The banks are finally foreclosing on the Giudice’s properties. On May 19th, their shore house will be auctioned off by the Ocean County Sheriff’s Office on the court house steps. The bidding starts at just $100 according to Vicki Hyman of NJ.Com. The Giudices bought the house in 2005, four years before the pair landed their reality TV gig on Real Housewives of New Jersey. At that time the took out a mortgage to pay for the $347,000 purchase. They took out a second mortgage to renovate the property sometime thereafter. Then, in 2012 shortly after the renovations had been shown on the show, Hurricane Sandy hit. They then took out a third mortgage to restore the home after the water damage. When their finances were reviewed by the bankruptcy trustee they found that the equity in this home was miniscule.
The house itself is 1,300 square feet with five bedrooms and two baths according to all the real estate sites that I wasted way too much time scouring. Because those stats make no sense. You can’t have five bedrooms in a 1,300 sqft home. Unless they are all big enough for one twin bed. Anyway, they had the property listed for $315,000 last year and it was just recently removed from the market. On line real estate estimates that the actual value of the property is around $245,000. I’m not sure if the holder of the first mortgage that initiated the foreclosure gets all the money or if the second and third mortgage companies get a percentage.
So far the rental property foreclosure has not been announced. It was only recently that the Montville home was officially foreclosed on.