The Orange County Housewives may have seemingly flawless lives with the perfect balance of drama and high-living glamour, yet they are not immune to the real estate woes plaguing the rest of America. Witness former OC housewife Jeana Keough whose house faced foreclosure. Fortunately, Keough’s Coto de Caza home was offered a reprieve in the form of a loan modification.
Keough is not the only housewife to experience the lagging real estate market. Tamra Barney, who currently stars in the series, had her 3 Pointe Cir, Ladera Ranch, Calif., home put on short sale. The embattled reality star also recently filed for divorce from her husband Simon. Brunette Lynne Curtain also faces reality with a notice of eviction.
Keough experienced first hand what thousands of Americans are facing: foreclosure. Her first notice of default was given last June. She attempted to modify her loan and was initially turned down by her lender.
Unfortunately, this has been the reality for many Americans. Despite efforts by the Obama administration to help underwater and delinquent homeowners, the programs remain slow and ineffective. Under HARP and HAMP, distressed homeowners are eligible to refinance or modify their home loans with the help of their bank if eligible. However, many banks have not honored modification procedures.
Furthermore, refinancing remains extremely difficult for those Americans with a shaky credit history. Banks are reticent to support bad credit habits. The current financial climate has banks extending fewer and fewer credit lines while installing more and more rules and regulations.
For Keough, a little fame paid off. The reality star put extensive effort into campaigning to save her house. The campaign was a veritable war complete with speeches, email blasts, letters to Congress, and contact with the governor’s office. All the sound and the fury got her lender to finally take notice and grant her the loan modification she had wanted.
Her home is currently up for sale listed at $3.9 million. The property includes seven bedrooms and eight baths.
Written by Lani Shadduck
HULIQ.com
Source:Zillow.com
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