With all the legal disasters currently populating Teresa Giudice's life at least one thing is going in her favor – she won't have to move her kids out of the marble remnants tackery she refers to as home. Whew!
A bankruptcy court recently ruled that the Real Housewives of New Jersey star will not have sell her home to repay debts. Radar Online discovered court documents pertaining to the case where the trustee of Teresa and Joe Giudice's home filed a motion on December 23, 2013 for the Giudices to "abandon" their home because it's of “inconsequential value” to their estate.
Translation: it would be too difficult for the trustee and the state to handle the sale of such a garish property so it's worth more in the Giudice's hands (with them presumably paying property taxes and a mortgage) that it is being sold outright to pay off old debts since it would not generate enough money to make a significant dent.
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On January 13 the court had no objects to the "abandonment" filing and decided Teresa could keep her home as a primary residence.
Teresa's home is currently appraised at $500,000*** but she carries a $1.6 million dollar mortgage on the property. Is that a real mortgage or one fabricated in one of their schemes? ***See update below
Unfortunately Teresa and Joe's home has been in foreclosure proceedings multiple times so if they end up in another foreclosure situation the bank can go ahead with the process despite the abandonment ruling by the court.
The lesson here folks, pay your bills. And don't try to keep up with the millionaires.
[Photo Credit: TNYF/WENN.com]
TELL US – ARE YOU SURPRISED TERESA GETS TO KEEP HER HOME?
Here are snippets from the actual court documents – the house is worth much more than $500K.
NOTICE OF PROPOSED ABANDONMENT
John Sywilok, Trustee for the above−captioned case, has filed a notice of intent to abandon certain property described below as being of inconsequential value to the estate.
If any creditor or other party in interest has an objection to the proposed abandonment, the objection and a request for a hearing on such objection shall be in writing, served upon the Trustee and filed with the Clerk of the United States Bankruptcy Court.
If no objection is filed with the Clerk and served upon the Trustee on or before January 9, 2014, the abandonment will take effect on the fifth day following the last day to file objections.
The description of the property to be abandoned is as follows:
Debtors interest in real property located at: (Joe & Teresa's Address) NJ 07082
Fair Market Value: $1,650,000.00
The liens on the property to be abandoned are as follows (including amount claimed due):
Subject to mortgage held by Community Bank of Bergen County on which there is due approximately $1,716,737.00.
The amount of equity claimed as exempt by the debtor is: No Equity
There is a court date set for January 27th.
Updating again to add the 2014 property tax info:
| Land Value | $287,300 |
| Improvement Value | $1,479,000 |
| Net Taxable Value | $1,766,300 |
| Prior Year Taxes | $38,222.73 |
| Current Year Taxes | $38,858.60 |
