Peggy Tanous of "Real Housewives" in Foreclosure, Sues Bank. Read the Court Doc.

socal78

socal78

Well-known member
The Irvine resident is making headlines, this one from Radaronline.com:

"A real housewife without a house?

It could happen to Peggy Tanous, one of the stars of Bravo?s The Real Housewives of Orange County!

Read The Document: Peggy Tanous Lawsuit

Former model Tanous is in a dogfight with three banks to keep her $1.3 million-home in Irvine, Calif., out of foreclosure, RadarOnline.com has learned.

While BAC Home Loans Servicing, U.S. Bank National and PNC Mortgage are trying to kick her and her family out and sell the house, Tanous has struck back with a lawsuit.

She claims the banks didn?t honor a loan modification agreement!

The 41-year-old Tanous and husband Micah, an internet entrepreneur, made timely payments for about two years after buying the place in 2006.

But, like millions of Americans, the Tanouses began experiencing financial trouble, according to her lawsuit. Their monthly checks on not just one, but two loans, because few and far between. They have one mortgage for $1 million, and a second for $312,540, according to records.

They also quit paying Orange County property taxes. The couple, however, negotiated a payment plan that they?re abiding by.

In her lawsuit, Tanous claims she made similar arrangements the banks. She hammered out a deal to pay interests only for 10 years ? but was shocked in November when the banks still filed a foreclosure notice!

?(Tanous) is determined to keep the property,? the lawsuit reads. ?It is her family's home, and she does not want to lose the Property in a foreclosure sale."

The stay-at-home mom of two little girls wants a judge to prevent the foreclosure sale.

Her home is in Irvine, California.

Last sold for $1,379,000 on 2/17/2006
Last assessed at $875,000 on 2009

Previous assessments:

$875,000 on 2009
$1,136,000 on 2008
$1,377,000 on 2007

On the show?s current season, Tanous? first, Tanous got breast surgery so that she could ?look damn good in a bathing suit.? She?s also described on the show?s website as ?a wealthy Orange County party girl.?

Article here:http://www.radaronline.com/exclusiv...oreclosure-peggy-tanous-lawsuit-against-banks
 
SoCal78 said:
The 41-year-old Tanous and husband Micah, an internet entrepreneur, made timely payments for about two years after buying the place in 2006.
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What's amazing to me is that according to this report, the Tanouses stopped making payments in 2008. This means that while they were filming the current season--while Peggy was getting her implants, bragging about driving her Bentley, and enjoying an expensive Palm Springs vacation--they were already in default on their mortgage. Unbelievable!

KICK THEM OUT!!! Losers.
 
I have to wonder why she is the one and only plaintiff listed in the suit but not her husband who resides in the house with her and is the only one with an income. Something is fishy here. At the same time they are telling the banks and the court they are under "financial hardship" they are driving the Bentley, spending hoards on cosmetic surgery, hosting catered dinners, etc, etc, etc. Could be they don't have money and are just pretenders. (Most likely). Or, could it be they do have money and are lying to escape financial responsibility for their depreciating asset of a house. Hmm.
 
ha!  I didn't know she lives in Columbus Grove.. her home is right off Harvard.  Seriously, I can't these shows, they are all fake, and there are no FCB'ers in there, you know the ones with the real money. 
 
Seriously, this is messed up and why people take advantage of the system. Come on, her name only. I'm wondering if they did that to protect assets in his name only also. If they can afford a Bentley, why don't they sell that to pay for the house. Come on, can't even pay the property taxes? But she could get hear breasts done. What about all the money from the show....? I think someone should look into their assets. Like I said, I bet all the $ is in his name only.

What a way to live, the system allows for cheats to live like this.

Another question is, why would they live in Irvine?  :)  And, if they like Irvine, why wouldn't they live in Shady Canyon..After all, a 250k+ car? Come on..
 
Once again, this housing crisis was never about Sub-prime loans, but had everything to do with Alt-A Stated Income loans granted to borrowers with no moral compass. This silicone based life form is a prime example.

My. 02c

SGIP
 
She is in model/show business. I am sure CPAs' on this board would recommend her to form a S corp. All the money will go to the S corp first. Her implants, her Bentley, and an expensive Palm Springs vacation are all business expenses.  Even if she is audited by IRS, her CPA can defend all the expenses as necessary for maintaining and promoting her business. Breast implants? Her breast was loose after feeding two babies and she had to get it done for the business. Otherwise nobody will use her photos or accept her to shows. Palm Springs trip? She was there to take some photos in nice settings for marketing/advertisement, etc. At the end of year, her business income is negative and will flow back to her personal income so that she can use to it offset her husband's income to further lower her tax bill.

All the banks and County tax collector will only see her tax returns and may accept her explaination that her business is affected by bad economy, which is not her fault.
 
bones said:
I'm sure some of the services she was provided - the vacation, the breast implants, etc - were free.  Free stuff gets given out on reality TV shows all the time in exchange for publicity/marketing - especially on a well known franchise like the Housewives.
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They give out free stuff like breast implants?  All I know is that not having to pay for occupancy costs (mortgage, property taxes, and insurance) for 2+ years has to add up.
 
bones said:
all you need is one plastic surgeon who wants TV time to get free boobs!  I just googled "Peggy Tanous and breast implant" to find out her dr's name.  That type of marketing is gotta be worth one free boob job....
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True, I'm sure he'll get 100x of the cost for the free set with the new business.  Anyhow, eventually the bad karma will catch up to these posers.
 
locolocal said:
IndieDev said:
She paid 1.3 million to live next to Harvard  :-\
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No, Bank of America paid her to live next to Harvard.  I don't know if I'm reading this article right, but it sounds like she made $300,000 on the deal.
http://lansner.ocregister.com/2011/05/06/housewife-lenders-conspiring-to-kick-her-out/108875/
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you are not reading the article right. two loans were used to purchase the property. 1M and 0.3M, the 1M with fees and past due payments is now 1.3M
 
The Bentley is low end - an Arnage, I think - This model goes back to 1998 or so and I'm betting that a poser who wanted people to think they were driving a $250K car could buy one on the cheap - $50K or less.  So it is another instance of OC fakery......
 
locolocal said:
IndieDev said:
She paid 1.3 million to live next to Harvard  :-\
Click to expand...

No, Bank of America paid her to live next to Harvard.  I don't know if I'm reading this article right, but it sounds like she made $300,000 on the deal.
http://lansner.ocregister.com/2011/05/06/housewife-lenders-conspiring-to-kick-her-out/108875/
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True.

I actually drove by that house today with the wife as we were visiting a friend in Westpark. That neighborhood at $1.3 million is certifiably NonFCB. You would have to be NonFCB to make a purchase like that.
 
bluemove said:
The Bentley is low end - an Arnage, I think - This model goes back to 1998 or so and I'm betting that a poser who wanted people to think they were driving a $250K car could buy one on the cheap - $50K or less.  So it is another instance of OC fakery......
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Maybe it's a Chrysler 300 and they put the Bentley sign on it.
 
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