Orange County ‘Housewife’ averted foreclosure

Alexis Bellino and her husband Jim, the newest cast members of "The Real Housewives of Orange County" narrowly averted foreclosure these days, after they got a last minute loan modification from their lenders.

Alexis and Jim defaulted on more than $80,000 in debt payments on the $4.56 million home they have owned for couple of years. The fees and penalties the delinquent amount totaled nearly $84,000 as of April and their lender, Chase Bank scheduled a foreclosure sale for August 25 at the entrance to the central Orange County Courthouse.

The couple managed to obtain a loan modification, so the foreclosure sale never took place.

"Chase Bank has been great to work with on my modification," Jim Bellino said. "The trustee sale has been canceled, and the modification has been agreed upon."

Alexis is a "32 year old spicy blond", a stay at home mom, while her husband, Jim is a self-made entrepreneur. They have three children: 4 year old James and twins Melania and Mackenna.

The property threatened with foreclosure in located in Bayshore, just one block from the home Nicolas Cage sold for $35 million two years ago.

According to the county records, the Bellinos bought the home for $4.56 million in August 2007, but the housing market collapse brought a 42% drop of their home price. Zillow now estimates the house to worth under $4 million.

The house has five bedrooms, five bathrooms and nearly 4,200 square feet and sits on a 9,135 square-foot lot.

The Bellinos have put the home up for sale two years ago, but they pulled it back in October. A notice of default filed in April said they stopped making mortgage payments since the start of the year, but as they obtained the loan modification they can stay in their home.

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Category : Celebrities &Distressed Luxury Real Estate News &Orange County