Categories: Alcoa, TNCommunityEvents/What's HappeningNews

Knoxville Homeowners Face Foreclosure on Family Property

The foreclosed home of the Gibson family amid the Knoxville neighborhood.

News Summary

Brandon and Jocelyn Gibson, residents of Knoxville, are facing foreclosure on their property due to a default on a $1.1 million loan with Hazel Development, LLC. The property will be auctioned on February 4, 2025, at the Knox County Courthouse. This situation highlights the financial challenges that many homeowners face today. Interested bidders should be aware of the auction terms and the property will be sold as-is, with potential liabilities for unpaid taxes.

Knoxville Homeowners Brandon and Jocelyn Gibson Face Foreclosure

In a troubling turn of events for the Gibson family, Knoxville residents Brandon and Jocelyn Gibson are facing the possibility of losing their home due to a payment default on a significant loan. The couple signed a Promissory Note to Hazel Development, LLC back on November 30, 2015, for a hefty principal amount of $1,100,000.00. This loan was secured by a Commercial Deed of Trust, as well as an Assignment of Rents and Lease and a Financing Statement that were recorded at the Knox County Register’s Office.

The Heart of the Matter

Unfortunately, the Gibsons have fallen behind on payments, resulting in a formal default. As a result of this situation, Hazel Development has taken action, demanding that the property be sold at a public auction. The date for this auction is set for February 4, 2025, at 11:00 A.M., and it will take place at the Knox County Courthouse located in Knoxville, Tennessee.

This auction presents a challenging situation for the couple and potential bidders alike. The property, which lies in the picturesque Sixth Civil District of Knox County, encompasses several lots including Lots 1R1, 2, 3, 4, and 5 in the Resubdivision of Lot 1R from the James A. Hart Subdivision. The address associated with the property includes 0, 2300, and 2304 West Gallaher Ferry Road as well as 0 Hickory Creek Road.

What’s on the Auction Block?

The properties come with various Parcel IDs, including 129-03512, 129-03513, 129-03514, 129-03515, and 129-03516. It’s essential for anyone interested in purchasing the property to be aware that it will be sold “as is,” with no warranties regarding the title. Additionally, any unpaid property taxes or encumbrances will also be the responsibility of the new owner.

Bidders might also want to consider that the sale is subject to various rights of the grantors such as redemption, homestead, and dower rights. However, these rights are noted to be waived according to the Deed of Trust. So, if you are thinking of bidding, make sure you fully understand what that entails.

Next Steps for Interested Bidders

If the highest bidder at the auction does not comply with the terms of the bid, there is a silver lining for those interested in this property. The Trustee has the discretion to accept the second-highest bid, creating an opportunity for others looking to stake their claim on this prime real estate.

Keeping the Community Informed

For residents of Knoxville who want to stay updated on the situation, a notice of foreclosure will be published in the local community’s favorite spot, The Knoxville Focus. The publication of this notice will occur for three consecutive weeks on January 13, January 20, and January 27, 2025. This is an important signal to both the community and potential buyers about the future of the Gibson family’s home.

The unfolding events surrounding the foreclosure of Brandon and Jocelyn Gibson’s property serve as a somber reminder of the financial challenges many families face today. As the auction date approaches, eyes will undoubtedly be on Knoxville, with many hoping for a resolution that brings peace and stability to those affected.