I think there is a good possibility that the Giudices will not only lose their home, but everything else - including their new businesses. If they are found guilty of perjury, they will probably be denied the debt disharge relief they petitioned for. In other words, they will have to pay everyone they owe. Including all of the people who built their home. Many of them have not been paid. They could also be fined or sentenced to prison (thoughI think jail is unlikely). Their trustee has filed a suit against them, and the outcome is going to determine their future.Originally Posted by ubidiah;3997012;
The problem with the house is that it would be difficult to sell. Who would want it? It's tacky cheese-fest that took them 3 years of credit juggling to build and the rear of the property abuts a 4-lane highway. It will be liened to the sky, and title cannot be transferred without satisfying the liens. It could just wind up empty for a long time, or be rented out. Neither the Giudices nor the bank holding the $1.7 million mortgage would be able to liquidate this asset promptly.
I think the auction scheduled for 8/22 will be held on their property - otherwise there would be hefty moving costs incurred. I doubt very much that the Giudices will be present for it.