Simmons Bank last week filed a lawsuit in Fulton County state court seeking more than $200,000 after troubled reality stars Kim Zolciak and Kroy Biermann defaulted on a home line of credit.
The couple, who recently called off what had been contentious divorce proceedings, first received the $300,000 line of credit in 2013 after purchasing their Alpharetta mansion. According to the lawsuit procured by The Atlanta Journal-Constitution, filed July 5, the couple cashed the money immediately with an agreement to pay it all back within three years.
Instead, the bank and the couple arranged a 20-year payment plan in early 2018 for the remaining $271,788.61 at $1,132.46 a month. They made monthly payments until October 2022.
The bank has since rescinded the line of credit and is seeking $213,611.27 in full plus interest at $1,705.45. There are also foreclosure fees of $2,071.57 and per diem charges of $55.03.
This isn’t the first time the reality stars have had issues related to the house, which is valued at $3 million on Zillow.
Zolciak and Biermann received a $1.65 million mortgage on the home in 2013 through Truist Bank. The bank earlier this year foreclosed on the home after they fell behind on loan payments, but the couple arranged an agreement that kept them from losing their home in February.
They also owe more than $1 million in back taxes to the federal government.
Zolciak began in 2008 on “The Real Housewives of Atlanta” and spent several seasons on the show. She also had a spin-off show with former Atlanta Falcon Biermann from 2012 to 2020 called “Don’t Be Tardy.” The couple until recently had been fighting over custody of their children, with Zolciak accusing Biermann of drug use while Biermann in court documents called out Zolciak over an alleged gambling addiction.
About the Author
