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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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