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Reply to "Is possible to owe $500,000 for a home when you paid $125,000 back in 2004?"
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[quote=Anonymous]I have a friend who bought her home 27 years ago for $250,000. They should be in the sweet spot now of paying down the last of the principal. They've taken out a second, refinanced several times and taken out more. They now owe $600,000. The house has gone way up in value so they can do this but when does it end? They are in their 60s. Lots of people got burned in 2008 doing this and got foreclosed when they couldn't afford their huge mortgages after layoffs. [/quote]
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