Reality star Teresa Giuduce and husband, Joe, lost their Manahawkin home Tuesday, August 18. The couple's mortgage bank seized the Giuduce's Jersey Shore vacation property for a foreclosure auction with a minimum bid of $100.
Earlier Tuesday morning, TMZ confirmed that Joe and Teresa's vacation home has been listed as part of an auction block with the low starting bid. The Jersey Shore property has been in foreclosure, wherein the couple owes $348,000 to the HSBC Bank. In case the bank accepts a bid, the buyer has to pay 20%, stated TMZ, on the spot, either through cash or check. The couple's Manahawkin home previously were part of auction activities, although the sale transactions has been postponed.
However, Tuesday auction went ahead with the auction conducted in Toms River, reports the site NJ.com. The Giuduce's mortgage holder, America's Servicing Company, eventually bought back the 1,300 square feet vacation home, given that the property had no bidders. The Giuduce's are also given ten days to settle the amount they owed in order to reclaim the house. If not, the family has 30 days to vacate the property.
According to Patch.com, America's Servicing Company could also sue the couple since the foreclosure sale proceeds were not enough to pay the mortgage balance. The unpaid portion would be called a deficiency, states the site, and suing the Giuduce's may be the only way for the company to collect its deficiency balance.
Meanwhie, the NJ.com report also mentioned the couple listing the property for sale in September of last year. This was shortly before the Giuduce's were sentenced in federal court for fraud. The Giuduce's had listed their Manahawkin home for $315,000. This was less than what the couple paid for when they initially bought the property in 2005 for $347,000. However, in April, the Community Bank of Bergen County had the property seized and foreclosure proceedings was started. The couple reportedly owed $1.7 million on their mortgage.
