"May 22, 2007 5:53 am US/Central
http://cbs2chicago.com/topstories/local_story_142071522.html
Report:
Stebics May Have Had Financial Trouble
CBS 2 Legal Expert Says There's No Evidence Of A Crime Yet
(CBS/Naperville Sun) PLAINFIELD, Ill. Mortgages on the Plainfield home of Craig and Lisa Stebic exceed the home's value, public records show.
As CBS 2 News partner the Naperville Sun reports, while it is not uncommon for couples going through a divorce to find their main residence drained of its value, the records indicate that couple may have overextended themselves financially.
Within the past week, reports have surfaced that Craig Stebic recently was laid off from his job as a pipefitter, and Lisa Stebic was moving forward with a petition to evict Craig from the couple's shared home.
According to Lisa Stebic's petition, she earns less than $10,000 a year as a lunchroom worker and Craig Stebic had earned more than $80,000 annually at his union job.
While only liens on a property are public record, the couple's history of taking multiple mortgages on their Plainfield home and later refinancing for larger amounts shows they were looking for cash.
Assuming Craig and Lisa Stebic had no other outstanding debt such as credit cards or student loans, they are paying as much as $3,000 per month for the two outstanding mortgages on their property when taxes and homeowners insurance are included. Utilities and other household expenses, such as groceries, would be additional expenses the couple would have to cover each month.
The Stebics' Plainfield home that was purchased in 2000 for $208,411 now has $313,000 in mortgages on it, according to records from the Will County recorder of deeds' office. Many homeowners liquidate the equity in the homes, a mortgage broker said.
Each time the Stebics' Plainfield home increased in value, Craig Stebic took a second mortgage on the home.
According to documents obtained from the Will County recorder of deeds' office, those smaller second mortgages would later be rolled into a larger refinanced mortgage, the latest in 2002 for $248,000. But once again, a second mortgage was taken out two years later, drawing the equity from the home to the tune of an additional $65,000.
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