This one requires the bullet-point recap:

* On 1/8/2004 the property was purchased for $465,000 with a $372,000 first mortgage, a $46,500 second mortgage and a $46,500 downpayment.
* On 3/11/2004 the owners opened a HELOC for $92,000 and withdrew all their downpayment plus another $45,500.
* On 9/20/2004 they refinanced with a $552,000 first mortgage.
* On 8/16/2005 they opened a HELOC for $38,000.
* On 12/8/2005 they opened a HELOC for $150,000.
* On 6/8/2006 they refinanced with an Option ARM for $650,000 and a second mortgage of $115,000.
* Total property debt of $765,000.
* Total mortgage equity withdrawal of $393,000 over a 2 1/2 year period.