Add Alexis Bellino and her husband, Jim, to the growing list of cast members from “The Real Housewives” series who can no longer afford to live in their luxury homes.
The Orange County Register reports that the couple was more than $83,000 behind on the mortgage for their “stately” $4.6 million five-bedroom, five-bathroom abode in Newport Beach, California.
But before it could be auctioned off at a foreclosure sale, which was scheduled for Aug. 25, 2010, the Bellino’s came to an agreement with their lender to reduce the principal through a loan modification.
No specific terms of the modified mortgage are available at this time. However, it appears to be a fair deal, if Jim’s comments are any indicator, that is:
“Chase Bank has been great to work with on my modification. The trustee sale has been canceled, and the modification has been agreed upon.”
Alexis and Jim have three children together, all of whom plan to live in the newly loan-modified home “for an extended period of time.”
This of course is not the first time that a couple from “The Real Housewives” has had to face the possibility of losing their homes to foreclosure.
Jeana Keough avoided foreclosure through a loan modification, Tamra Barney was able to unload her upside-down home via a short sale and Teresa Guidice recently filed for bankruptcy.
To read all about these lovely ladies, as well as other celebrity types, and their real estate-related issues click here.
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September 7, 2010 at 4:08 pm
Jim Bellino
I find it necessary to clear up any misunderstandings regarding our loan modification as the media has once again (inaccurately) blown this out of proportion. Last year at this time I tried talking to our bank about a loan modification and they told me that if you are current, “we won’t talk to you.” In January of 2010, I made the decision to stop making payments so my bank would talk to me. In April they did, and I submitted a loan modification package. The bank didn’t make me an offer to modify my loan until August. The fact is, if the bank would talk to people before being late on their mortgages, we wouldn’t have to go through this mess.
One press outlet misquoted and said that I said, “Im not going to throw good money after bad, it’s just not good business.” What I said is that if you can’t afford your payment then you should short sale or do a deed in lieu of forclosure because it’s simply not good business to throw good money after bad. A lot of Americans are waiting for their banks to call them back — and before long they find themselves in forclosure. The fact is, our government gave us a “PLAN TO MODIFY,” so why are the banks not talking to us unless we stop making payments? I have successfully negotiated my modification and you can to! But make no mistake, I am having to pay over $25,000 in penalties and late fees just because my bank wouldn’t talk to me when I was current.
Being proactive about your finances doesn’t mean you’re broke or bankrupt, it’s simply good business. Am I the only one having these problems with the bank? Your thoughts?
April 18, 2011 at 1:06 am
terry brogan
Why Don’t you sell off all the watches you buy for the cameras and live in the real world.
“Plan to Modify” means you’re broke and need to come to terms to settle with the banks on the principal.
Do you know how “upside down” you are in that home now? Hope the dresses sell.
May 12, 2011 at 6:36 pm
whatever losers
you guys need to live in the real world. get a real job. Make your wannabe wife get a job. Support your children. Alexis’ dresses are so nasty looking it’s sad. What’s up with those poses at teh photoshoot… omg! loser keep your month closed. God is good when stuff like this happens to people who act like they are better than others.
July 19, 2011 at 7:53 pm
AJ
Jim,
Smart move and congrats on your successful negotiation with the banks. I’m sure you and your family have scaled back like the rest of America. People just see what they want sometimes! Best of luck in the future.
Cheers! AJ