Peggy Tanous made her debut this season as the latest member of Bravo’s Real Housewives of Orange County series, but she’s already following the trend of foreclosures and short sales prevalent among other Housewives.
Tanous, a former model and stay-at-home mom, is currently challenging her home foreclosure in court, claiming that “she’s having financial issues and deserves a loan modification.”
According to the Orange County Register, Tanous accuses the foreclosing bank of “conspiring to take the house.” She also says the bank interfered with a payment schedule she worked out with a tax collector to pay delinquent property taxes. Her case is a part of the Orange County Superior Court’s new ”foreclosure relief settlement program” in which homeowners and lenders can come to terms on the foreclosure.
Tanous and her Internet-entrepreneurial husband Micah purchased their Irvine, CA home in 2006 for $1,379,000. The two made timely payments for two years before falling behind. According to court records, they have two mortgages — one for $1 million and a second for $312,540. According to the Orange County Register, they owe $1,318,253.
Despite rumors of foreclosure, Tanous gave a video tour of her home for the OC Register in mid-March, showing off her collection of Versace china, a sword collection, wine on tap, life-size wax figures of actor Al Pacino, as well as her home movie theater complete with “butt shakers.”
In the midst of this all, Tanous has continued to live the life of a Real Housewife. On one episode, she has plastic surgery and receives diamond earrings while in the hospital. She drives a Bentley and recently hired a celebrity chef to cater a multi-course dinner in her backyard.
Of course Tanous isn’t the only one to pair a luxe lifestyle with housing woes. Her costar Alexis Bellino’s home barely avoided foreclosure sold as a short sale. Other castmate Tamra Barney also sold her home as a short sale last year. Previously, O.C. Housewives’ Jeana Keough used a loan mod to avoid foreclosure. Unfortunately these stories are not just true of Housewives; current median Irvine home values are at $517,000 and have dropped 17.5 percent year-over-year.