Foreclosed! Teresa & Joe Giudice New Jersey Mansion In Foreclosure and Bank Puts Shore House on The Auction Block

Posted on Apr 17 2015 - 9:49am by Editor

Teresa Giudice

It’s been a LONG time coming, but the gaudy monstrosity of a family home owned by “The Real Housewives of New Jersey” couple,  Joe and Teresa Giudice is finally being taken back.  The bank that holds the mortgage has started foreclosure proceedings against the convicted felon reality couple, ironically on the same day the couple returned the gigantic Montville Township mansion to the market with a $2.99 million listing price.

READ: Fraud Alert: Joe Giudice Relists New Jersey McMansion For Sale

A photo tour of the property is a disturbing ride through rooms and rooms of garish decor, filling a structure that aptly symbolizes a limitless lifestyle, for which this criminal reality couple believed was worth risking everything.

According to court documents, one of the banks that hold deed to the property is Community Bank of Bergen County filed a foreclosure notice in Morris County Superior Court on April 6. The couple recently relisted their mansion for an asking price of $2.99 million after numerous price reductions. Interestingly, the residence appraisal value is around $1.8 million. Community Bank listed as one of Joe and Teresa’s creditors is included in their fraudulent 2010 bankruptcy filing has a $1.7 million mortgage on the property.

When the Bankruptcy court closed the Giudice’s case, the couple paid $7,500 of their million dollar debt and still owe $13.4 million to creditors; giving creditors legal right to pursue claims and recoup what’s owed to them.

READ: Teresa Giudice Did Not Rob Banks Only; List of Other Businesses She Stole From

As we reported back in January, the numerous price reductions on the property stemmed from a place of financial panic. The couple had been delinquent on their $17,000 a month mortgage by several months before the new year broke. After Teresa and Joe were convicted, most of their revenue streams dried up. That fact coupled with their bankruptcy discharge DENIAL, are both circumstances that drove the Giudices to scramble to unload all their properties before the bank seized their NJ mansion. Unfortunately, time elapsed and the bank has started foreclosure proceedings.

READ: Broke House Husband! Joe Giudice May Have To Go On Welfare?

Also affected in the foreclosure fallout is the reality couple’s beach house located in Manahawkin, NJ. The beach house is located on the Jersey shore (Manahawkin, New Jersey) and was featured numerous times on Bravo’s RHONJ. The home was taken off the market a few weeks ago and went into foreclosure.

Teresa Giudice house

The bank owned property was placed on the auction block on March 31, 2015. Read the Public Notice below.

Teresa Public Notice

Viewers have been invited into the Giudice mansion many times over the passing seasons of the Bravo reality show. Family dinners, showy parties, screechy sisterly squabbles, and everyday routines were all prominently featured, highlighted by a backdrop of overstuffed closets, luxurious trimmings, and cushy furniture. Since the Giudices were convicted of fraud, the house has morphed from a tacky trophy house, to a monstrous reminder of criminal greed.  The decision to downsize is long overdue for the Giudcie family…this will be a start.

 

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Writing Staff at All About The Tea