Originally Posted by justme

Here, they had a rash of people buying condos with the intention of quickly flipping them. They just did a story on a local couple that mortgaged their house to the hilt in order to purchase 4 condos at pre-construction prices.
Condos were finished just as the housing slump hit. No buyers, unable to use their house as an ATM anymore. They are in the process of losing everything.
Their home value has dropped way below their mortgage. Lenders won't work with them.
Its sad, but these are educated adults who saw a chance to make a quick buck.