Good news for Teresa Giudice! Despite being in the middle of a dire legal situation, it appears that The Real Housewives of New Jersey star won't have to give up her Jersey home in order to pay off her debts. According to Radar Online, Teresa will get to keep her mansion.
Teresa and Joe have an ongoing bankruptcy case, and according to court documents obtained by Radar, their trustee filed on December 23 to “abandon” the couple’s Towaco, New Jersey, mansion.
That sound’s like a bad thing, but it’s actually good news. The site explains that abandonment “is usually an option when the sale of a property would be too difficult, or would not bring in enough money to settle outstanding debts.”
Teresa’s home is worth a reported $500,000, but she still owes $1.65 million on the mortgage to the Community Bank of Bergen. Long story short: Her mansion isn’t worth enough to make even a dent in her debts. So while that seems unfortunate, it also means there’s no need to give it up.
Radar adds that under abandonment, the bank may decide to proceed with foreclosure. But that doesn’t mean it’s a done deal. Tre’s home has faced foreclosure a couple of times in the past, but it’s never gone through.
On January 13, the proposal for abandonment was certified, so things are looking up. Well, relatively speaking.
We're glad to hear Teresa got a little bit of light during an otherwise awful battle. Her and Joe face up to 50 years behind bars if they are convicted of all 41 counts of bank fraud they've been charged with. They are due back in court this April, although Joe is trying to get a separate trial to spare Teresa of any wrongdoing.
Do you think Teresa will be OK? Sound off below!
Source: Radar Online