Margaret Josephs Commits MORTGAGE FRAUD and Real Estate Scam!!
Margaret Josephs Commits MORTGAGE FRAUD and Real Estate Scam!!
On February 9, 2022, Margaret Josephs and her husband, Joe Benigno, were sued for defaulting on settlement payments from a prior foreclosure lawsuit.
As of February 16, 2022, the plaintiffs, Charles and Camille Ardito, demanded a remaining balance of $165,000.
In court documents obtained by The Sun, the judge has instructed Margaret and Joe to remit $165,000 to the plaintiffs.
The plaintiffs’ legal representatives are also seeking remuneration for their fees from the reality couple, although a decision by the judge is still pending on this matter.
The plaintiffs alleged that they acquired two residences in Englewood, New Jersey.
Reportedly, Margaret Josephs 57, persuaded the Arditos to agree to the arrangement, stating that one of the properties “could be readily sold for a profit.”
According to the court documents, Margaret and Joe reached an agreement to buy two properties — one for $1,100,000 and their current residence for $1,800,000.
“The agreement called [the Arditos] to provide $400,000 for the purchase of the properties. [The Arditos] eventually provided $440,000 to be used by [Margaret and Joe],” per the legal document.
The RHONJ star consented to provide $180,000 towards the buying cost of the properties.
Margaret Josephs Commits Mortgage Fraud
According to the Arditos, Margaret and Joe procured the first residence for $1,500,000 instead of $1,100,000 and the second dwelling for $1,800,000 instead of $1,400,000.
The lawsuit claims that Margaret Josephs and her husband, Joe Benigno, made “false representations that there were no legal judgments against them” when applying for mortgage loans, meaning Margaret lied on her mortgage application, a federal crime.
“In fact, between the two of them, Defendants had judgments entered against them totaling over $330,000 that would constitute liens on the Properties, if docketed, and they soon were after the closing.” Per court documents. “The Defendants did not make the mortgage payments required in connection with the loans. Defendants defaulted on the [first property] by failing to make payments due and owing on July 1, 2017.They defaulted on the [second property] by failing to make the payment due and owing on September 1, 2017.”
In December 2017, a foreclosure complaint was filed against the Real Housewives of New Jersey couple by Unity Bank.
The Arditos’ assert that the reality stars did not disclose to them that the foreclosure action had been initiated, and hence, they were not cognizant of it.
As per the legal documents, the first property was sold for $100 on August 23, 2019, while the second property, where Margaret and Joe currently reside, remains unsold.
In 2019, the Arditos filed a lawsuit against Margaret and Joe, alleging “Breach of Contract, Breach of the Covenant of Good Faith and Fair Dealing, Fraud, Unjust Enrichment, and Equitable Lien/Mortgage.” An agreement was reached between the parties in April 2021 to settle the matter.
Margaret and Joe committed to paying the Arditos $280,000, according to the settlement. The payment was supposed to be made in several installments, with an initial sum of $25,000, followed by $35,000 every 90 days from July 2021 to October 2022, and a final payment of $45,000 due in January 2023.
Reportedly, Margaret and Joe remitted the first payment and two further installment payments butwhen the payment of January 14, 2022, arrived, they only provided $5,000 out of the $35,000 payable.
At the time, the Arditos filed a lawsuit for $180,000, which was the outstanding balance for the settlement.
The judge has issued a ruling ordering Margaret and Joseph to pay $165,000 to the plaintiffs.
The Real Housewives of New Jersey airs Tuesdays, at 9:00 pm ET, on Bravo.
Stay Connected With All About The Tea: Twitter Ι Instagram Ι YouTube Ι Facebook Ι Send Us Tips
