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Jim Bellino

More bad news for Alexis Bellino and her husband Jim Bellino.

Just weeks after Jim, star of the Real Housewives of Orange County, filed for Chapter 11 bankruptcy protection for his company, the OC Register is now reporting he is being sued for fraud.

The lawsuit which was filed in Orange County Superior Court in April 2009, alleges fraud, deceit, wrongful foreclosure, breach of written contracts and other complaints.

According to the suit, Jim, his lawyer Michael York, and California Empire Funding Corporation wrongfully foreclosed on a Laguna Beach property called the InVogue Hotel. The couple behind the suit, Shashi Tejpaul and Gail Duncan, are saying that despite making payments on the property and getting a written and verbal agreement from Jim and his lawyer, they still elected to foreclose on the property.

CLICK HERE TO SEE PHOTOS OF ALEXIS & JIM’S HOME IN FORECLOSURE!

Jim, 48, and his lawyer York, who also happens to be his brother-in-law, however deny the allegations stating Tejpaul and Duncan made misrepresentations to obtain the loan, used the money for other purposes and stopped making payments on their loan.

Jim and his company have also filed a counter suit against Tejpaul and Duncan alleging fraud amongst other things.

The fraud suit against Jim is set to go to trial Jan. 10, which happens to be the same date the bank is planning to hold an auction on Alexis and Jim’s home which is still in foreclosure. The auction date was postponed to Jan. 10 after Jim filed bankruptcy protection for his company Global Marine Inc., which just happens to hold the title to the Bellino home.

The Bellinos’ attorney also tells RadarOnline that Jim and Alexis are not going down without a fight as they are now considering suing Chase Bank. “Right now we’re considering legal action against Chase, regarding the fact that they changed the terms of their loan modification agreement,” said York.

TELL US – WHAT ARE YOUR THOUGHTS ON THE LATEST WITH THE BELLINOS?

Yet one more Housewives’ bankruptcy story to report.

The latest star to join the exclusive Bravo club is none other than Jim Bellino of the Real Housewives of Orange County.

The OC Register is reporting that just 2 days before his home with wife Alexis Bellino, 32, was scheduled to go on the auction block due to foreclosure, Jim filed for Chapter 11 bankruptcy protection for his company.

Jim is reportedly the president of Global Marine, Inc. — a single-asset real estate corporation. The 7-page document filed Wednesday at U.S. Bankruptcy Court, Central District of California states that “after any exempt property is excluded and administrative expenses paid, there will be no funds available to unsecured creditors.”

So how much exactly does Jim’s company owe? Well that is not yet clear as the bankruptcy filing simply states the estimated number of creditors is between 1 and 49, and the estimated assets of Global Marine, Inc. are between $1,000,001 and $10 million.

The OC Register is also reporting the Bellinos’ auction date on their soon to be foreclosed Newport Beach home has been postponed to Jan. 10.  The reason being due to Jim’s bankruptcy filing.  You can see photos of that home here.

When contacted by the Register on Friday for a comment, Jim said “No comment” and hung up the phone.

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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.

TELL US – WHAT ARE YOUR THOUGHTS ON ALEXIS & JIM’S FORECLOSURE CRISIS?

Alexis Bellino

Following the failure of Sheree Whitfield’s She by Sheree, it seems a new Bravo housewife is ready to give the whole clothing line thingy a shot as well.

That brave one is Real Housewives of Orange County star Alexis Bellino. In an exclusive interview with RadarOnline, 33-year-old Alexis reveals her new found passion for fashion while also giving the site a sneak peak into her new couture dress line brilliantly called ‘Alexis Couture.’

“I am truly inspired by Valentino and Cavalli with Dolce and Gabbana fabrics and fit. I’ve added by own personal twist,” said Alexis. “I’ve been designing my line for 1 year and I’m really excited about the results.”

Originally hailing from Hannibal, Missouri, Alexis has three kids with hubby Jim Bellino, whom she met in 2005. “I have always said that being a great wife and mother comes first but Jim is super supportive of me working,” added Alexis.

Alexis plans to release Alexis Couture dress line in January 2011, the same month the 6th season of the OC Housewives is set to premiere on Bravo. Alexis is also planning a launch party in Beverly Hills on December 2.

Some photos of Alexis modeling her new line below. You can see more photos at RadarOnline.

TELL US – WHAT ARE YOUR THOUGHTS ON ALEXIS’ LINE? WOULD YOU WEAR ALEXIS COUTURE?

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.

TELL US – ARE YOU SURPRISED BY THIS NEWS?

Real Housewives of Orange County star Alexis Bellino is breaking her silence on the recent report stating her twin daughters almost drowned during the 4th of July weekend.

TMZ broke the story on Tuesday that Alexis and husband Jim Bellino left their stroller unattended while they were off “doing something” and it ended up rolling into a pool. According to TMZ, one lifeguard pulled the stroller out of the water with one child still in it, while Jim dove in to save the other child.

Alexis however gives a different version of events on her website. She states she and Jim turned their backs for a quick minute to say goodbye to some people, and the stroller ended up in the pool because she forgot to put on the brakes. Alexis also claims Jim was the one who saved both girls.

Below is what Alexis had to say -

“On Sunday, July 4th, my family was leaving the Balboa Bay Club swimming pool in the late afternoon. As we were leaving, I turned to say goodbye. Our girls were in their stroller and I thought I had put the brake on, but apparently I didn’t. My husband, Jim, and I were both standing close to the stroller. Within seconds, the stroller had rolled towards the pool and a stroller wheel rolled off the edge of the pool. Before either of us could grab the stroller, a second wheel rolled off the edge, and the stroller went into the pool. Of course, Jim instantly went into the pool. He grabbed both of the girls himself and lifted both of them out of the water. Because the girls were not strapped into the stroller, and Jim was right there, their heads did not even go under water.

While we are not making light of this incident, and have been reminded to never take our eyes off the children for even a second when near water, it has been so hurtful to know how this experience has been mischaracterized in the media. To all of you who have offered your support, we thank you from the bottom of our hearts.”

TELL US: DO YOU BELIEVE ALEXIS’ VERSION OF EVENTS?

CLICK HERE FOR SOME NEW PHOTOS OF ALEXIS POSTED ON HER SITE -

The Real Housewives of Orange County star Alexis Bellino nearly lost two of her children on the 4th of July according to TMZ.

The accident occured at the Balboa Bay Club in Newport Beach, CA when Alexis left her stroller unattended … and it rolled into a pool.

Sources tell TMZ that sometime during the holiday celebration, Alexis and her husband Jim Bellino were off “doing something” … and the stroller — carrying 2 toddlers — toppled into the pool.

One lifeguard pulled the stroller out of the water with one child still in it, while Jim dove in to save the other child. Jim however tells TMZ a slightly different story — claiming, “There was no lifeguard needed or involved.”

According to TMZ, both of the Bellino children are fine and didn’t need medical attention.

Ironically enough, Alexis posted a photo of herself on facebook in a matching bikini with one of her daughters on July 4th, and wrote: “It’s all about family on the Fourth of July!!!!!!!!!”. That photo is below.

CLICK HERE TO SEE THE PHOTO OF ALEXIS WITH HER DAUGHTER -

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