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 $245,000. I’m not sure if the holder of the first mortgage that initiated the foreclosure gets all the money or if the second and third mortgage companies get a percentage.
So far the rental property foreclosure has not been announced. It was only recently that the Montville home was officially foreclosed on.
I agree TT. Five bedrooms 1300 sq ft? Barely room for a twin bed. Nonetheless, about time property is auctioned.
That’s about the size of my house and I have three bedrooms. One and a half baths, living room, laundry room, and kitchen, and I live in Maryland.
A very large backyard and medium front yard.
What say we all pull our resources and have an official TT party house/time share? 🙂
I’m in!!
I love that idea….
Checked my wallet. I am in for three dollars, 14 cents and an old piece of unchewed gum that looks soggy.
well fuck. Now I have to explain to Banjo that we are not moving to the shore.
On Mon, Apr 27, 2015 at 11:10 PM, Tamara Tattles wrote:
>
That’s ok TT. It will probably be easier for Banjo to swim in a canal than the ocean 🙂
Lol that was my thought! I’ve got 100$ and have a gf that lives close to that house, maybe I can get her to go stand on the steps and bid us up. I’ll go to 134.79$
Only 2 bathrooms? Are there back taxes attached?
I live in Jersey my house that I bought about 8years ago is only 960sq ft and we paid 230,000 for it only two bedroom one bath and fucking septic system so buying a house down the shore and yes that’s what we call it it for that price is a fucking steal. Welcome to Jersey. And on another note I just wanted to say I just took a class with the montville administrator and he said what lovely people the guidices are
The holder of the First Lien gets all the money up to the amount of the lien and then the Second Lien Holder gets all money up to the amount of the Lien and then the Third Lien Holder. That’s why there is the so-called “race to the courthouse” to perfect a secured interest or lien.
The first and second mortgages were obtained during the housing bubble but how in the hell did they get any financing in 2012. By that time, they were already indicted, weren’t they and certainly they had filed the Bankruptcy Petition because that was done in 2009 if I remember correctly.
And not that it really matters but in 2012, the Juicy Family was making a LOT of money and certainly should have been able to finance the renovation of a beach house from their earnings if they had even a shred of economic morality or sense or whatever you want to call it.
I can think of one way you can have five bedrooms in a 1300 sq. ft. home: add on without a permit. Since he is in construction, it should have been easy for him to do, at least after the loans were made on the property. Bubble or no bubble, I’m still surprised a legit lender was willing to make a third loan on the property. I sure wouldn’t want to be third in line to receive any sort of pay out.
Maybe they used FEMA money?
Hi Angel… We have a second home on the Barrier Islands (Teresa house is inland and further south than our house). We did not get what primary homeowners received from FEMA. She could not have gotten much.
I hope you were able to rebuild. I was trying to be a bit facetious. I figured that Joe would be all over giving false information for a fema loan or grant.
if additions or upgrades were done without permits they can’t be counted in Square footage. But that would have been illegal and I don’t think the Guidices would do anything illegal.,, oh wait.
haha Exactly. Juicy Joe may have added on a few bedrooms and the true square footage may be more like 1500 sq.ft. The property records would still show the home as 1,300 sq.ft. Otherwise, that house has some awfully tiny rooms.
I finally got the slide show to cooperate….the bedrooms are super small. I still wonder tho if he fudged a bit. The design is so awful I don’t know how they will ever sell it for anything but a tear down.
The houses is actually a bit larger than most on the street even at 1,300 Sqft. Shore houses on that canal are smallish party houses for the weekend. And I think it is prettier than most in that hood.
On Mon, Apr 27, 2015 at 6:56 PM, Tamara Tattles wrote:
>
Wow, then are these mostly vacation homes?
Dj please clarify. Flood damage is not covered TYPICALLY correct? I am not saying you know of this situation at all.
I had flood damage in FL and flood damage in CO. It was not covered in FL but every penny covered in CO.
Storm in FL. Pipe burst in CO. Maybe that mattered. Or maybe this is all irrelevant. I just wondered if they pocketed insurance monies or ehat happened to any alleged insurance money.
My apologies TT if this reply should not be asked/discussed.
Jen,
My house flooded in the Florida Keys and everything was covered because I have Flood Insurance in addition to Home Owner’s Insurance. Fortunately, I have USAA and they pay replacement costs versus other companies that pay depreciated value. Hope this explained it.
So loan 2&3 are screwed and loan 1 will be lucky to get 3/4 of what is owed because no one pays market value at an auction.
It is a fucking ugly house. What is with that roof line, and those itty bitty windows. To me, it isn’t worth shit, as I would have to cut off the top half of the structure, just to get the appropriate angles with whatever roofline I chose. Jesus, Mary and Joseph…
Jesus, Mary and Joseph say “No Thanks.” They’d rather live in a barn….even if the right front looks fauxbarnish it is not fauxbelicious.
I’d take the manger of that barn over the house option. Love the faux references! Fauxbarnish!
It is ugly. I bet it looked better before Teresa tarted it up.
It’s not in one of the better shore towns so they should be happy if they get the whole one hundred dollar starting price
That is a ghastly house! Bring on the bulldozers!
1,300 sq.ft. with 5 bedrooms? Maybe if they are each 6×9 “cell like” rooms. Either that or they are including the FEMA trailer with bunk beds as two rooms.
The jersey shore houses I spent my well guided youth at (AC, brigantine, OC) were mostly bedrooms with small common space. You had to have 5 roommates in order to pay rent, buy booze, and work shitty jobs. We had 6 living in a 1200sq foot house. One room had bunk beds. Other than bedrooms and tiny bathrooms it was a galley style kitchen and living room/ dining room combo.
So it could be that small and gave that many rooms.
Except we have SEEN the house on TV and it did not look cramped at all. The foyer was 150 sqft alone.
On Mon, Apr 27, 2015 at 7:58 PM, Tamara Tattles wrote:
>
When we bought our house the square footage of the second floor wasn’t included in the realtor listing, so we considered the upstairs “bonus space”. This could be how they got the 5 bedrooms in 1300 sq. ft…. Sorry if this is redundant to someone else’s comment, but it looks as though there is second floor.
I don’t understand why they wouldn’t lower the prices on these homes and at least get some money since they are going to be held accountable for everything. They might’ve sold it for $200,000. At least make the hole more shallow!
Because they are arrogant and probably thought people would have fallen over themselves to buy it because Teresa is so famous.
You don’t seem to get that they do not own the home and they have almost zero equity in in. The first mortgage is for over $300K. This money is not going to anyone but the mortgage company and they are not going to recoup their full loan amount unless someone stupid just wants to live in Tre’s house.
On Mon, Apr 27, 2015 at 8:10 PM, Tamara Tattles wrote:
>
Oh I thought if they sold the home, they’d still have less to owe on these loans then if it were seized by the bank. if they sold it for 200,000, that would be 200,000 less they would have to pay back.
Selling it on the courthouse steps IS “seized by the bank”
On Tue, Apr 28, 2015 at 7:36 AM, Tamara Tattles wrote:
>
FYI this house is eleventy billion times better than my house. Y’all are some snobbish bitches. :)
On Mon, Apr 27, 2015 at 10:19 PM, Tamara Tattles wrote:
> You don’t seem to get that they do not own the home and they have almost > zero equity in in. The first mortgage is for over $300K. This money is not > going to anyone but the mortgage company and they are not going to recoup > their full loan amount unless someone stupid just wants to live in Tre’s > house. > > On Mon, Apr 27, 2015 at 8:10 PM, Tamara Tattles [email protected]> wrote: > >>
AND, it’s on the shore. It IS prime property. The bank or finance company will recoup their losses in the end, because the house will not go vacant, and the money the new owners would make renting it May-September would pay for the rest of the year.
It’s on a CANAL.
On Mon, Apr 27, 2015 at 11:21 PM, Tamara Tattles wrote:
>
But I bet you don’t have three loans on it 🙂 I can’t imagine taking on that kind of debt and stress unless it truly was fabulicious!
I don’t believe in debt. I paid cash for this house. It’s fugly but it’s mine. 🙂
On Mon, Apr 27, 2015 at 11:47 PM, Tamara Tattles wrote:
>
11ty billion times better? Lol, even in the darkest of times you make me laugh
I try. :)
On Tue, Apr 28, 2015 at 1:56 AM, Tamara Tattles wrote:
>
The 3rd lender deserves to not only not get any of the loan back, but deserves to be raked across the coals for making the loan in the first place; have mortgage lenders learned nothing since 2008?
I agree the house is ugly – I hate the barn-like outline, and I hate the “trim” around the windows – supposed to look like tiles, I guess.
No kidding! I would love to know if it was a private or institutional lender. I can’t imagine a private lender taking the risk with so little equity, unless it’s a (now former) friend. Some one really make a bad decision!
The exterior of that house is downright fucking ugly.
The right buyer could make great money off this house. Buying at auction for a bargain. Then renting by the week as a vacation rental for families. If your on vacation the bedrooms don’t really need to be big for the kids to sleep in. As long as you don’t rent to a bunch of partying teens you could do ok. Although I have a rental property and it can be a pain with the wrong tenant.
Also this home is ugly as heck. Just personal preference. I am not saying this due to size or anything but it reminds me of a bedazzled trailer. Not that anything is wrong with that but its ugly imo
Ocean county is not one of the most desirable jersey shore counties. The town where that house is located is a weekend party town for the kind of people portrayed on the mtv show. They are the north jersey, Staten Island people that trash the shore towns on weekends from Memorial Day to Labor Day.
If you bid on that house, keep in mind you will have to raise the house. FEMA aid is or fed grant money is not given out on 2nd homes. The house has to be your primary residence. I know this because I live at the beach in a jersey town and my house was filled with 4 1/2 ft of water from sandy. I am still working on my house and waiting for my lifting.
The house was fully renovated after Sandy.
Yes it was renovated but it does not looked lifted. Most of the houses on or near the water in my town are going up 4 to 6 ft either with pilings or some other method. The insurance rates will be unaffordable if your house is not raised and it will be hard to sell unless it is listed very low to account for the cost of new owners raising. Costs run 80,000 and up
I am not sure how this works. Could someone help me understand? So you bid on the house, and you win the bid at let us say $15k. So are you responsible for paying the $15k and whatever is owed on the first mortgage? Didn’t they have to get mortgage insurance? Isn’t that the point of MIP? To protect the bank in case borrower defaults on the loan? Or are you getting the property flat out for what you bid on it (plus taxes of course)
It’s an auction. People bid on the house. Highest bid owns the house.
On Tue, Apr 28, 2015 at 6:06 PM, Tamara Tattles wrote:
>
When, or maybe she already knows Teresa is going to mad and then have a pity party for losing her fabulous beach house while she’s away at college.
I live in NJ and I was watching a segment on the local news. They featured a local family that used Joe Guidice’s construction company, to renovate their home after it was damaged by Sandy. The family had received a flyer in the mail indicating the contractor would do any and all renovation work plus the homeowner wouldn’t have to pay him upfront-the contractor would deal strictly with the insurance company. There was nothing on the flyer to indicate the company was owned by Joe. Then the camera zoomed in on various rooms in the house and showed what an absolutely shitty job they received-I mean this was crappy, shoddy work with many areas left unfinished. Joe did deal with the insurance company-he took all the money and didn’t finish the job. The homeowners had to start over, hire someone else and pay out of their pocket. These were not wealthy people.
Fwiw, they need to take a little responsibility for hiring someone for such a big job based on a flyer and no research into the contractor…