Temporary Injunction Issued in Rick Schaeffer Foreclosure Case

by Arkansas Business Staff  on Monday, Nov. 13, 2017 12:00 am   1 min read

Rick Schaeffer

Washington County Circuit Judge Beth Storey Bryan has issued a temporary restraining order to prevent a bank from putting Rick Schaeffer’s home up for sale on the courthouse steps Tuesday.

Bryan scheduled a hearing in her court for 9 a.m. Wednesday.

Schaeffer, a former University of Arkansas sports information director and basketball analyst, and his wife, Adelaide, filed for the order on Halloween to prevent First Tennessee Bank of Memphis from selling the couple’s residence on Dorchester Drive in Fayetteville. Rick Schaeffer is now the communications director for the Springdale School District.

First Tennessee alleged the Schaeffers were in default on the mortgage for more than $375,000. The Schaeffers disputed First Tennessee’s calculation of the amount in default and said the bank violated their due process rights by failing to give proper notice of its intent to foreclose.

Bryan will determine at the hearing whether First Tennessee Bank’s foreclosure can proceed. Until the court makes a ruling, the bank can’t sell the property.

 

 

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