[BlackVeil]

A sadder situation described on the same blog is that of a 62 year old California homeowner who purchased his house in 1975 for $38,000. He refinanced "3-4 times over the years" mainly for "personal use - cars, etc." The first lien is now $365,000. He opened the HELOC seven years ago and continually tapped into it. The outstanding balance on it had climbed to $265,000. Because the condo had plunged in value to only $350,000, this homeowner stopped making payments on the first mortgage four months earlier.

This sounds like compulsive spending and the "homeowner" - not really an owner because of all his debts - is very silly. The banks are silly as well, of course.

[2ndDivisionVet]

Sounds like he siphoned off about half a million dollars out of his home over the years and now he’s not going to pay anymore, and he’s the “victim?” Okay.