Joe And Teresa Giudice’s Montville Home Goes Into Foreclosure

As Joe and Teresa Giudice puts their Montville mansion back on the market, the bank who holds the mortgage has started foreclosure proceedings on the home.

According to NJ.com, on the same day the couple’s new real estate agent agreed to “aggressively market” the mansion, Community Bank of Bergen County filed a notice of foreclosure in Morris County Superior Court on Joe and Teresa Giudice’s Montville home.

People reports Joe Giudice just re-listed the couple’s mansion this week at a reduced price of $2.999 million. The home was originally listed in September of 2014, with the original price set at $3.999 million. In November, the price was reduced by $500,000. Before the home was taken off the market in January of 2015, the asking price had been reduced to $2.999 million.

NJ.com reports the couple’s vacation home in Manahawkin and their rental in Lincoln Park are in pre-foreclosure.

Community Bank was listed as one of many creditors in the Giudices’ 2010 bankruptcy filing, with a $1.7 million claim on the Montville mansion. As reported by CBS New York, the couple pled guilty last year to bankruptcy fraud and admitted to hiding assets from creditors and submitting “phony” loan applications to obtain some $5 million in mortgages and construction loans. Both were sentenced to jail time, with Teresa Giudice serving her sentence first. Teresa is expected to be released in February, which is when Joe will begin serving his 41-month sentence.

The bankruptcy trustee closed out the couple’s case last year. This provided their creditors the opportunity to seek repayment of any outstanding debts owed by the Giudices.

Joe Giudice has reportedly been experiencing financial difficulties as his RHONJ wife serves out her 15-month prison term at a federal prison in Danbury, Connecticut. At his sentencing hearing earlier this month in his unlawful use of identification case, the judge ordered Joe to pay a $10,000 fine, but his attorney maintained his client is unable to pay because he is “destitute.” As the Inquisitr previously reported, the couple has allegedly struck a deal with Bravo for a new reality TV show separate from the Real Housewives of New Jersey. Although the show will focus on Joe’s raising the couple’s four daughters on his own, Teresa Giudice will participate, as Bravo producers allegedly would not sign on unless she agreed, even though she will still be in prison when filming begins.

[Image by Mike Coppola/Getty Images]