According to reports ‘The Real Housewives of New Jersey’ stars Melissa and Joe Gorga are “broke” and are looking to ditch their multi-million dollar home. Various websites have reported on the Gorga’s lavish home currently up for sale.
Claims floating on the internet have Melissa and Joe over their heads with debt, claiming they are selling their current home because the “interest rate on it has exploded”. A source claims Joe Gorga built their home on an interest-free loan, which is supposedly set to expire. Furthermore, the source claims the Gorgas moved into their Montville, NJ home to fit in with other wealthy cast members.
Melissa tells RealityAired.com “The rumors that Joe and I can’t afford our mortgage payments are 100% false. Since when does selling your house mean you are broke?”.
According to official documents the couple built their current home in November 2007 (moved in 2008) on a 9% one-year loan, modified their loan to a 25-year 6.25% loan in July 2009, and then adjusted their loan to a 5% 30-year fixed loan in 2011.
On a document dated April 12th, 2011 it states the Gorgas are locked into a $2.5 million 5% 30-year fixed loan until 2041, negating any claims that their interest rate has “exploded”.
Claims that the couple abandoned their previous home before starring on ‘Housewives’ in order to appear wealthy don’t add up; especially since the Gorgas first purchased the land to their home in 2007, well before Season 1 ever aired in 2008 and before Season 3 started filming in 2010 (Melissa’s first season).
Prior to living in Montville the Gorgas were living in Franklin Lakes (NJ), selling that home in 2006. The couple rented a home temporarily in 2006-07 while Joe built their home in Montville.
The Gorgas have listed their Montville, NJ home for $3.8 million, and contrary to what you may have read they are not moving to Hollywood, California.
If the interest rates aren’t a reason to move why are the Gorgas changing neighborhoods? Melissa gave us the explanation through her rep:
“We gave Montville a try and want to move back to Franklin Lakes before the kids reach an age where they will all be in school. When we sell our house in Montville, we will move into a rental while Joe custom builds our next house. Joe is a builder and a businessman. He will sell pretty much any property for the right price and build again bigger and better. That’s why our shore house is always on the market every winter. Nothing new there. That’s the truth and it’s all available through public records, but I guess it doesn’t make for as good of headline.”
The shore house Melissa is referring to was featured on RHONJ Season 4 and is listed as originally being purchased in 2005.