In a previous Chapter 7 post, we shared how the notorious mother of 14, Nadya Suleman, is facing some serious financial hardships. The single mother of multiples is unemployed but owes a reported $1 million in debt to various parties. One of those parties who is supposedly owed money is the man who financed Suleman’s purchase of his former home.
Last week, we indicated how Suleman is about to lose her home to foreclosure. Technically, the mortgage isn’t hers; she and the former owner have a unique arrangement regarding the home’s ownership and mortgage payments. The Orange County Register reports that Suleman basically rents the home from a man who is truly on the hook for making the monthly payments.
The home’s technical owner is frustrated with Suleman as a renter. Based on the reported details about her recent bankruptcy filing, she owes an estimated $30,000 toward the mortgage. That means that the mortgage owner has either had to fork out that amount in payments instead of his renter to keep the home or he risks damage to his credit.
He’s apparently had enough of the stress of Suleman and the home and has been hoping that the home would be sold at auction. The recent scheduled auction, however, was stalled per the request of a foreclosure company.
This is a complex case with more questions than there seem to be answers at this point. What is obvious is that Suleman has some stressful legal and financial hoops to get through in order to get to the fresh start that she wants. It’s looking like that fresh start could have to include a new place for her and her 14 children to live.
Source: The Orange County Register, “‘Octomom’ house sale delayed again,” Michael Mello, May 7, 2012