Emily Keyes' Parents Home In Foreclosure

BAILEY, Colo. -- John Michael Keyes, whose daughter, Emily, was killed in the Sept. 2006 Platte Canyon High School shooting, told 7NEWS Wednesday his home is in foreclosure.

Keyes said his 5,000-square foot home on 37 acres near Bailey is scheduled to go to foreclosure sale July 29.

"This is not a tragic foreclosure story. This is a business decision story," said Keyes.

http://www.thedenverchannel.com/news/28 ... etail.html

Keyes said he still owes $745,000 on the property

The mortgage payment on a loan this size will be around $45,000/yr ---- the entire amount that he says he earns in a year.

The math simply doesn't work.

There's no way in heck any bank would try to restructure the loan, given the facts.

I'm thinking it's just a SYMPATHY ploy..

I have lots of sympathy ----

It's a bummer when someone chases their passion, and forfeits their home.

I just don't think any person can expect to stay in a half million plus dollar home, when they're making $45,000/yr.

I make more than he does - and I stay in a 1500 sq ft condo.

I am a little confused......
Found this on the assessor's site.

Date: 6/4/1999 Price: 150,000
Book: Page:
Reception Number: 507981

So......did they buy this house for next to nothing and put a lot of money into it?
How did they buy a 750k home for 150k?

Well, it's certainly not "5,000 SqFt"... And a mortgage of $150,000 for 37+ acres hardly seems excessive, even on his income... Must be something else working...

LJ I think we actually agree on something.

Sounds like they may have 2nd mortgaged the farm for something.
Still trying to figure out how they got it originally for so cheap.
Maybe someone else's misfortune. From what I read.....they must have bought it new.

In re-reading it, it looks like they bought the land in 1999 from: "FARKASH MICHAEL N & ROBIN A." for $150,000

And then they built their house on it in 2000.... And that cost $538,504... And then the land appreciated from $150K to $221.8K.... For a total valuation of $760K...


I'm not sure what the payments would be on $760K...But that puts a little different light on it...