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Reply #20: My brother did this in Illinois. [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
murielm99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-29-09 12:39 AM
Response to Reply #14
20. My brother did this in Illinois.
Every time they got a little equity, he borrowed on it. He ended up making huge payments on a house that was aging and badly in need of repairs. They never seemed to be able to keep up with the repairs because the house payments were so large.

They lost the house. It was purchased by a company that bought it and tore it down. A huge McMansion that is too big for the lot is on the property now.
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