Toni, Toni, Toni.
The Wall Street Journal is reporting that a judge has granted court approval to a mortgage debt holder, to launch foreclosure proceedings on the Georgia property of Grammy-winning singer Toni Braxton.
Court papers show that Judge Barry Russell of the U.S. Bankruptcy Court in Los Angeles lifted the shield protecting Braxton, who filed for Chapter 7 liquidation last September, from the reach of U.S. Bank.
The bank, which represents the holder of Braxton’s mortgage debt, argued for the right to launch foreclosure proceedings on the grounds that Braxton doesn’t have any equity in the Duluth, Ga., property. As of late November 2010, the bank said Braxton owes $1.5 million on her mortgage—the property itself has been appraised at $1.2 million.
Hopefully, Braxton’s new WE Network reality show “Braxton Family Values” —which will also star her four sisters—will yield an opportunity for some much needed income.