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Man Living in Cave Faces Foreclosure
ABC News ^ | February 24, 2009 | SCOTT MAYEROWITZ

Posted on 02/24/2009 2:03:14 PM PST by americanophile

You've heard plenty of stories about foreclosures, but the latest victims of this brutal recession are about to lose their cave.

That's right. For nearly five years, Curt Sleeper and his family have lived in a cave. His mortgage is about to come due and, like millions of other Americans, he can't refinance.

So now, the 17,000-square-foot, subterranean home is being auctioned off on eBay.

Sleeper and his wife Deborah bought the cave outside St. Louis in May 2004 for $160,000. To pay for it, they sold their old home, TV and even the DVD collection. They made a 50 percent down payment and borrowed the other $80,000 from the seller. It was a five-year loan with a single balloon payment at the end.

The Sleepers now have until May 1 to pay off the remaining $83,000 or sell the property. It's not a foreclosure sale yet, but if they can't come up with the money, they risk losing the house.

Besides the initial $80,000 payment, Sleeper said he spent another $150,000 on renovations to the cave and the surrounding 2.8 acres he owns.

The original plan was to refinance. But Sleeper, a self-employed computer consultant, said...

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Business/Economy; Culture/Society; US: Missouri
KEYWORDS: cave; foreclosure; housing
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No, this is not a Taliban joke.
1 posted on 02/24/2009 2:03:14 PM PST by americanophile
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To: americanophile

Mortgage default: So easy, a caveman can do it! :D


2 posted on 02/24/2009 2:04:04 PM PST by ZirconEncrustedTweezers (Repeal the 16th!)
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To: ZirconEncrustedTweezers

(chuckle)

Ya know a commercial is coming along thoughs lines.


3 posted on 02/24/2009 2:05:38 PM PST by Badeye (There are no 'great moments' in Moderate Political History. Only losses.)
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To: americanophile

Six munths ago he culdn’t even spel programmer. Now he are one.


4 posted on 02/24/2009 2:06:29 PM PST by Jim Robinson
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To: americanophile

“Besides the initial $80,000 payment, Sleeper said he spent another $150,000 on renovations to the cave and the surrounding 2.8 acres he owns.”

Um, sounds like he should have paid the debt first.


5 posted on 02/24/2009 2:06:42 PM PST by MeanWestTexan (Beware Obama's Reichstag fire.)
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To: americanophile

I think they just outed Batman.


6 posted on 02/24/2009 2:08:14 PM PST by TheWasteLand
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To: americanophile

This idiot financed $80 on a five year balloon note, and then poured an additional $150 into renovations but didn’t bother to pay down any of the note and still owes $83 five years later.


7 posted on 02/24/2009 2:08:29 PM PST by VRWCmember
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To: americanophile


8 posted on 02/24/2009 2:08:36 PM PST by avacado (Bipartisanship is when Democrats and Republicans get together to rob the American people blind)
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To: americanophile
I saw this on the news last night.

That's a DARN nice cave.

9 posted on 02/24/2009 2:08:40 PM PST by Just another Joe (Warning: FReeping can be addictive and helpful to your mental health)
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To: americanophile

“Creative” mortgages are like the lottery: They’re for people who are bad at math.


10 posted on 02/24/2009 2:08:59 PM PST by TChris (So many useful idiots...)
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To: americanophile

A real man cave!


11 posted on 02/24/2009 2:09:21 PM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: americanophile

Sounds like he is between a rock and a hard place.


12 posted on 02/24/2009 2:09:56 PM PST by UglyinLA
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To: Diana in Wisconsin

Remind you of something?


13 posted on 02/24/2009 2:09:57 PM PST by Bradís Gramma ( PRAY! Pray for the U.S. Pray for Israel.)
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To: americanophile

Real property is real property ... Case closed.


14 posted on 02/24/2009 2:09:58 PM PST by OldNavyVet (Individual freedom is measurable ... If taxes take all you earn, you are a slave.)
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To: americanophile
$160,000 for a cave?

uh ... yeah.

I had to check out the byline to make sure it wasn't from the Onion or a website like that.

15 posted on 02/24/2009 2:10:28 PM PST by softwarecreator (Definition of a sucker: Pay your bills like a responsible adult to pay for those who didn't!)
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To: UglyinLA

He’s in deep guano.


16 posted on 02/24/2009 2:10:55 PM PST by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: americanophile
Sleeper and his wife Deborah bought the cave outside St. Louis in May 2004 for $160,000. To pay for it, they sold their old home, TV and even the DVD collection. They made a 50 percent down payment and borrowed the other $80,000 from the seller. It was a five-year loan with a single balloon payment at the end.

Billionaire-playboy Bruce Wayne shouldn't have put all of his money into Bear Stearns.

17 posted on 02/24/2009 2:10:57 PM PST by KarlInOhio (On 9/11 Israel mourned with us while the Palestinians danced in the streets. Who should we support?)
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To: americanophile

$320,000 total? Talk about a money pit. He really got in over his head.


18 posted on 02/24/2009 2:11:34 PM PST by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
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To: KarlInOhio
Billionaire-playboy Bruce Wayne shouldn't have put all of his money into Bear Stearns.

I think he put it all with Bernie Madoff.

19 posted on 02/24/2009 2:11:46 PM PST by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: americanophile

Ok, so he got a 5 year mortgage on $80k. Now, at the end of that 5 years he owes $83k. Did he not make any payments in all that time?


20 posted on 02/24/2009 2:12:16 PM PST by bgill
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To: Just another Joe

Groundwater, gravity, and erosion never stop - eventually the cave, uh, caves-in. The ceiling falls down, in other words.


21 posted on 02/24/2009 2:12:24 PM PST by SatinDoll (NO FOREIGN NATIONALS AS OUR PRESIDENT!!)
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To: MeanWestTexan
Um, sounds like he should have paid the debt first.

That's what a responsible person would do. Obama and the Dems have no need for responsible people other than their money.

22 posted on 02/24/2009 2:12:39 PM PST by Carling ("We've lost two people in my family because you dickheads won't cut trees down," - Warwick Spooner)
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To: avacado
Looks like he went a little overboard on the landscaping.

I'd be glad to live there, but I'm not commuting to Texas every day.

23 posted on 02/24/2009 2:12:47 PM PST by willgolfforfood
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To: americanophile

80 000 / 60 = 1 333.33333.

If my math is correct, $1333 per month is not bad rent for a 17,000 sq ft air-conditioned mansion on 2.8 acres. Too bad about the lost renovation costs.


24 posted on 02/24/2009 2:14:15 PM PST by Jim Robinson
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To: SatinDoll
Yeh, I know. I knew a couple that lived in an underground house once.
I asked them what was the nost difficulty they had.

The answer - mold.

25 posted on 02/24/2009 2:16:05 PM PST by Just another Joe (Warning: FReeping can be addictive and helpful to your mental health)
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To: americanophile
He puts 80K down, during the fat times NEVER gets a 30 year mortgage for the remaining 80K, THEN puts 150K into it, and NOW can't make a balloon payment that he knew was coming for five years.

The note holder can get a $300K house because the guy is defaulting on an 80K loan.

26 posted on 02/24/2009 2:16:23 PM PST by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
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To: Jim Robinson

Make a nice new home for the FR servers, don’t you think?


27 posted on 02/24/2009 2:17:00 PM PST by patton (America is born in Iceland, and dies in California)
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To: americanophile
Besides the initial $80,000 payment, Sleeper said he spent another $150,000 on renovations to the cave and the surrounding 2.8 acres he owns.

The FIRST THING they should have done was pay off the note, KNOWING it was a five-year balloon note.

I'm apologize.

I find it impossible to feel sorry for stupid people.

It's just not in my nature.

28 posted on 02/24/2009 2:18:23 PM PST by E. Pluribus Unum ("Only after disaster can we be resurrected." -- Tyler Durden)
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To: americanophile

What kind of mortgage/real estate deal was that?

I’ve never heard of that kind of boondoggle.


29 posted on 02/24/2009 2:18:44 PM PST by GOP_Lady
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To: patton

Cool.


30 posted on 02/24/2009 2:18:58 PM PST by Jim Robinson
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To: avacado; stylecouncilor

Nice photos.


31 posted on 02/24/2009 2:19:26 PM PST by windcliff
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To: Jim Robinson

Yeah, about 56 degrees constant year round, raised somewhat by the heat of the machines. No climate conditioning required for the server farm at all.

;)


32 posted on 02/24/2009 2:22:12 PM PST by patton (America is born in Iceland, and dies in California)
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To: SatinDoll

so does your house


33 posted on 02/24/2009 2:22:53 PM PST by beebuster2000
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To: patton

And pretty much storm-proof at that. ;-)


34 posted on 02/24/2009 2:23:01 PM PST by BuckeyeTexan
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To: VRWCmember

Finance is not his strong suit.


35 posted on 02/24/2009 2:24:13 PM PST by Straight Vermonter (Posting from deep behind the Maple Curtain)
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To: GOP_Lady

All sorts of folks buy homes under “land contracts” - that is where the seller holds the financing for some set period of time, after which you have to pay up.

It is common in the midwest, especially when the buyer needs to build a house, before he can get conventional financing.


36 posted on 02/24/2009 2:24:30 PM PST by patton (America is born in Iceland, and dies in California)
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To: americanophile

37 posted on 02/24/2009 2:26:03 PM PST by ari-freedom (Hail to the Dork!)
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To: americanophile

That’s almost as awesome as folks buying up old Minuteman and Titan missle silos and renovating them.


38 posted on 02/24/2009 2:26:49 PM PST by randomhero97 ("First you want to kill me, now you want to kiss me. Blow!" - Ash)
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To: BuckeyeTexan; Jim Robinson

Yeah - but - the electric service, from the photo, seems to be overhead, and it looks like a 10KVA pot. Way too small for a server farm, and only slightly more reliable than power in CA.

Out of curiosity, I emailed a friend - STL DOES have eathquakes, which makes a cave somewhat iffy.

Of course, the FR staff are used to earthquakes...LOL.


39 posted on 02/24/2009 2:28:02 PM PST by patton (America is born in Iceland, and dies in California)
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To: americanophile
His mortgage is about to come due and, like millions of other Americans, he can't refinance.

Subterranean sub-prime.

40 posted on 02/24/2009 2:28:16 PM PST by Oldeconomybuyer (The democRATS are near the tipping point.)
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To: americanophile

Listening carefully to the story, and reading between the lines just a tad, he HAS NO bank to be pissed off at right now for foreclosing. Rather the people he bought the cave from took a 50% down payment of $80K and agreed to hole the other $80K note for 5 years.

Now comes time for him to refi and no banks will loan him the cash. So the people who owned the cave prior are forcing him to stick to the terms of the note which means: 1. Get financing from a conventional bank 2. Sell 3. Walk away. Looks to me like the previous owners know EXACTLY what they are doing now that they have an improved property heading their way for no money.

Interesting how the ABC bimbette never asked him why the the previous owners won’t modify the current terms of the note.


41 posted on 02/24/2009 2:28:18 PM PST by VeniVidiVici (If the Democrats wish to foist national health care on Americans, give us the same plan Congress has)
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To: Oldeconomybuyer

Talk about Subterranean Homesick Blues....


42 posted on 02/24/2009 2:31:18 PM PST by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: avacado

Nice digs.


43 posted on 02/24/2009 2:31:50 PM PST by FReepaholic (Diversity = .45 .357 .223 .38 ...)
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To: americanophile

A good example of people living beyond their means. I wonder if Osama will bail him out?


44 posted on 02/24/2009 2:32:02 PM PST by TexasRepublic (I am inconsolate over the death of our country.)
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To: GOP_Lady

It’s called owner financing. It wasn’t a mortgage it was a ballon payment note.


45 posted on 02/24/2009 2:33:26 PM PST by Captain Peter Blood
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To: ZirconEncrustedTweezers
Mortgage default: So easy, a caveman can do it! :D

That's comedy gold.

46 posted on 02/24/2009 2:33:43 PM PST by mountainbunny
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To: Just another Joe

That cave’s nicer than my house... :(


47 posted on 02/24/2009 2:33:54 PM PST by Virginia Ridgerunner (Sarah Palin is a smart missile aimed at the heart of the left!)
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To: MeanWestTexan
Um, sounds like he should have paid the debt first.

That’s what I thought as well.

(During construction, Sleeper, his wife and their two kids lived in tents in the back of the cave and washed dishes and laundry in buckets. Their third child, a son, was born last week in the cave.)

Get the place livable and then concentrate on paying down the debt.

Too many people think that good times (financially) will last for ever. Some people actually have said the business cycle was over, we would never have a down turn again.

HA! They forgot about Democrats!

48 posted on 02/24/2009 2:33:59 PM PST by Pontiac (Your message here.)
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To: VRWCmember

Money for nothin’, and the (cave) chicks for free!


49 posted on 02/24/2009 2:34:24 PM PST by Clock King (Radical Conservatives, arise!)
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To: americanophile

Over 45 years ago in junior high math, we were introduced to mortgage concepts. When it came to balloon mortages, as a kid it seemed like a suckers deal. Seems more like it now.


50 posted on 02/24/2009 2:34:25 PM PST by Free_SJersey (Liberty can promote equality- manditory equality will kill liberty. CONSTITUTION FIRST!)
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