XXX Perry Creek Drive $142/sqft. Asking $460,000
(This property is not listed for sale on realtor.com. One source tells me it's for sale, but another says it's no longer on the market.)
5/28/2002 -- Bought for $350,000 -- $280,000 ARM Mortgage and a $70,000 downpayment.
9/26/2003 -- Refinanced for $289,000
1/6/2004 -- Took out a second mortgage for $26,600
2/2/2007 -- Opened a HELOC for $99,400
5/17/2007 -- Extended the HELOC to $129,600
Total property debt: $445,200 if you assume they fully tapped their HELOC.
The owners have already spent the money that they will make on the sale of this property. They've counted their chickens before they hatched.
...
I've finally figured out how to look at the debt record for a property. This is the first property I looked at, and it shows the same pattern of mortgage abuse seen and documented in Irvine, California.
I intend to keep a tally that I will update on this blog: the percentage of houses for sale that I investigate which show signs of HELOC abuse. The tally so far is 1 of 1, or 100% of all homes I've looked at.
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