Melissa and Joe Gorga Owe $2.25m on their $500k shore house?!

Melissa Gorga and her husband Joe Gorga put their Toms River home on the market for $535,000 earlier this year. After reducing the price by $15,000 in April, the home is currently on the market for $520,000. The Real Housewives of New Jersey stars also have their Montville Township estate on the market for $3.8 million which again raises the question, are Melissa and Joe having money trouble?

At the time that they listed their Montville  home, Joe Gorga told Us Weekly, “We tried Montville, but it just wasn’t for us. We want to go back to Franklin Lakes, which is closer to where I work.” Melissa also took to her Twitter account to tell fans that they were simply relocating and money had nothing to do with their move.

However, Radar Online has uncovered some information on their Toms River home which claims that the couple owes more than four times the listing price on their mortgage. According to public property records, the Gorga’s took out a $2.25m mortgage on November 16, 2007 with Sterling Bank, plus interest. “This mortgage is given as additional collateral for a construction mortgage loan,” the paperwork revealed. UPDATE! It turns out that there was a typographical error on the bank documents that created a great deal of confusion. The loan was taken out to buildl their main, Montville residence, using the shore house as collateral. CLICK HERE to read the Gorgas’ official statement, and find out more!

Melissa and Joe originally purchased the home for only $450,000 in July of 2005 on which they took out an initial mortgage of $360,000 and a secondary mortgage of $45,000. Joe Gorga renovated the entire home. Fans of Real Housewives of New Jersey may remember the couple vacationing at the home mid-reno. Among Joe Gorga’s updates to the home were new appliances, an in-ground salt water pool, outside Kitchen, and an outside fireplace.