U.S. Bank argued that there's no equity in the property, plus Braxton, pictured left in center, doesn't own the property since it's in the name of a trust, reported the Wall Street Journal.
U.S. Bank said Braxton owes the full $1.5 million on her mortgage and that the property itself is appraised at $1.2 million. Braxton took out the mortgage from Wells Fargo Bank in 2004, but the debt was later transferred.
This would be the second home she's loss to , Nev., home she and her husband, Keirston "Keri" Lewis bought in 2007 for $2.6 million went into foreclosure and sold in
In her September bankruptcy filing, Braxton, singer of "Un-Break My Heart," said she had at least $50 million in unpaid debts with assets in the $1 million to $10 million range. Creditors include Cedars-Sinai Medical Center, the Internal Revenue Service and Neiman Marcus, reported AOL Real Estate's sister site Luxist. She had previously filed bankruptcy in 1998 and the IRS filed a lien against her in 2010 for $396,000.
Braxton has said her financial problems were exacerbated by a heart condition that forced her to cancel a series of Las Vegas shows in 2008, a run that began in August 2006. Also in 2008 she performed on the ABC series Dancing with the Stars, but missed the finale while recovering from removal of a benign breast tumor.
Braxton and her four sisters and her mother will premiere a reality show, "Braxton Family Values," on the WeTV network in April. The show, according to the network, will highlight the "rambunctious, tight-knit Braxton sisters" and their "headstrong mother." Braxton's siblings are Traci, Towanda, Trina and Tamar, who'll "battle it out for the spotlight with sibling rivalry, man drama, bankruptcy, a DUI and much more! Will their super-close sisterly bond and unconditional love get them through the trials and tribulations of life in the fab lane?"
Or the real question is, will it bring in enough dough to help Braxton pay her bills so that the 43-year-old will not have to drop her bloomers for a spread in Playboy? According to TMZ, Braxton went to her Twitter in early January and wrote: "New Year, New opportunities. So I have been considering taking up Playboy's offer to feature me on their cover this year. What you think?" She reportedly noted the spread would be "tastefully done," featuring "Just a lil T and A." And we know the "A" isn't for "Assets," since she's lacking those.
Toni Braxton's Nevada Foreclosure
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