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Michael York

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.

TELL US – THOUGHTS ON THE LATEST NEWS INVOLVING PEGGY AND ALEXIS?

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?

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!

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