More bad news for the embattled Giudice family.
According to reports, the Giudices paid around $170,000 for the home in 2005. It was one of many properties they purchased with mortgages they were granted after overstating their income by about $4.6 million, and the home, now worth around $219,000, went into foreclosure soon after. The Giudices still owe about $255,000 for the home, taxes and other expenses, but when it went to auction, no one met the minimum bid, meaning it was sold back to the mortgage lender for only $100.
The same thing happened with the Giudices’ vacation home in Manahawkin, New Jersey, last year. The family owed more than $348,000 on that home, listed it for $315,000, but ultimately was forced to sell it back to the mortgage lender for $100.
While Joe Giudice is serving nearly four years behind bars for crimes related to bankruptcy and tax fraud, Teresa is holding down the fort and trying to set the family’s finances straight. Her return to The Real Housewives of New Jersey after a two-year hiatus amid her legal troubles is rumored to be netting her $700,000. Still, that’s a small chunk of the reported $11 million in debts the Giudices claimed to have when they declared bankruptcy in 2011.
With Joe behind bars and this unfortunate development in the couple’s finances, there’s no telling whether Teresa will be able to get her family back on a good financial track, but we’re willing to bet she’s going to try, and it’ll all be documented on RHONJ.