UPDATE: The shore house is on the market too. Looks like time for liquidation! Click here for shore house listing info.
Once again bizarre rumors are floating around on sites that should know better. Let’s review the initial charges against the Giudices. Counts 2-6 are for bank fraud. The Giudices took out millions of dollars mortgages on all of their properties. They all have minimal equity and are mortgaged well above the actual property. In order for the Giudices to sell their current residence, they must get a price that covers all of the mortgages that currently exist on the property. Since those mortgages exceed the market value of the house, they would have to find an idiot of a buyer. Or they could accept a reasonable offer and pay off the remainder of the mortgage themselves. The Giudices are not exactly cash flush at the moment. They have restitution and IRS bills and lawyer bills that must be paid before anything else. There is no benefit to the Giudices selling the house rather than just walking away from it and letting the bank take it. There is nothing to stop them from listing the house for nearly $4 million if they want to but there is no buyer out there at that price.
Teresa has already been talking about “downsizing” on the show in a conversation with Dina that took place in February or March. It sounds like this “listing the house” story is really more about Teresa preparing to have a home in place to claim at sentencing as a place for her to do house arrest. It would be difficult to get house arrest in a property that is facing foreclosure. It’s also going to be difficult for Teresa to rent a place in Jersey without paying for a long-term lease in cash up front given her financial history. Based on this latest bizarre rumor about selling the house, I’m starting to think the entire reason for the postponement is all about trying to hustle to find a place for Teresa to live with the girls so that her attorney can argue for house arrest. If that is true then two weeks may not be enough time. Will her attorney be able to get another sentencing delay? Or has the judge set a two-week maximum for Teresa to relocate? I guess we will find out on or before October 2nd.
Remember that time that the house made the Ten Ugliest McMansions List for all of New Jersey? Click to see what other RHONJ’s house mad the list. Thank God beavers don’t read the Internet.