You don't have any equity when your house is repossessed, never mind if you have remortgaged it umpteen times. Based on the article, it looks like he made good

You don't have any equity when your house is repossessed, never mind if you have remortgaged it umpteen times. Based on the article, it looks like he made good money 1997-2002 or so, then took a couple of years off, tried to go back in 2004, and spent out his $500k by 2008 while trying and failing to find work.