Margaret Josephs is being sued for the third time over monies she allegedly borrowed to purchase her Englewood home. This latest lawsuit paints an interesting picture of deceit and deception by a desperate housewife. With the filing of this third lawsuit, a pattern emerged whereby it appears Margaret Josephs and Joseph Benigno were less than candid with the bank that ultimately granted them a loan in excess of two million dollars on their Englewood home and adjacent property (known together as the Englewood properties).
The recent lawsuit alleges that in August 2016, Charles Ardito and Camille Arditto entered into a contract with Margaret Josephs and Joseph Begnino to purchase the Englewood properties, which Josephs now calls home. The Arditos were to contribute $400,000 and the Josephs were to contribute $180,000. The agreement further stated that Josephs was to obtain a loan for the remaining monies using the Englewood home as collateral. After closing, the adjacent property would be sold, the Arditos would be reimbursed & any profit would be split between the parties.
The Josephs allegedly failed to disclose the actual purchase price of the properties, failed to disclose that they had used both properties as collateral, failed to disclose that they stopped making mortgage payments and ultimately fell into foreclosure.
What the Arditos did not know was that the Josephs had obtained their portion of the $180,000 contribution of the Ardito Agreement from Lori Ann and John Wayne Sigley who have since sued Josephs for nonpayment.
The Sigley v Josephs lawsuit https://t.co/yA26IwhvKm
In September 2016, Josephs and her husband purchased the Englewood home and the adjacent property with a down payment made up of money they borrowed from Ardito and Sigley and financing the rest thru the Bank. Josephs used the Englewood home and the adjacent property as collateral but allegedly never told the Arditos that by using the adjacent property as collateral, Josephs would be unable to sell the property to pay back Arditos as per their agreement.
In September 2017, Josephs stopped making mortgage payments and the Bank commenced foreclosure proceedings. https://t.co/DsyxzFRcOh
The Josephs failed to disclose to the Arditos that the Englewood properties were in foreclosure or that Josephs had cross collateralized the properties and could not comply with their agreement to sell the adjacent lot which formed the basis to induce the Arditos to loan Josephs $400,000.
On August 7, 2019, Josephs & her husband filed an Answer and Counterclaim against the Arditos denying the claims and asserting, among other things that the Arditos failed to pay the mortgages on the Englewood properties.
At this rate, Josephs’ home will never be finished in time for Season 10 of the Real Housewives of New Jersey.