Real Housewife Peggy Tanous Facing Foreclosure

May 9, 2011 No Comments »

foreclosure

The newest Orange County housewife, Peggy Tanous, is reportedly facing foreclosure on her and husband Micah’s Irvine, California home, according to the gossip website RadarOnline.

But she’s not giving up without a fight.

Tanous has launched a lawsuit against three mortgage lenders and loan servicing companies, including BAC Home Loans Servicing, U.S. Bank National and PNC Mortgage, for failure to honor a loan modification agreement.

The home in question was purchased for $1,379,000 back in February 2006 (height of the market), and refinanced about six months later into a negative amortization loan…along with a $312,540 second mortgage (home equity line of credit).

Timely mortgage payments were made for roughly two years, but after experiencing financial trouble, the family was unable to keep up with property taxes, leading the OC tax collector to file a Notice of Default.

She then struck a deal with the OC tax collector, only for BAC to pay the entire tax bill (and a future one) before requesting that she reimburse the company for all outstanding taxes.

Around the same time, BAC approved a loan modification that allowed for interest-only payments for 10 years, but it was supposedly never honored.

A foreclosure auction was initially set for March 17, and has now been postponed until May 17.

Of course, now that it’s in the spotlight, something will likely be worked out, at least for the time being.

Tanous is determined to keep her family’s home, and apparently does not want to lose the property to a foreclosure sale.

So it looks like when she’s not defending her husband’s knowledge of Lamborghinis, she’s fighting to keep her house.

Bravo

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