Chase Scheduled A Foreclosure Sale In Error On Bellino Home

Post from OC Register.

Posted by RICHARD CHANG
Jim and Alexis Bellino, last season’s newest cast members of “The Real Housewives of Orange County,” recently defaulted on a $4.6 million loan for their stately home on Circle Drive in Newport Beach.

Photo: Bravo

According to documents obtained exclusively by The Orange County Register, the Bellinos failed to pay $83,856.92 as of April 26 on their home loan, and faced the threat of foreclosure, plus having their home sold at public auction to the highest bidder.

The original loan amount was for $4.5 million. Because the Bellinos missed all mortgage payments since the first of the year, the debt — with fees and penalties — swelled up to $4.62 million, the documents indicate.

However, the auction (or trustee sale), scheduled for Wednesday, Aug. 25, never happened. The Bellinos modified the loan on their home, a foreclosure did not occur, and the family never had to move.

“Chase Bank has been great to work with on my modification,” Jim Bellino said in an interview Friday. “The trustee sale has been canceled, and the modification has been agreed upon.”

UPDATE (8/27): The 5-bedroom, 5-bathroom house is 4,200 square feet. According to Redfin, the Bellinos bought the house in August 2007 and have been trying to sell it, but took it off the market. It has been listed on and off since May 2008. Zillow.com says it’s now worth $3.89 million. For a few more real estate details and a photo of the house check out Jeff Collins’ post on the Lansner on Real Estate blog.

Since the housing market bubble burst, several “Real Housewives” have faced serious real estate conundrums. Original “housewife” Jeana Keough defaulted on her loan, faced foreclosure and got a loan modification, much like the Bellinos. Tamra Barney short sold her home for less than the Barneys purchased it.

Frank and Lynne Curtin faced eviction four times, and were actually evicted from their Laguna Beach home. That dilemma was documented in painful detail during the last season of “Real Housewives,” which airs on Bravo. Season 5 of the reality TV series ended in March, and season 6 is filming right now, with a tentative schedule of premiering in January 2011.
According to the documents, California Reconveyance Company, a debt collector, notified the Bellinos on or around April 26 that they had defaulted on their loan. The deed of trust for the property was dated July 30, 2007 and recorded on Aug. 1, 2007. A modification on the deed of trust was recorded on Feb. 18, 2009.
The documents state that by April 30, the bank had contacted the borrower (the Bellinos) to discuss the borrower’s financial situation and to explore options to avoid foreclosure. Yet, 30 days had passed since the borrower was contacted without a resolution. That triggered the notice of trustee sale.
Jim Bellino said the documents don’t reflect the loan modification going on presently. His lawyer Michael York confirmed that Chase scheduled a foreclosure sale in error. Bellino added that his family, which consists of his wife and three kids — James, 4, and Melania and Mackenna, 2 1/2 — intend to stay in the home for an extended period of time.