Teresa and Joe Giudice‘s Lincoln Park New Jersey property that they used as a rental will be sold since it has lapsed into foreclosure. They listed the property as an asset when they filed for bankruptcy which caused their imprisonment since it figured their bankruptcy fraud, Reality Tea reported.
The property will be sold in a sheriff’s auction set on March 31 in order to satisfy an unpaid mortgage of $212,521. Prosecutors reveal that the couple allegedly collected $42,968 in rent during that time but didn't disclose it in their bankruptcy filing.
According to the couple's lawyer, James Leonard, they are not contesting the foreclosure of their so-called "investment property." The lawyer added that the couple is willing to liquidate unnecessary assets before they are seized by the IRS.
“They are eliminating excess and focusing on doing more with less,” Leonard told NJ.com.
The couple tried to sell the home back in 2014 before Teresa was sent to prison. But no one was interested to buy the three-bedroom home which they have purchased for $170,000 back in 2005. The property at 86 Pine Brook Road is assessed at $245,000,
The Giudices lived in the house while they are undertaking the massive expansion of their home in the Towaco section of Montville Township which they purchased in 2001, North Jersey.com reported.
The primary residence of the family is a six-bedroom Montville chateau which was also in foreclosure. Fortunately, the Giudices were able to pay for their missed mortgage payments for the late 2015. But the couple is still facing with an IRS tax that is more than $550,000 for nine years due to allegedly unpaid taxes.
Teresa was released from prison in December and is currently on home confinement until Feb. 5 which will officially end her sentence. Meanwhile, Joe will head to prison on Feb. 2 to begin serving his 41 month sentence alongside Apollo Nida.
