Earlier today, confirmation hit the media that Deon Derrico’s home had officially been repossessed by the original lender bank. So where is the family of 16 living now that they have lost their home? Read on to get the details.
Deon Derrico’s Home Is Officially Repossessed
Bank US Trust National Association is now the official owner of Deon Derrico’s home. The financial institution foreclosed on the residence early on October 10th. The US Sun got access to the home’s deed and reported that the bank purchased the home for $441,842.06. The amount that they paid to reacquire the home was equivalent to the amount that the Derrico family still owed on the original home loan.
The family’s home has been in jeopardy for some time now. Deon’s family has been struggling for a while. The home loan first went into default early last year and proceedings have been in process on and off since then over the ownership of the home. The TLC celeb even went through a loan mediation process to try and save the home by re-evaluating the terms of the loan. Unfortunately, no agreement could be reached and the bank moved forward with the process of taking back the property.
Deon Tries To Fight The Bank
After the loan mediation process failed, Deon tried some procedural methods of digging in his heels against the foreclosure. Whether he was trying to buy the family time to make arrangements or just find a way to save the home, we don’t know. In February 2021, the father-of-fourteen filed a complaint against the bank. He claimed the date of foreclosure to be ‘improper’ before attempting to get a stay of foreclosure on the grounds that the home was the primary residence for the 16 people in his household. The courts denied the request.
Barely treading water, the patriarch attempted to file a restraining order to prevent the foreclosure – but the courts quickly denied that motion too.
While many would fault the bank for not trying harder to work with the family to keep them in the home, Derrico’s financial and legal past make working with him a dicey risk for the institution. Deon and Karen have separately filed for bankruptcy on five different occasions. They also have a history of foreclosure. In fact, Deon has had properties go into foreclosure at least 6 times that we can confirm – and that’s just in Michigan. The reality star also holds properties in several other states as well.
Where Is The Family Living Now?
Deon Derrico’s family is reportedly still living in the foreclosed home. According to Karen Derrico’s Instagram, they continue to reside there. The reality mom has been posting her regular onslaught of videos and photos of her children doing homeschool activities in addition to her tips and tricks for homeschool moms.
How long will they be able to remain in the home? The bank does officially own the property but most states have a mandatory eviction period of 30 days. Additionally, if they live in a state that has laws against eviction due to the pandemic – they are able to remain there indefinitely until the bank can legally remove them. Either way, several sources report that the Derricos own two other properties in close proximity to their current home. So, they aren’t without housing options.
Stay tuned to Tv Shows Ace for the latest on the Derricos and your other favorite reality tv celebs!
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