Melissa Gorga & Joe Gorga Are Really Underwater
Many people around the world owe way more on their homes than they are worth, but Melissa Gorga and Joe Gorga of Real Housewives-New Jersey may just have it the worst. On a house they are currently trying to sell for $500K they owe over $2M. Yep. It turns out that Joe thought he could make a fortune in the construction business so he took out a bunch of loans and one of the loans was for $2.25M and he used a house as collateral. So, the house which probably would have been paid off by now has no chance of ever getting paid off and the Gorgas are selling it in a short sale. Well, now we know how he managed to live so well all these years. Construction loans. Everyone was getting them when times were good and flipping houses, but if you didn't build anything with the money you got and just spent it all then it makes it much harder to pay everything back.
28 comments:
Oh. My God. I'm dreaming that HIMMMMM is really Teresa Guidice and is going to make an appearance in this comment section......
Colorful dream!
Loans man. Gotta be careful with shit you owe.
That rinky dink house is worth how much???
Sounds like fraud to me. If they get a construction loan it has to go towards construction of a house. It is not dispersed out all at once but in portions as the building is completed.
Ha, FSP! I was going to say the opposite. You can get that house for only $500K?! You'd be lucky to find a small condo in SF for that kind of money.
but then we blame the president... how thoughtful!
That house would be $250k in my hood.
The house in this pix is in Toms River, NJ:
http://www.zillow.com/homedetails/11-Mermaid-Rd-Toms-River-NJ-08753/39593304_zpid/
Their other "house" is in Montville, NJ:
http://www.zillow.com/blog/2012-05-10/new-jersey-real-housewife-gorga-wants-out-out-of-her-house-that-is/
Sorry, don't know how to put links in....
I knew that fucking knuckle-dragging guido wasn't any genius businessman. He barely can put a damn sentence together when you can understand whatever it is he mumbles on the show.
However, he's not the only one false-flagging wealth.
yeah, this is their little shore house
I'll bet Theresa Jood-ice is dancing a jig right now--well, maybe a tarantella!
"knuckle-dragging guido" is KILLING me right now...so mean, but boy do I see it!
Agent**It- THANK YOU for the zillow links. I had no idea they had a blog, I am loving it. Not much work will be geting done today ;)
Makes my bills seem a pittance
I liked the Gorga's until I read about this shit. They are no better than the other two assclowns. They've been sitting on their high horse, talking smack about Joe and Teresa in every damn episode. I too was wondering how he could be so wealthy when you can't understand half the shit that comes out of his mouth.
Goooooood luck. We have a house in Spring Lake and my cousins have a house in Toms River. So my big weekend pastime is to stroll along Third Ave and look at the For Sale flyers in the realtors' windows. Most, practically all, homes in Toms River are under $300K, and are much larger than 684 square feet! Their waterfront access is nice but honestly for $520K you should be getting double the square footage, minimum, and really more like 2,000 sq ft. (and still have water access.)
I love watching RHoNJ and I think next season would be delicious if the Gorgas found themselves declaring bankruptcy.
Holy fuck sticks! I can't believe they're in that much debt! Here I am freaking out over how I'm going to manage paying the 10k I took out in loans for my freshman year of college and some bank decided it'd be a good idea to give this neanderthal 2 million dollars.
Injustice is injust.....
Miguela - The day you pay off your college loans is truly a day to rejoice. Me and The Husband got our drunk on when the balance read $0.
RHNJ is train-wreckishly fascinating for me. I so hope this shit makes it onto the show.
my grandpa used to flip houses when business was good (70s/80s). The last house he flipped was in 2004. He saw all this coming, took his money, and GOT OUT!! Anybody who works in construction in 2012 is a moron, sorry!
That isn't the house they are shown living in on RHONJ---their house is a big two story with a grand staircase and big circle drive on the show. Is that picture of one of their investment properties?
@car 54, this is the Toms River house. The big house - see
http://www.zillow.com/blog/2012-05-10/new-jersey-real-housewife-gorga-wants-out-out-of-her-house-that-is/
This is their beach house in Toms River (summers, weekends.) It is not the Montville house they live in and it is not an investment property.
Thanks--I was remembering the big party they had when they had the huge ice sculpture of themselves and victorian carollers outside in the driveway and I was sure that wasn't the same one!
ugh I would hate living like this. I don't know how these people can sleep and function.
Wack jobs ..... Like joe gudicie says what goes around comes around karma !!!
Wack jobs ..... Like joe gudicie says what goes around comes around karma !!!
I'm not surprised. And like car54 said, it's reasons like that ridiculous, over the top Christmas party they had for why they were living WELL beyond their means.
I think only one out of every 5 housewives actually have money. Like in the bank money, not "I finance everything money."
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