Peggy Tanous Faces Foreclosure on $1.3m Mansion

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On her hit reality show, Peggy Tanous seems to have it all and is described as a 'wealthy Orange County party girl'.


But the stay at home mother-of-two is facing losing her million dollar home to foreclosure.


The Real Housewives of Orange County star is in dispute with three banks to try and keep her $1.3million home in Irvine, California.


BAC Home Loans Servicing, U.S. Bank National and PNC Mortgage are trying bring the home into foreclosure and have Tanous and her family removed - but the former model has hit back with a lawsuit.


Tanous, 41, is claiming that the banks did not honour a loan modification agreement she says she had with them.


She and her internet entrepreneur husband Micah made payments on time for two years after buying the property in 2006.


But they started to experience financial trouble and fell behind on their payments.


According to court records, they have two mortgages - one for $1million and a second for $312,540.


The monthly checks to make payment on the loans became scarce and they are also accused of a lax in their Orange County property taxes. But the couple have now negotiated a payment plan they are sticking by.


Tanous claims, in her lawsuit, that she made a similar payment plan with the banks.


She claims she had a deal with them to pay interest only for 10 years but was astonished in November when the banks filed a foreclosure notice.


Her lawsuit reads: 'Tanous is determined to keep the property. It is her family's home, and she does not want to lose the Property in a foreclosure sale'.