New 'Real Housewives' Cast Member Facing Foreclosure

Real Housewives of Orange County Lynne CurtisFirst Lynne Curtain gets evicted at the end of the last season, and now this. As fans of the Real Housewives of Orange County get to know the newest member of the franchise's original show, Peggy Tanous, pictured left, she might be more preoccupied with the fight to keep her Irvine home than her newly-found time in the spotlight. The former swimsuit model turned Bravo star, who replaced Curtain this season, has defaulted on one of two loans on her home, which she purchased for $1,379,000 in early 2006. The notice of default was filed on November 16, 2010.

"The way it works in California is that they file a notice of default and that was recorded on November 1, 2010, and the trustee sale is scheduled for March 17," says Linsey Planeta of M Realty in Orange County. "If she's trying to do a loan modification or has a short sale in place, it can delay the auction."
According to Planeta, Tanous has two Bank of America loans on the home; the one that is defaulting is in the amount of $1.318 million.

The value of the home, which was new construction when Tanous purchased it, has dropped steadily over the past few years; having been assessed at $1,377,000 in 2007, $1,336,000 in 2008, and $875,000 in 2009. At the time of purchase, Tanous put a 5 percent down payment on the home and then refinanced it in October of 2006. Last year, she paid $15,860 in property taxes. In both 2008 and 2009, the self-proclaimed party girl paid $18,886 and appears to be paid up on that front.

The Real Housewives star, who "lovers her bling, Bentley and plastic surgery" according to her profile on Bravo's web site, currently lives at the embattled home with her 37-year-old Internet marketing entrepreneur husband, Micah, and two daughters; as seen on the hit reality TV show. The 41-year-old stay-at-home mom is listed as the sole owner of the Irvine home located on Desert Willow Road. The trustee sale of her home is set for 3:00 p.m. today, March 17.

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