Saturday, November 20, 2010

Going, Going, Sweet Equity Gone!

It's the final chapter for Mr. Marshall Whittey. He was one of the poster children for better living through tapping home equity, telling his story on the pages of the NY Times. But his story is not unique. The sweet home equity of the housing bubble created a thriving economy, enabling an entire nation to live beyond its means. Unfortunately, all ponzi schemes must come to an end. And now, three years after the NY Times story, Mr. Whittey must give up his primary residence, which is deeply under water.

2007-11-10: Marshall Whittey
2009-08-23: Sweet Home Equity Gone Sour

Personal Residence:
404 Alysheba Ct, Reno, NV 89521
4 beds, 2.0 baths, 2,017 sq ft

Pending Sale: $235K

06/08/2005: purchase $283,900 with Universal American
03/01/2006: $30,000 HELOC with Countrywide
11/20/2006: $375,000 REFI with First Magnus
06/08/2005: $355,000 (unsure about the sales history vs HELOC/Refi)