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Reply #98: That's not how I read the numbers. Initially they bought a house by [View All]

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24601 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-28-09 08:46 AM
Response to Reply #38
98. That's not how I read the numbers. Initially they bought a house by
borrowing approx $200,000. Then, as house values went up, they borrowed more against the house in order to finance his business (online seller of collectable dolls) and for medical bills. This pushed the debt up to about $300,000. They defaulted in 2005 and the remaining $240,000 was penalties and accumulated interest.
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