Monday, March 02, 2009

Foreclosure

Sure, times are tough and all of my investments are going in the tank, but at least I'm not at risk of being evicted from a cave. That's when you know you're close to rock bottom. (pun semi-intended. I don't find it terribly amusing and tried to think of something else but quickly gave up.)

Anyway, the above article is pretty superficial, but after a little more research, this whole saga is getting more interesting. I found this article with a lot more information. For starters, they are victims of signing a stupid loan - a 5 year loan with a balloon payment at the end. So after buying the house for $160k and making a 50% down payment, $83k is due on May 1. And after spending $150k in renovations in that time, the owner didn't have the forethought to set aside enough for the remaining payment.

After looking at some more pictures of the cave and finding out that prior to being a private residence, it served as a concert venue for the likes of the Motor City Madman - Ted Nugent, Bob Segar, and Tina Turner, I can't help thinking it would be a pretty cool place to live. If only I was willing to move to Festus, MO. Is there anything more manly than living in a cave, particularly one with electricity, plumbing, and internet access? That's a dream come true. Hopefully this family will be able to procure a more traditional loan and remain there.
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