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Teresa Giudice is facing foreclosure

Posted by Vinay Sojitra on Jul 13, 2010 | 11 Comments
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The debt of nearly $11 million is being faced by the star of “The Real Housewives of New Jersey” Teresa Giudice and her husband Joe and includes the foreclosure of their Towaco, NJ mansion, which is used in the Real Housewives’ series.

Teresa Giudice foreclosure

A whopping $11 million is owed by Teresa Giudice in various debts. This came as a shock to everyone, after making a name for herself on the show as someone with a very lavish lifestyle. $11.8 million is listed in debts and their bankruptcy appeal filed in federal court in Newark, New Jersey.

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The debt includes $5.8 million on various business investments made by Joe, $2.6 million in mortgages on three homes, and $12,000 owed to a fertility clinic. $104, 000 also listed by the couple in credit card bills, including $20,000 to top-tier department stores like Neiman Marcus and Nordstrom, and $2,300 to the Phone Company, and $85,600 listed for home repairs.

Teresa Giudice is facing foreclosure

Teresa’s Opulent 11,000 sq. ft. home in Towaco, N.J. is in foreclosure. Marble and onyx floors and countertops are included by this home. The $1.8 million eight-bedroom, 5.5-bathroom mansion is currently in default as per New York Post report. The banks have also foreclosed on other homes owned by the couple, including a $279,000 four-bedroom Jersey Shore house. The Giudices are said to have had three mortgages on the house and owed $325,000. $200,000 homes in Lincoln Park, NJ are in foreclosure because this home had four mortgages and an outstanding debt of $600,000.

Teresa Giudice is facing foreclosure

Teresa and Joe claim to spend just $400 a month on clothes in court papers however Teresa spent thousands and thousands of dollars on their kids’ clothing on their “Bravo” reality show. Joe has his monthly income listed at $3,250 while Teresa lists hers as $3,333 for their income. The couple also lists another $10,000 in “monthly assistance from family members.” nearly $20,000 is owed to Bloomingdale’s, Neiman Marcus, and Nordstrom by Teresa. Their credit card debt alone is listed at $104,000.

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11 comments

  1. vinman says:

    $10,000 in monthly assistance from family members? That’s mafia money. I guess even that can’t save their spending ways.

    This looks more like fraud actually, it’s pretty difficult for the average Joe to get more than two mortgages on a single property, much less multiple mortgages for each of three seperate properties.

    Somebody was hoodwinking the banks.

  2. pearl says:

    ALL I HAVE TO SAY IS “GOD DON’T LIKE UGLY”

  3. Sasha Laforte says:

    Yes they may very well be prosecuted for bank fraud on the mortgages and tax evasion on the income. The $10,000/mo in family assistance is probably skimming from his businesses. Meaning the IRS may be very interested in how a couple making only $60k a year could live like they did.

  4. Anne says:

    Happy wife,
    In debt for life.

    TVannie

  5. Paulette Johnson says:

    I sooo agree with the previous comments about Teresa and Joe and their discusting financial habits. They have been on the show flaunting their home, clothes, belongings like they are the Rockafellers all along owing everyone and their cousin money for things they obviously can’t afford. I can’t believe anyone would want them in their store or business. I soo hope they both go to jail for fraud or whatever they can get them on. I don’t see how anyone in the State of New Jersey would allow them to file for bankruptcy leaving them to live to default another day. She is the antagonist with the drama on the show, not that Danielle is an angel, who I would much rather watch. Teresa looks like a cross between a chimp and a cocker spaniel. Joe sounds like he only has 50 words in his whole vocabulary. They have both mastered the art of manipulation and deception. Oh and let us not forget lying. Don’t let me start about Kim G.

  6. Mocha says:

    $11 Millions in Debt? Foreclosure? Bankruptcy? I don’t feel bad for either Teresa or Joe. Though a fan of the series, I grew disgusted with Teresa’s oblivion to money management. On the last episode, Joe (who to me is a cuckold) told Teresa in not so many words, that he’s broke. Joe should have put his Itallian foot down instead of allow Teresa to run amuck. He gives other Italians and other men the wrong idea about being a doting and obliging husband to a fault.

    Teresa continues to spend like she has it.she’s theonly one on the cast that flaunts it! And like they say,the truth will come to the light and all good things come to an end. This is classic textbook on how people who weren’t used to having money, splurge uncontrollably to gain self-esteem and acceptance.

    Throw them both under the jail- they’re two frauds!

    Happy Wife? In debt for life! That’s a good one!

  7. Dave says:

    I have written this show off my list. The only two decent housewives are Jacqueline and Dina (and she left the show). Teresa portrays upper society, but is nothing short of white trash with a mouth to match. Danielle is no angel, but the sisters have had it in for her from the get go.

    To see Teresa deny any foreclosure or money problems on the show and then to read about their debt and legal problems is quite interesting and funny. They probably thought the show would make them stars instead of fugitives !

  8. bbq says:

    well even though they were able to keep their mansion (for now), pretty much its not a home since its empty..i saw pictures of the items they auctioned and its pretty much everything in that place…geez i feel bad for their kids.

  9. lili says:

    Teresa I like you but you don’t show one thing on bankruptcy papers and then show off on TV. Your home, clothing, jewlery, trips and more and expect the IRS/Bankruptcy court to believe come on where was the money coming from? really?

  10. roberta says:

    They tried to spend money with plans of bankrumptsy

    this is clearly irresponsible spending

    I have much sympathy for folks that file BK after losing jobs, medical cost etc…
    but these Posers were clearly trying to blow through money and cannot live on 16K/month . that 4th kid was a joke…It would be bad enough if it happened naturaly but to use Fertility is absurd

  11. Susan says:

    Yeah, what is wrong with theses people…normal everyday people out there are struggling to stay a float through this economic crises, people who work hard and break their back working 2 to 3 jobs to support their family. Teresa is the most irresponsible person I have seen yet on all these housewives shows.

    To make matters worse, Bravo still has them on the show, they need to get rid of the trash and find some real class. I wonder how much they get for being on this show…

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