UPDATED: JULY 26, 2013
When Joe Giudice told Joey Gorga to “Pay Your Bills” we wondered why would he make such a statement. . .
Bravo portrayed Joey Gorga as a successful contractor who lavished his wife with a recording studio, a bentley and lavish gifts. Melissa Gorga repeatedly stated that they are not financially strapped, nor was that the reason they are selling their love shack. So why would Joe Giudice make such a statement?
Reality proves that Joe Giudice was spot on with his knowledge of the Gorgas’ desperate financial condition. Joey Gorga better stop borrowing from loan sharks, because when he can’t pay, they get really cranky. . .
Before Melissa came into Joey’s life, The Giudices assisted in finding and funding Joey Gorga’s acquisition in Franklin Lakes for a ridiculously low price.
As a result of the acquisition, Joe Giudice helped Joey build the Franklin Lakes house between 2002 and 2003. It was this house that Melissa first saw when she met Joey in October, 2003.
In 2005, the Gorgas purchased a shore house on in Toms River.
On February 2 2007, Joey Gorga purchased a lot in Montville to build a house. Melissa claimed Joey was building her dream house. Joey purchased the property in his name alone; he used money from the sale of his Franklin Lakes house; Melissa had not contributed any funds towards the purchase or improvements of Franklin Lakes or Montville.
In November, 2007 when “don’t call me gold digger” Melissa realized that her name was not on the deed of the love shack, she became enraged. She forced Joey to redo the documents to include her name!
Melissa blamed Teresa Giudice for the failure to include her on the love shack, accusing Teresa of coming up with the idea to shield Joey’s assets from her gold digging reach. Past bickering paled in comparison to Melissa’s anger in what she perceived as Teresa’s interference with her ability to get her hands on Gorga assets. Why would wifey who married for love and intended to stay married forever, be so livid that her name was not on the love shack deed?
On or about November 30, 2007, the Gorgas toook advantage of Fannie Mae / Freddie Mac programs and borrowed $2,250,000 for the construction of the Montville property. The Gorgas used the Montville property, the Toms River property and the Paterson property as collateral.
On or about July 9, 2008, in violation of the terms and conditions of the $2.2 million dollar mortgage and security interest documents, Joey Gorga took a private mortgage from JoeyD for $350,000 on the Paterson property. The Paterson property is assessed at $357,000.
Teresa and Joe Giudice assisted Joey in building the Montville house.
In 2009, the Gorgas were sued in foreclosure by National City Mortgage. The suit was completed on July 21, 2011.
The construction and real estate markets are in the toilet. Joey has a mortgage on Montville, Toms River and Paterson in excess of $2.5 million dollars and property taxes on Montville alone of $68,000 per year.
So the Gorgas put Montville and Toms River up for sale.
In the world of Faux Reality Melissa Gorga brokenly and dramatically stated that they were moving out of her dream house because she did not want her little girl to be harassed by the Giudice girls “in the future.” But there is a huge disconnect with Melissa’s dramatic proclamation.
In Reality the Montville property was listed was $3.8 million and reduced to $3.2 million. According to the Township of Montville, the property was assessed at $1.5 million dollars as of 2011.
The love shack’s 2011 assessed value (which in Montville was 100% of the appraised – fair market value) was $1.5 million. In 2012, the house was reassessed (based upon a new appraisal – fair market value) and the love shack’s tax assessment was based upon a value of $3.1 million (and 93.17% of the appraised-fair market value). It is unclear how the love shack doubled in value since all work was allegedly completed in 2010, when the Gorgas moved in. The Montville Building Department confirmed that no additional work was done (or should have been done) after 2010. Thus, it appears that the love shack in a depressed market miraculously doubled in value without any significant changes in less than one year.
Montville Tax Assessor confirmed that properties in the Township are assessed at 93.17% of their appraised value. A financial institution would be hard pressed to lend more than 70% of the appraised value of the property. Thus a buyer would be unable to borrow more than $2.1 million on a $3.2 million dollar price tag. That leaves a very small target market as a potential buyer for the Gorga house – A dummy with lots of cash on hand!
StoopidHousewives took us inside the Toms River Property. The Toms River property was listed for sale for the amount of $535,000, reduced in or about April, 2012 to $520,000. It is assessed at $391,000. On September 15, 2012, the property was removed from sales listings.
On October 11, 2012, the Gorgas again refinanced their Montville home and increased the mortgage from $2,250,000 to $2,677,000.
So even if the Gorgas get the asking price on the love shack, they will walk away from the transaction with $500,000 if they are lucky!
Documents for this article were produced by former Secret Service Operative Maggie (also known as Natasha to my Boris), who was incredible in her dedication to getting the truth published.
Also, thanks to Pixie for being Eagle Eyes!