Oak Court and Your Memphis Foreclosure Case
As the Oak Court Mall prepares for an auction, there’s a lot it can teach us about Memphis foreclosure and what to do if you’re at risk.
Our firm use to be located just next door to this mall. I and my staff spent plenty of time there over the years, and it’s been really sad to watch it struggle so much in recent years. Fortunately, if you’re facing foreclosure in Memphis, you and your family don’t have to experience the same fate.
Uncertainty Waiting for Auction
Lenders use foreclosure auctions to sell homes or real estate after a foreclosure. This means it will go to whoever makes the highest bid. For Oak Court Mall, that could mean someone buys the mall itself with plans to rebrand it in some way. But it can also mean someone buys it for demolition in order to build something new in its place.
In some states, you have time to recover your property even after it gets sold at auction. However, in Tennessee, once your property or home gets sold, there’s no getting it back.
That means the auction date can be critically important. If you’re facing foreclosure, you don’t want to wait to speak with an attorney about how to stop the sale from going through.
Impact of the Pandemic on Memphis Foreclosures
Just like most major retail centers, Oak Court Mall struggled during the pandemic. It makes sense that as things go back to normal and creditors come looking for payment, the mall found itself in financial need.
Similarly, you and your family may have faced real loss during COVID. Plenty of people lost their jobs or took on major health expenses. At the time, government programs, eviction moratoriums, and stimulus bills helped people stay in their homes.
But then, just like with retailers, in the last year creditors have started calling again. Without a foreclosure moratorium in place, a lot of folks are at risk of losing their homes. That’s why foreclosures nationwide went up as much as 150% last year.
So if the pandemic’s problems have led to financial struggles for you, know you’re not alone.
Blight and Crime Impact Foreclosure
Anyone in Memphis could tell you crime impacted Oak Court Mall’s fate. A series of extremely violent, high-profile crimes took place there over the last couple of years. As a result, people associated the mall with a sense of lawlessness and danger.
This can create a vicious cycle:
- First, crime goes up.
- Hearing this, people don’t want to be there anymore.
- Without shoppers, the mall loses some stores and has to cut back on security.
- Then, without people around, the place becomes even less safe.
Neighborhoods work the same way. When crime goes up, it impacts everything in the community, including your property value. In fact, our Memphis foreclosure attorneys talk all the time with people who would move to a cheaper home if they could. Instead, often blight and crime mean you’re forced out of a home you can’t sell even if you tried.
Stop Memphis Foreclosure Through Bankruptcy
Thankfully, you don’t have to sit back and watch them take your house. There’s a solution to foreclosure that can help you keep your home and get a fresh start.
Our Memphis foreclosure lawyers have helped thousands of people get out of debt, stop foreclosure, and rebuild their lives. We can help you, too.
When we hear about places like Oak Court Mall facing auction, we know exactly what they’ve been through to get to this point. And we can help you do differently for yourself and your family.
Contact us today for a free consultation, no strings attached. We’ll walk you through your options and help you every step of the way.