Rick Schaeffer Files Injunction Against Sale of His Home

by Arkansas Business Staff  on Monday, Nov. 6, 2017 12:00 am   1 min read

Rick Schaeffer

Rick Schaeffer, the former University of Arkansas sports information director and basketball analyst, and his wife, Adelaide, have filed for a temporary restraining order in Washington County Circuit Court to prevent a bank from selling their home.

In a complaint filed by their attorney, Richard Osborne, on Halloween, the Schaeffers alleged that First Tennessee Bank of Memphis and its mortgage company, Nationstar Mortgage LLC, violated their due process rights.

Rick Schaeffer is now the communications director for the Springdale School District.

First Tennessee Bank, through the Mickel Law Firm of Little Rock, filed a notice of default against the Schaeffers in an attempt to foreclose on the Schaeffers’ home on Dorchester Drive in Fayetteville. The bank wanted the Schaeffers’ home sold on the Washington County Courthouse steps on Nov. 14.

First Tennessee Bank claimed the Schaeffers were in default on a mortgage that they signed with First Horizon Home Loan for $507,000 in 2002; First Horizon Home Loan and First Tennessee Bank are subsidiaries of First Horizon National Corp. of Memphis. First Tennessee Bank claimed the unpaid principal amount was slightly more than $375,000.

The Schaeffers purchased the 0.77-acre lot for $45,000 in June 2001 from Dale and Darlene Schultz. They built a 4,410-SF home on the property in 2003.

In their filing, the Schaeffers disputed First Tennessee’s claim on the amount of the unpaid balance and said the scheduled sale date wasn’t 60 days from the date the notice was filed, as required. The bank’s failure to properly notify the Schaeffers violated their’ constitutional due process rights, the suit claimed.

The Schaeffers requested a temporary restraining order to prevent the sale to avoid “irreparable harm.”

 

 

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