Jacqueline Laurita one of the stars of The Real Housewives Of New Jersey may be facing foreclosure. According to the national real estate site Zillow, Laurita’s Franklin Lakes, New Jersey home is in Pre-Foreclosure. A notice of Lis Pendens was filed by the lender, Hudson City Savings Bank on February 12, 2013. Zillow is listing the foreclosure value at $1,808,435; however after researching local sales comps the value is coming in closer to $2,200,000. Based on all the data available I’d put the value at $2,199,200.
Lis Pendens: Is the official notice that the lender sends to homeowners letting them know that the lender plans to foreclose because they are in default on their loan obligations.
Tax records tell us Chris Laurita purchased the home February 26, 2002, for $1,720,000 (Jacqueline isn’t listed on tax records as an owner). At the time of the purchase Chris obtained a mortgage of $1,200,000 from Washington Mutual. Chris refinanced the home November 29, 2007, taking out a mortgage loan with Hudson City Savings Bank in the amount of $1,609,900. Assuming the loan was at 80% loan-to-value, the puts the value at 2,012,375 at the time of the refinance.
The Laurita’s are no stranger to financial hardship, Chris is currently going through a business bankruptcy with Signature Apparel. Jacqueline reportedly owes back taxes in the amount of $340,000 and the couple is being sued for a reported $7 million.
In all fairness it’s possible that Christopher isn’t facing foreclosure and the pre-foreclosure listing on Zillow is an error. Tax records do NOT indicate any foreclosure proceedings against the home. Typically you’ll see a little red flag with a link to the foreclosure documents, next to the property address, as you can see in the screenshot above there is no such indication. It’s also entirely possible and I’d say probable that the delinquency has been cured by Chris and Zillow hasn’t updated their site. I just don’t see Chris leaving $600,000 plus in equity on the table.
Are your surprised to hear about Jacqueline’s latest financial hardship?
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