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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.
To: americanophile
Mortgage default: So easy, a caveman can do it! :D
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.)
To: americanophile
Six munths ago he culdn’t even spel programmer. Now he are one.
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.)
To: americanophile
I think they just outed Batman.
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.
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)
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)
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...)
To: americanophile
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)
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
To: Diana in Wisconsin
13
posted on
02/24/2009 2:09:57 PM PST
by
Brad’s Gramma
( PRAY! Pray for the U.S. Pray for Israel.)
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.)
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!)
To: UglyinLA
16
posted on
02/24/2009 2:10:55 PM PST
by
dfwgator
(1996 2006 2008 - Good Things Come in Threes)
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?)
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.)
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)
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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