Outwardly, reality star Peggy Tanous seems to have it all, but the truth is she’s already following in the footsteps of other Real Housewives in facing foreclosure, and is currently in dispute with three banks in an effort to try and keep her home in Irvine, California. PNC Mortgage, US Bank National and the BAC Home Loans Servicing are trying to get a foreclosure, but Tanous is fighting back with her own lawsuit as she believes the banks haven't honored a loan modification agreement.
She claims that an agreement was in place with the banks to pay interest only for 10 years. Unfortunately the banks don't seem to have recognized this as they issued a foreclosure notice in November 2010. Tanous and her Internet entrepreneur husband, Micah have also fallen behind with their property taxes but say an agreement had already been worked out to pay back the money owed.
The couple bought their home in 2006 for $1,379,000, and made payments for two years before experiencing financial trouble. Court records show they have two mortgages, one for $312,540 and one for $1 million, and that the total amount owed is $1,318,253. Unfortunately the property was assessed at just $875,000 in 2009, and median home values in Irvine are currently $517,000 having fallen by 17% year-on-year. Their court case is part of a new foreclosure relief settlement program unique to California and designed to try and stem the flood of foreclosures.
Viewers will be relieved to know the court case hasn’t dampened Tanous’ enthusiasm for the luxury lifestyle, and a recent video tour of her home on OC Register showed how she escapes reality in her very own home movie theater, complete with “butt shakers.” You can check out some of Peggy's "online real estate" via this link to her Facebook pages, and her Twitter profile here.