First of all, you probably need a reread the details of the Giudice’s failed attempt to file bankruptcy. Or maybe that will just confuse you more.
According to Vicki Hyman at NJ.com, the bank finally filed court papers to foreclose on the Giudice home on Wednesday. This means that Joe and the girls may no longer have the daily annoyance of having to actually walk from their front door to the end of the driveway to catch the school bus.
New Jersey is a judicial foreclosure state which means that if you default on your mortgage, the lender has to file complaint of foreclosure with the court in order to repossess the property. Joe has the right to contest the foreclosure within 60 days. If he does then it goes to court which means setting a trial date. In New Jersey. Which could take who knows how long. Probably long enough for Teresa to finish her sentence and get out and deal with all of this. I think this is most likely what will happen. It’s just a stall tactic.
On the other hand, the Giudices just relisted the property again. However, it is still listed at well more than the house is worth. The last price it was listed at was $2.99 million. That’s about a million more than it is worth. The smart thing for the Giudices todo is slash the price to $2million and get ‘er done. I believe the Giudices owe the bank $1.7 million. They could pay the bank what they are owed and have a small amount toward their restitution. That would be the smart, morally correct route.
Like I said, I think they will just stall as long as possible. But eventually, they are going to have to live in a regular house. Right now, the shore house, and the rental property are not on the market. We can expect for the banks carrying those loans to come for the Giudices soon too. Because New Jersey is a judicial foreclosure state all of this can take quite awhile. And remember, when they filed for bankruptcy, that stalled the foreclosure process for a couple of years. It must be nice to live in these houses without paying anything.
Eventually, they will have to find some place to go. They can’t go live with Joe’s mother, because her house was auctioned on the courthouse steps last year for failure to pay taxes. The bank may drag their feet foreclosing on a mortgage but the government does not play if you fail to pay taxes.
We should start a pool on how long the Giudices squat in this house. I’m going to say they will finally be kicked to the curb in March 2015. I am just wondering how they are paying to keep the lights on since Joe doesn’t have a job.