RadarOnline.com:
Real Housewives of New Jersey stars Melissa and Joe Gorga just put their Toms River home on the market for half a million dollars, but RadarOnline.com has exclusively learned the couple owes more than four times that on their mortgage.Guess now the story will be about seeing whether or not Melissa stays around while she and her husband go through this financial mess--either that or prove Teresa right for being nothing but a "golddigger".
According to public property records obtained by RadarOnline.com from the Ocean County Court House, the Gorga's took out a $2,250,000 mortgage on November 16, 2007 with Sterling Bank, plus interest.
"This mortgage is given as additional collateral for a construction mortgage loan," the paperwork states.
Melissa and Joe originally purchased the home for only $450,000 in 2005 on which they took out an initial mortgage of $360,000 and a secondary mortgage of $45,000.
Looks like Joe's sister Teresa Giudice and her husband aren't the only ones who are in over their heads financially and even visited a bankruptcy attorney to discuss their options.
"In bankruptcy, you are able to start your life again -- and that's exactly what I'm doing. Just because you do bankruptcy doesn't mean you have to crawl and die in a hole," Teresa said.
"Am I terrified of being poor? I don't think I'll ever be poor. Because I am a hard worker and my husband's a hard worker."
As RadarOnline.com previously reported, Melissa and Joe are unloading their homes because they just can't afford them anymore.
"Melissa and Joe are in way over their heads. Joe owes a lot of people money," a source close to the couple revealed.
"They are portraying a life they that they really didn't live prior to the show. Melissa likes to drop name brands now and has become very arrogant. Joe loves the fact that Joe Giudice has financial issues, yet he's in the same boat!"
RELATED: 'Housewife' Melissa Gorga lists New Jersey vacation home
This makes sense. The construction loan was taken out in Nov. 2007, about the time that the housing market was beginning to implode. Back in "the good old days" lenders were writing paper to anyone with a pulse and sometimes even without one! Builders were doing spec. homes left and right under the assumption that the homes would turn before the interest free grace period was over and they usually did. I'm not from New Jersey, but this seems like a real gamble for a bank to speculate on. In this price range people want what they want and besides, for that kind of money why not build your own home to your exact specifications. I don't see a positive outcome for the Gorga's. If the note is in default, you better believe they'll start foreclosure proceedings, and it won't matter to them if you're a quasi "celebrity". Just drop the facade of fake wealth and affluence and move on. And if they are relying on her singing career to pull them out of this........BWHAHAHAHA!!!
ReplyDeleteSpot on.
DeleteFunny how Melissa said, "We pay our bills." I hope bravo let's them go from the show. I hardly watch this season because of Melissa and Joe. Such trashy people.
ReplyDeleteCouple of broke ass posers
ReplyDeleteYes.
Deletejoe gorga owes me money, he's a loser
ReplyDelete