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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]When we bought our 1950s colonial in Bethesda, we saw at closing that the owners still owed hundreds of thousands of dollars on it -- despite the fact that they had bought the place almost 40 years before. Turned out they were treating their house like an ATM, taking out HELOCs, presumably to meet expenses like college tuition for their kids. I found it kind of irritating, for some reason, that through an accident of geography -- the house was close-in in what became an increasingly desirable neighborhood over the years -- they were getting a big pay day despite bleeding the house for money over the years. They certainly didn't spend it on maintenance, unfortunately -- so we got stuck with those costs, too. [/quote]
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