The Real Estate Bloggers

New Jersey Housewife Teresa Giudice To Auction Off Household Items

Posted: 28 Jul 2010 06:12 AM PDT

Giudice-house For those in the real estate industry it has been a rough time. Teresa Giudice’s husbands construction company is in Chapter 7 bankruptcy and the family is having to liquidate their household to meet the creditors demands of 10.85 million dollars in debt.

For many of us in the real estate world, this is not an uncommon occurance as companies that held out in hopes of surviving the downturn are now going under on a regular basis.

This one is just going to be in the spotight of the Bravo network’s cameras.

“Real Housewives of New Jersey” star Teresa Giudice and her husband, Joe, are set to sell the contents of their 16-room, 10,000-square-foot Towaco mansion in a bankruptcy auction to take place at their home Aug. 22, reported Gawker.

Among the items up for bid will be a grand piano, two LCD TVs, a decorative urn, an antique pool table, a suit of armor, four chandeliers, a jet boat, a snowplow, framed paintings and numerous pieces of furniture, according to A.J. Willner Auctions, the company facilitating the auction. via The NY Daily News

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New Jersey Housewife Teresa Giudice To Auction Off Household Items

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Long Island Man Has Mortgage Payout Cancelled Day After Wife Dies

Posted: 28 Jul 2010 06:00 AM PDT

Money-house Your heart has to go out to people in this situation. We know qualifying for a mortgage is hard, even harder for a mortgage at age 84. But when you get approved and then your spouse dies, it should not be this difficult to get the payout.

The day after George Baumann’s wife died, the loan officer at a branch of the Hanover Community Bank refuse payout of a loan that closed 5 days earlier. First of all, the lack of empathy is amazing but the bank has dealt with that and that loan officer is “no longer with the bank”. But the timing of it is even worse.

Here is a man who knows money is tight, has lost the love of his life of over 50 years, and now has to worry about a bank paying out an already approved loan?

As they say on Long Island, “You got to be kidding me?”

Hanover Community Bank had inexplicably refused to refinance the Baldwin, L.I., home where George Baumann and his wife, Florence, lived for almost 50 years.

The couple closed on the $271,000 mortgage five days before Florence, 82, died of a heart attack on May 12. The bank told him a day later he could no longer have the cash.

Baumann needs the money to consolidate heavy debts that leave him virtually penniless at the end of every month.

“The bank is going to honor its previous commitment,” said state Sen. Carl Kruger (D-Brooklyn), who contacted Hanover after reading Baumann’s story.

“We will be contacting Mr. Baumann as soon as possible,” vowed Sangeeta Kishore, Hanover’s acting president and CEO, who blamed the snafu on a loan officer who no longer works there.

But Baumann, 84, isn’t celebrating yet.

“I am gonna believe it when I get the check and it clears,” he said. via The NY Daily News

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Long Island Man Has Mortgage Payout Cancelled Day After Wife Dies