The "Real Housewives of New Jersey" stars Joe and Melissa Gorga are currently selling at least two of their properties in an attempt to ease debts, and new reports suggest that the couple still owe $2,250,000 on their summer home mortgage despite them placing it on the real estate market for just half a million dollars.
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The Gorgas are selling their Toms River home, which has been featured on the hit Bravo reality TV show, for $520,000, but public property records show that they took out a $2,250,000 mortgage on November 16, 2007 with Sterling Bank. The move has only fueled rumors that they are in debt, according to Radar Online.
"This mortgage is given as additional collateral for a construction mortgage loan," the paperwork obtained by Radar Online reportedly states.
The news comes just weeks after it was revealed that the reality TV stars put their lavish Montville Township home up for sale, which a source says is the result of their ongoing financial woes.
"Melissa and Joe are in way over their heads. Joe owes a lot of people money. They have the house on the market because they can't pay the mortgage now that the interest rate on it has exploded," a source close to the couple told Radar Online.
"They are portraying a life they that they really didn't live prior to the show. Melissa likes to drop name brands now and has become very arrogant. Joe loves the fact that Joe Giudice has financial issues, yet he's in the same boat!" the insider added.
Joe, who is the brother of his Bravo co-star Teresa Giudice, has openly criticized her and her husband Joe Giudice. Joe's wife, Melissa, has also openly mocked their bankruptcy woes.
"Joe built the house as a spec home, hoping to find a buyer. As a builder, he got an interest free loan for a period of time in which he was to sell the house," the source said.
"When his wife was hired for RHONJ, the Gorgas decided to abandon their home and move in to give themselves an appearance of wealth that they don't really have," the insider added. "Now, the interest-free period on the loan has expired, so they have to move."