Cave Dwellers Slammed By Credit Crunch

(CBS)  Want to buy a cave?

More specifically -- a home built into a cave?

The Sleeper family in Festus, Mo. lives in a three bedroom, two bathroom home they built in a 17,000 square foot cave after buying the property for $160,000 five years ago.

They went as far as to sell their DVD collection to come up with a 50 percent down payment, but now, the balloon payment on the mortgage they took for the other half of the purchase price is coming due, and they've been unable to refinance to cover it.

So, they've turned to the same place they found their cave -- eBay -- to try to sell it, though they'd still prefer to refinance. Asking price: $300,000.

Early Show co-anchor Maggie Rodriguez spoke with Curt Sleeper Thursday, as well as his 12-year-old son.

Sleeper said that, among other things, banks not only want a credit score of 800, but 100 comparable dwellings to compare prices to -- hardly a possibility!:

[Superb54]

This information is for anyone who is facing foreclosure. If you want to stall or even stop the process, here is what you do: request the ORIGINAL mortgage papers from the original lender with ORIGINAL SIGNATURES. Being most lenders sell and resell mortgages, MOST ORIGINAL DOCUMENTS ARE FILED, DESTROYED, LOST, ETC. You have the legal right to request these documents. This will tie things up FOR A LONG, LONG TIME! This will slow down the process. It may not completely stop it, but it will definitely slow things down!!! Good luck to the Sleeper family. Pass this along to them!!!

[FUBOMX]

Obama will bail them out. They set the standard for "Change we can believe in".

That is President Obama Mac, and if you can't think of anything intellegent to say then just ****.

[McHineguy]

Obama will bail them out. They set the standard for "Change we can believe in".

[cs4466]

"The Sleeper family in Festus, Mo. lives in a three bedroom, two bathroom home they built in a 17,000 square foot cave after buying the property for $160,000 five years ago.

So, they've turned to the same place they found their cave -- eBay -- to try to sell it, though they'd still prefer to refinance. Asking price: $300,000. "

In this economy? You'll be doing quite well to get back your 160k, Missouri bumpkins.

Welcome to bankruptcy.

[presjfk]

Why would they choose a 5 year balloon payment for a home. Some people are just idiots!
Posted by au_fait

With this unique property there was likely no other option. Frankly, I don't know how they even got that. (I am in the mortgage business).

[presjfk]

Caves, Geodesic domes, Earth Berms, single wides and even log cabins in the wrong location can make financing impossible. n This is what is happening to this family. Its a shame because this home in the NE if it existed would be worth a million plus. Amazing home.

[au_fait]

Why would they choose a 5 year balloon payment for a home. Some people are just idiots!