Kim Zolciak and Kroy Biermann’s multi-million dollar Atlanta home is facing foreclosure once again, as their bank lender, Truist, issued a warning to the couple. They were given until May 3 to go back to court and defend their ownership of the Milton mansion, or the lenders would start the foreclosure process. However, eviction from the property would not occur immediately if they failed to take action, as the home is currently up for sale, but finding a buyer has been challenging.
Zolciak and Biermann have been struggling to sell the 15,000-square-foot mansion, despite slashing the asking price by $1 million in January due to lack of interest. The initial asking price was $6 million, which was reduced by $500,000 a few months later. The most recent price drop came after the bank threatened foreclosure because the couple had defaulted on their mortgage. If the debt is not paid in full through the sale of the home, Truist intends to exercise their rights to seize the property.
This is not the first time the couple’s home has faced foreclosure, with previous issues in 2014 and February 2023, both of which were resolved. However, amidst their messy divorce, Zolciak and Biermann are facing financial difficulties. Zolciak has sold her skincare brand and designer items online to try to alleviate the debt, but it continues to accumulate. Last month, a judge ordered them to hand over the keys to their 2019 Land Range Rover due to unpaid debts to the lender, Ally Bank, totaling over $80,000, in addition to owing the IRS, a bank lawsuit, and credit card fees.
The financial trouble facing Kim Zolciak and Kroy Biermann extends beyond the foreclosure threat on their Atlanta home. Despite previous instances of resolving foreclosure issues, the current situation, exacerbated by their divorce, has put them in a challenging position. Zolciak’s efforts to sell her assets and pay off debts have not been enough to cover the mounting financial obligations, with various lenders and institutions coming after them for unpaid amounts. The couple’s struggles highlight the financial consequences and legal implications of not managing debt effectively.
Overall, the situation involving Kim Zolciak and Kroy Biermann and their Atlanta home facing foreclosure underscores the complexities and challenges of managing financial issues within the context of a high-profile divorce. Despite attempts to sell assets and settle debts, the couple continues to face mounting obligations, with various parties seeking repayment. The potential loss of their property due to foreclosure adds another layer of stress to their already tumultuous circumstances. It remains to be seen how Zolciak and Biermann will navigate these financial challenges and whether they will be able to avoid the foreclosure of their home.
