I witnessed a similar case in a gated community in Thousand Oaks/Newbury Park. Some guy bought a really nice house for about $960K in 2005, and then refinanced a few times. The house is back in the market, but is completely thrashed! The FB still lives in the house. Apparently he didn’t mean to destroy it, but just let his three huge dogs run around the house. There are holes in the walls, the carpets are almost gone, wood cabinets appear rotten, the house stinks, etc.
The FB owes over a $1MM, and he’s trying to get the bank to approve a short sale. No one wants to buy, even at the reduced $800K price.
It was sad for me, b/c I almost bought the house in 2005 and it was really beautiful back then. BTW, there was a PT Cruiser and a shiny Cadillac Escalade pickup on the driveway.
