Chris and Jacqueline Laurita have been weathering a financial storm, most people would be able to manage privately.
The Real Housewives of New Jersey couple’s family home is in foreclosure, and as they navigate their affairs, a source close to the family speaks exclusively to AllAboutTheTea.Com, offering background clarification to their situation.
The couple placed their Franklin Lakes mansion on the market in January 2014 for $2.85 million, dropping the price to $2.78 million later that year. The six bedroom custom-built home sits on two acres. Their Bank filed papers in court, to foreclose on the family home, and according to the filing, Chris Laurita took out a $1.6 million dollar mortgage in 2007, with monthly payments set up of $10,846. Laurita’s last payment on the property was in October, of 2014.
Court records also show that Nationwide is foreclosing on another home owned by Chris Laurita, located in Wayne New Jersey. Chris purchased that house in 2007 for $725,000, taking out a $525,000 mortgage. The home was put on the market in 2012 for $699,000, and the price dropped to $599,000 by the time the listing was pulled in January.
Our exclusive source offers some important background facts, which explains why the Lauritas have two properties in foreclosure. The tipster explains that Chris Laurita purchased the Wayne home for his parents, and that financially helping out family members was once a common practice for Chris and Jacqueline.
“When financial challenges came about for Chris and Jac [Jacqueline], they asked other family members to chip in to save the home.” The source explains further, “Chris’ siblings all declined for various reasons, leaving Chris to bear responsibility alone. To complicate matters, Chris’ dad refuses to leave the house, which screws up potential sales but his mother moved to an apartment.”
The source asserts that the Lauritas worked tirelessly to overcome their losses, but were forced to file bankruptcy as a last resort. However, brighter days are on the horizon. Our source tells AllAboutTheTea.Com.
“They are on the road to recovery. Things are looking brighter, and that they expect a full [financial] recovery.”
It certainly appears that stepping up as a son who loves his parents has proven costly for Chris, but it looks as though he and Jacqueline are moving towards a brighter financial future, as they stand strong.