enough time to find another place to live. The court denied Derrico’s request for a restraining order. The house is scheduled for auction in early September. Anyone in Tennessee who is facing similar foreclosure problems can reach out to an experienced bankruptcy law attorney who understands how the system works and can recommend a best course of action in a specific set of circumstances.