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Alexis Bellino Foreclosure

While the sixth season of the Real Housewives of Orange County has yet to air, one of the new housewives, Peggy Tanous, is already making headlines for the wrong reasons.

According to the OC Register, Peggy recently defaulted on her home, pictured below.

The home, which was purchased in 2006 for $1,379,000, has a default notice dated Nov. 16, 2010, with records showing the amount in default at $190,713. The loan was for $1 million.

Peggy, a 41-year-old former bikini model and stay-at-home mom, is married to Micah Tanous, who is described as an Internet marketing entrepreneur. Oddly enough, the couple is friends with Jim and Alexis Bellino, who are also currently facing some home loan troubles of their own.

If you recall, the Bellinos also defaulted on their home loan twice last year which led to a foreclosure and some auction dates which Jim and his lawyer were able to get postponed.

The latest auction date, which was set for Feb. 10, did not take place as lender JPMorgan Chase simply canceled the auction and the foreclosure proceedings. Michael York, a lawyer for the Bellinos reveals they were able to come to a deal with Chase.

As for what happens next, the 6-bedroom house is still being offered as a short sale, or for less than what is owed on the loan, with a asking price of $3,395,000.  The listing details show that the Bellinos have put over $6 million into the home.

And despite the fact that his clients defaulted on a home loan twice and were in foreclosure, York denies Alexis and Jim are having any financial problems in the statement below given to the OC Register.

“Some media reports have speculated that Mr. and Mrs. Bellino are having financial problems, which have resulted in issues between them and Chase. The speculation is inaccurate. Mr. and Mrs. Bellino do not have and have never had financial problems, and the issues between them and Chase are due to good business decisions that Mr. and Mrs. Bellino have made, not financial problems.”

Right… The Real Housewives of OC – Like the Real Housewives of Beverly Hills, but without all the money.

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We’re guessing this is good news for Alexis Bellino and husband Jim Bellino.

The OC Register is now reporting the foreclosure auction scheduled for Monday for the Real Housewives of Orange County stars has been postponed yet again. The new auction date? Feb. 10.

Though the Register adds that there’s a good chance the auction will not take place at all as Jim managed to find a technical loophole file bankruptcy for his company Global Marine Inc. a few weeks ago. The company just manages to hold the title to his house.

The 6,400-square foot, 6-bedroom house is currently listed for sale at $3,395,000, a far cry from the $4.56 million they paid in August 2007. The debt on the home is reportedly $4.7 million. You can see pictures of the home here. The Bellinos defaulted on the home loan twice last year, though they now claim they are still negotiating with the bank.

In other OC news, two weeks after a tentative ruling, an OC judge has officially ruled that Gretchen Rossi should pay her ex Jay Photoglou $40,799 in legal fees. This is in addition to the $22,000 she was also forced to pay him last May.

Gretchen had tried to sue Jay for defamation but is now just suing for assault, battery, stalking and other alleged offenses. Jay had asked for $85,000 in attorney fees, but the judge only awarded him half because a good portion of the lawsuit against him is still ongoing.

Jay’s attorney is however calling this new ruling a win. “We just keep getting victories, and we look to get more of them if she makes the decision to keep going with this case,” his attorney, Bryan J. Freedman told E! News. “We’re pleased,” he continued. “They tried to challenge the amount, they were unsuccessful, and the judge made the right ruling. And I have no doubt she’ll appeal it, and we look forward to her losing that also and paying more attorney’s fees for yet another poor decision.”

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More bad news for Jim and Alexis Bellino.

Following their most recent foreclosure notice, the OC Register is now reporting that the home of the Real Housewives of Orange County stars is set to be auctioned off on Friday.

The 6-bedroom, 6,400 sq. ft. Newport Beach mansion was previously set to be auctioned off back in August but the Bellinos were able to get that canceled as they got a loan modification from the bank. It now seems that loan modification might have fallen through.

“The bank changed the deal,” Michael York, the Bellino’s attorney said Tuesday of a verbal agreement that was announced by Jim back in August. According to York, no reason was given for the change.

The Bellinos also released the following statement – “We have been communicating with the bank regarding loan modification options for several months. The bank has changed its offer, and the market has further declined since August, but we are continuing to work with the bank in an effort to reach a mutually agreeable resolution.” It appears The Bellinos remain hopeful that the newest acution date will also be canceled.

While the Alexis and Jim continue to hope for a Hail Mary, the home is still listed for sale. A real estate listing from Lagunaseaside.com states “owner has over $6 Million into the property, reduced for quick sale.”

The asking price is now $3,395,000, slashed from a previous price of $4,995,000. Even if the Bellinos are able to sell their home before Friday, they would still be taking a loss as they currently owe $4,677,635.01 on their home mortage.

The 6,400 square ft. home boasts 6 bedrooms and 6 bathrooms as well as a a state-of-art kitchen, wine cellar, home theater, & large recreational area with pool table and bar. The home also includes a 6 car garage, multiple family rooms, den/office, and gym according to the listing.

CLICK THE CONTINUE READING BUTTON BELOW TO SEE THE HOME PHOTOS!

It’s deja vu all over again as RadarOnline is reporting that Jim and Alexis Bellino are facing foreclosure for the second time this year.

If you recall, the Real Housewives of Orange County stars faced foreclosure earlier this year when they defaulted on their $4.6 million home loan after failing to make $83,856.92 in payments. The Bellinos’ Newport home was in fact scheduled for auction back on Wednesday, Aug. 25. However the auction did not take place as they were able to obtain a last minute loan modification.

Well there is now more trouble. According to RadarOnline, Jim and Alexis have just received a new “property foreclosure notice” published in their local newspaper, The Daily Pilot, on Friday.

Despite the loan modification they got in August, it seems the Bellinos were still in financial trouble as they continued to try to unload the 6400 sq. ft. house, drastically slashing the price in the last four weeks. It went from $4,995,000 on November 10 to $3,695,000 on November 29.

With the addition of their missed payments, the Bellinos now owe $4,677,635.01 on their home. The new foreclosure notice means Jim and Alexis will be facing an auction sale of their mansion any day now.

The 6th season of the Real Housewives of OC is set to return to Bravo in January.

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Are the Bellinos about to become to the Real Housewives of Orange County what the Giudices are to the Real Housewives of NJ?

Perhaps. The OC Register is breaking the news today that OC star Alexis Bellino and husband Jim Bellino defaulted on a $4.6 million loan for their home in Newport Beach.

The OC Register obtained court documents which shows the Bellinos failed to pay $83,856.92 on their home loan as of April 26 this year. It gets even worse as the documents show the Bellinos faced the threat of foreclosure and having their home sold at public auction to the highest bidder.

Just how close were the Bellinos to losing their home? Let’s just say their home was scheduled to be auctioned off on Wednesday, Aug. 25.

The auction however never took place as the Bellinos were able to obtain a last minute loan modification on their home, and never had to move out.

“Chase Bank has been great to work with on my modification,” Jim Bellino told the OCRegister on Friday. “The trustee sale has been canceled, and the modification has been agreed upon.”

The 5-bedroom, 5-bathroom, 4,200 square feet home was purchased on July 30, 2007. The original loan amount was $4.5 million but because the Bellinos missed all their mortgage payments since the beginning of this year, the debt with fees and penalties added increased to $4.62 million.

The OCRegister also reports the Bellinos have been trying to sell the home for a while now, taking it on and off the market since May 2008. Their home is reportedly now worth $3.89 million.

The 6th season of the Real Housewives of OC is currently filming and is scheduled to air in January 2011 on Bravo.

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