Margaret Josephs Sued For $200,000 In Unpaid Loans
Jersey's own pigtailed Housewife may have entered legendary status when she threw red wine on Danielle Staub's rented dress, however, it looks like Margaret Josephs may have run into some financial drama off-camera.
According to court documents obtained by Radar Online, The Marge and her husband allegedly received a mortgage loan from their ex-friends Lori Ann and John Wayne Sigley of $200,000 with the agreement it would be paid back in one year but it's been 16 months and the couple are now claiming Marge and Joe never paid back a cent of the original loan.
The documents are full of legal mumbo jumbo, however, they specify the terms of the loan which was allegedly in cash. First of all, who has 200K in cash lying around and do they have a written agreement if they were handing out cash:
“On or around September 23, 2016, Defendants each executed a Promissory Note in favor of Plaintiffs as consideration for and to secure a loan from Plaintiffs to Defendants in the principal amount of $200,000, plus interest at a rate of 6% per annum. Under the Promissory Note, payment of any outstanding amounts including interest was due on September 23, 2017.”
Since September 2017, the couple who loaned them the money have written demands asking for the money which are dated November 2017 and also sent them Notice of Default. According to the court documents, Marge and Joe still failed to pay and remain in default on the loan.
Apparently, because it is a mortgage loan, their New Jersey mansion could be used as collateral to pay off the loan, which is what the Plaintiffs are asking for after they requested the judge give them a security interest in the property. Maybe THIS is why the house still isn't renovated?
On top of their financial troubles, Marge apparently also owes $200,000 in back taxes to the IRS, which have still not been paid. Damn, it looks like a good time to file for bankruptcy.
Thoughts? Sound off in the comments!