Why would Joey Gorga blurt out that he pays his parent’s rent but was forced to sell the house they occupied?
The Faux Reality was that Joey and Melissa are such wonderful souls that they provide financial support to ailing Papa Gorga. Reality is a sordid tale of deception and greed. How devious can a son be to fulfill his wife’s ambitions?
Some of the names have been changed and information redacted from documents to protect the privacy of Papa Gorga.
Papa Gorga has worked his whole life in the shoe repair business as the sole wage earner, he and his wife Antonietta raised their kids, they bought a house, their kids married, they fussed over their grandchildren – they were living the American Dream.
Papa and Antonietta were happy in their home in Paterson. They raised their kids there and “we will live here for another 100 years until God takes us to a better place.” They don’t need glitz – they are happy with their tomato plants, memories and their grandkids. But Joey needed their help so they agreed to sell their Paterson property and move to the Old Ridge Road property to help their son.
Sordid History of the Old Ridge Road Property
Joey Gorga owned property on Old Ridge Road which he bought for $500,000 in 2002. It was a modest home on a modest block for modest folks. It was the home that Joey intended to occupy before he realized that he needed to impress if he were going to attract the “non gold digging type.”
Because the real estate market tanked, Joey couldn’t sell the home without a substantial loss when he ultimately decided to build in Franklin Lakes, so the Old Ridge Road property remained as rental income.
In or about February 2, 2007, Joey purchased the land for the love shack in Montville. Now he desperately needed money to build the 13,000 square foot uber mansion (which has surprisingly shrunk to less than 10,000 square feet.
In order to help to fund building Montville, on May 18, 2007, Joey took out a mortgage on the Old Ridge Road property for the amount of $500,000. Since he could not qualify on his own, Joey put his father’s name on the Mortgage – thus exposing his father to potential liability even though his father did not own an interest in either Montville or Old Ridge Road. Why would Joey expose his father to potential liability without providing his father any interest in the underlying asset. Greed! Who exposes an ailing parent to potentially losing his home if the underlying debt cannot be repaid? Greed!
It gets worse.
On August 6, 2007, Joey forces his father to take out a line of credit in the amount of $100,000.
It gets worse.
On February 13, 2009, Joey Gorga and Melissa Gorga and their heirs are sued in a foreclosure action by National City Mortgage. They are desparate!
November 17, 2009 is a pivotal date. Several odd transactions occur on November 17, 2009 . . . all at the direction of Joey Gorga.
First, Joey sells the Old Ridge Road house to his parents for $440,000. The house is assessed at $286,000. [will verify to see how close to appraised value is to assessed value]. First National Bank of America has a $500,000 first mortgage on the property and Papa Gorga has a $100,000 line of credit.
On that same day, “Anthony DeLorenzo” (a friend of Joey Gorga) borrows money from two private lenders and uses the Old Ridge Property that is now allegedly owned by Papa and Antonio Gorga as collateral. Both are short term loans. The first is $145,000 at 8% interest to be paid in 2 years by November 9, 2011.
The second is $325,000 that is structured as a balloon to be paid in 3 years on December 31, 2012.
On August 23, 2010, Anthony DeLorenzo sold the Old Ridge Road property to the current owners.
When did DeLorenzo buy the property? Were the private loans made to Joey and Joey failed to pay them back, thus prompting Anthony to “foreclose” on the property? Did Papa Gorga live in the house thinking it was his property only to be forced out!
work in progress, still completing
All documents provided herein are provided by a licensed Title Company. Faux Reality posts only if it can substantiate with documentary evidence. Nothing is based upon hearsay, undisclosed recordings, speculation or assumptions. No intoxicated xanax induced or lip syncing women were harmed in the preparation of this article.
Faux Reality doesn’t sweat the fools, no need to play in Faux’s house.
Special thanks to Natasha Maggs for the documents used to substantiate the facts known to Faux Reality.