Rick Schaeffer
Rick Schaeffer, the former University of Arkansas sports information director and basketball analyst, and his wife, Adelaide, have gone back to court to keep a bank from selling their Fayetteville home.
In a complaint filed Oct. 23 in Washington County Court by attorney Sammi Wilmoth of Osborne & Wilmoth, the Schaeffers asked for a temporary restraining order against First Tennessee Bank of Memphis and its mortgage company, Nationstar Mortgage LLC. The bank filed a notice of default and intention to sell the home on the steps of the Washington County Courthouse on Nov. 6.
The notice was filed Sept. 4. Schaeffer, now public information director for the Springdale School District, said the sale date is not 60 days from the time he and his wife were served, which represents a violation of their constitutional due process rights.
Schaeffer and his wife filed for a similar injunction last Halloween to prevent the foreclosure sale. After Circuit Judge Beth Storey Bryan granted a temporary restraining order, First Tennessee — through the Mickel Law Firm of Little Rock — filed to move the case to federal court; the federal case was dismissed in December.
In its original notice a year ago, First Tennessee Bank said the Schaeffers owed more than $375,000 in principal on a $507,000 loan they took out in 2003. In filings this time around, the amount is unspecified, other than revealing that it is more than $75,000.
The home in question is on 0.88 acres on Dorchester Drive. The 4,410-SF four-bed, four-and-a-half-bath home is listed for sale at $415,000.
The Schaeffers purchased the land for $45,000 from Dale and Darlene Schultz in 2001.
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