Real Housewife of OC hasn’t paid her mortgage in 6 years
Peggy Tanous spent the last 6 years squatting in a million dollar Irvine home.
When people quit paying their mortgage, banks used to foreclose on them get their money back at the sale, but not long after the proliferation of toxic mortgage products from 2004-2007, so many borrowers quit paying that banks couldn’t process the millions of foreclosures, so they allowed delinquent borrowers to stay in their houses without paying; squatting was born.
Of course, delinquent mortgage squatting doesn’t meet the technical definition of squatting, which is possession of real estate without the owner’s permission. In these circumstances the squatters are technically still the owners of property, so there is nothing illegal going on, but these owners are generally hopelessly underwater and failing to make their mortgage payments. They are in possession of real estate that can be called to auction at the discretion of their lender at any time. Ultimately, they will lose their homes, but sometimes it takes a very, very long time.
Many people bought opulent homes during the housing bubble because their inflated egos demanded it. A big house gave them status.
Status is an internal perception about what people believe other people think about them. It has nothing to do with what other people actually do think about them (as if that mattered anyway).
For instance, I think the women on the The Real Housewives of Orange County are soulless, fame-obsessed caricatures. I feel disdain for the way they live, what they believe, and what they represent. However, they think I, and everyone else who knows them through the show, believes they are something special, something to envy as if they really have it “going on.” They have status. Not because people regard them highly, but because they think people do.
Most people watch The Real Housewives of Orange County and feel superior (how could you not) but some actually watch looking for role models or a how-to manual for being pretentious — a ghastly side effect our sons and daughters pay with their souls.
For people who don’t have the internal strength to base their self worth on what they believe about themselves, they end up basing their self worth on their perceptions of what other people think about them. Once they have given their power away to others in this manner, people will expend tremendous amounts of time, energy and money in a vain attempt to influence other people — hence we have fancy cars, opulent houses, designer clothing, and all the other trappings of conspicuous consumption. In my opinion, this is a sickness (their mind control fails on me.) It is a consuming disease which fed on the borrowed money made available during the housing/credit bubble.
I know it’s not particularly spiritual, but it’s hard not to feel a twinge of shadenfreude when one of the OC Housewives falls on hard times…
“Now, we’re not ones to go ’round spreadin’ rumors,
Why, really we’re just not the gossipy kind,
No, you’ll never hear one of us repeating gossip,
So you’d better be sure and listen close the first time!”
The Hee Haw Gossip Girls
Homeless Housewife? Former ‘RHOC’ Star Peggy Tanous Facing Foreclosure After Missing 75 Mortgage Payments
Former Real Housewives of Orange County cast member Peggy Tanous could soon be without a real house as a bank wants a bankruptcy judge’s permission to take the one she’s lived in for the last eight years, according to court papers obtained by RadarOnline.com
U.S. Bank claims Tanous has missed the last 75 monthly payments of $6,000 and that she owes the institution $1.54 million on the Irvine, California, house that’s worth just just $840,000. Tanous also owes $300,000 to another bank on a second mortgage on the house she bought in 2006, the court filing says.
Peggy Tanous purchased her home on 2/17/2006 for $1,379,000 using a $965,300 first mortgage, a $344,750 HELOC and a $69,250 of her wealth in a down payment. It’s possible she put over $400,000 down if she didn’t use the HELOC, but evidence is to the contrary.
On 10/24/2006 she refinanced with a $1,000,000 Option ARM with a 1.5% teaser rate, and she obtained a stand-alone second for $312,540. If she didn’t use the HELOC at the purchase, she pulled the money at this refinance. It seems pretty obvious she couldn’t afford the house.
The house was just just three days away from a foreclosure sale when Tanous filed for voluntary Chapter 7 bankruptcy in February 2013. The bank is asking the judge to lift the automatic protection from foreclosure because she has no equity in the property.
Court documents show her annual income is just $30,000 a year since she left the reality show in 2012.
After her first season she underwent cosmetic surgery — a surgery that took place while she wasn’t paying her mortgage.
“Orange County women are very big on up-keep. Some people go in for boob jobs has much has they go in for oil changes.” – Peggy Tanous commenting on her third boob job. “The Real Housewives of Orange County” Episode Five.
Back when she was contemplating the boob job, did her and her husband look at their income and their obligations and decide it was better to have big tits than pay a mortgage? Lenders must love that kind of decision making. Entitlements trump financial obligations every time.
Her only income appears to be $2,500 in child support from ex-husband Micah Tanous, although she’s never publicly acknowledged the divorce.
And she can’t plan on Bravo paychecks to save the day: A source recently told Radar she “hasn’t been asked back” to film RHOC again.
Did you pay your rent or make your mortgage payments over the last six years? How nice is your house? How would you have liked to live for nothing in the house below? It’s hard to feel bad for someone who just spent the last 6 years squatting in a nice Irvine home.
“Gloom, despair and agony on me-e!
Deep dark depression, excessive misery-y!
If it weren’t for bad luck I’d have no luck at all!
Gloom, despair and agony on me-e-e!”