View Full Version : 'Extreme Home Makeover' House Threatened With Fore
Elizabeth
07-30-2008, 09:46 AM
'Extreme Home Makeover' House Threatened With Foreclosure
CLAYTON COUNTY, Ga. -- An Extreme Home Makeover may be going bust. The first metro family who got a new home is facing foreclosure.
Channel 2 followed the progress as an army of volunteers swarmed a Clayton County neighborhood to build a new home for a deserving family on “Extreme Makeover: Home Edition” in 2005. When the show came to town, no one could have predicted what would happen less than four years later -- foreclosure.
A foreclosure notice appeared last Friday, a $450,000 second mortgage they took out less than 15 months ago was in default.
http://www.wsbtv.com/news/16980412/detail.html
rgcraig
07-30-2008, 09:47 AM
So sad that people can't be good stewards!
Elizabeth
07-30-2008, 09:50 AM
So sad that people can't be good stewards!
It was one of the biggest houses to date --can you imagine losing a free mansion?!
MrsMcD
07-30-2008, 09:50 AM
I heard this on the news and thought how could anyone do such a thing. The family gets blessed with a makeover and then it's threatened with foreclosure.
Cindy
07-30-2008, 09:52 AM
Some of them get the mortgages paid off by the builders some don't. The taxes must be huge too.
steve p
07-30-2008, 09:54 AM
They took out a second mortgage?!?!??!?!?!?!?
Cindy
07-30-2008, 09:55 AM
Their mortgage was paid off and they got $100 thousand dollars? Wow, they did get themselves into a mess.
Cindy
07-30-2008, 09:57 AM
They took out a second mortgage?!?!??!?!?!?!?
Yes, and invested the free $100 thousand dollars into something that turned out to be a bad investment. Hence the 2nd mortgage.
steve p
07-30-2008, 09:58 AM
In those types of situations, the person receiving the house should not be able to borrow against it. Someone else maybe should hold the deed to the home. Its just a shame ,,,,
Elizabeth
07-30-2008, 10:00 AM
They took out a second mortgage?!?!??!?!?!?!?
:crazy
Elizabeth
07-30-2008, 10:01 AM
In those types of situations, the person receiving the house should not be able to borrow against it. Someone else maybe should hold the deed to the home. Its just a shame ,,,,
I agree that should be part of the deal-not being able to borrow against it.
Cindy
07-30-2008, 10:02 AM
Extreme Makeover Home Edition is my favorite TV show. A lot of times the children get free education, and some of the families get free vehicles. I really don't understand this at all. I guess I will have to watch the video to remember this family.
Sassy
07-30-2008, 10:36 AM
Wow...such a beautiful home....I bet they are feeling really horrible about now.
This kind of reminds me of the subprime industry....they loaned money to people with bad credit...at very high closing costs and interest rates. Because they hadn't corrected any of their bad habits...alot of them lost their homes recently. Some didn't even make their first payments.
It all comes down to what RCraig said...we need to be good stewards.
AmazingGrace
07-30-2008, 10:57 AM
Some people are just plum stooopid!!!!
In those types of situations, the person receiving the house should not be able to borrow against it. Someone else maybe should hold the deed to the home. Its just a shame ,,,,
I agree 100%. There should be a trustee set up at a bank or something and they should not have the ability to do something like this for at least 10 years.
rgcraig
07-30-2008, 11:19 AM
I agree 100%. There should be a trustee set up at a bank or something and they should not have the ability to do something like this for at least 10 years.
I bet this will be in place now.
MrsMcD
07-30-2008, 11:30 AM
I bet this will be in place now.
My thoughts exactly!
RandyWayne
07-30-2008, 12:28 PM
Wow...such a beautiful home....I bet they are feeling really horrible about now.
This kind of reminds me of the subprime industry....they loaned money to people with bad credit...at very high closing costs and interest rates. Because they hadn't corrected any of their bad habits...alot of them lost their homes recently. Some didn't even make their first payments.
It all comes down to what RCraig said...we need to be good stewards.
I am not sure I see the connection to the subprime mess, but it is one thing for a family to bite off more then they can chew -and loose their home. It is quite another to be GIVEN a FREE home, and still lose it.
What it does remind me of, and is consistent with, are the great number of lotto/powerball winners who take home millions -only to declare BK within a couple of years!
I wish I had learned how to be smart with my money when I was younger. It took too long to figure out how dumb I was being.
oh well, like GI Joe says, "Now you know! And knowing is HALF the battle!"
berkeley
07-30-2008, 12:35 PM
I wish I had learned how to be smart with my money when I was younger. It took too long to figure out how dumb I was being.
oh well, like GI Joe says, "Now you know! And knowing is HALF the battle!"
:ursofunny
Sassy
07-30-2008, 12:37 PM
I am not sure I see the connection to the subprime mess, but it is one thing for a family to bite off more then they can chew -and loose their home. It is quite another to be GIVEN a FREE home, and still lose it.
What it does remind me of, and is consistent with, are the great number of lotto/powerball winners who take home millions -only to declare BK within a couple of years!
I guess it was a thought I had because of Renda's comment about being good stewards....just because you get a FREE house doesn't mean you can manage your money. The people in question didn't seem like they made wise money decisions....Could have been bad habits....could have been bad luck....I don't know...
Sassy
07-30-2008, 12:38 PM
I wish I had learned how to be smart with my money when I was younger. It took too long to figure out how dumb I was being.
oh well, like GI Joe says, "Now you know! And knowing is HALF the battle!"
Oh my...been there done that.....I think I wrote the book!! :o)
Oh my...been there done that.....I think I wrote the book!! :o)
Sister, in the future, if you write a book this important, would you mind sending me a copy BEFORE i make all the mistakes?????
thank you.
Jack Shephard
07-30-2008, 12:42 PM
I agree it was not smart to take a second mortgage on the home. They did get the money to help launch a construction business, it failed. You would think that they would have considered this, "I can get the money for the business and if it don't workout I lose my home...No thanks!" But alas it seems that if it were a consideration they were just plain dumb about it. Myself being a second mortgage lender I could say with real conviction, what was the bank thinking? No bank wants to end up with your home cause you can't pay the debt. I will not do a second on a large home if income can not be verified and there is a laundry list of things, we don't want your house. Many banks have stopped lending on high dollar homes, for second mortgages, cause is some areas the resale market on those homes are very poor. Practicing irresponsible borrowing and practicing irresponsible lending is some of what got the country in the shape it is with peoples homes.
Sassy
07-30-2008, 12:42 PM
Sister, in the future, if you write a book this important, would you mind sending me a copy BEFORE i make all the mistakes?????
thank you.
You don't want to read my mess.....stick to Dave Ramsey!! :)
You don't want to read my mess.....stick to Dave Ramsey!! :)
LOL! im trying! but my baby keeps racking up $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$
gonna write that boy a bill plus interest when he gets older.
dansamy
07-30-2008, 12:59 PM
Wow...such a beautiful home....I bet they are feeling really horrible about now.
Probably not. The type of people who could get themselves into this sort of situation are also the type who don't think there's anything wrong with them or their habits. They sincerely believe their hardships are all the blame of external forces they couldn't control and not "the guy in the mirror"doing stupid with 0s on the end.
Sassy
07-30-2008, 01:00 PM
LOL! im trying! but my baby keeps racking up $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$
gonna write that boy a bill plus interest when he gets older.
oh boy.....just wait until they are teen agers!!!!
I miss the baby days...it just seemed so innocent!
oh boy.....just wait until they are teen agers!!!!
I miss the baby days...it just seemed so innocent!
Sister, life may get worse, but the expense? if so, he is gonna have to be a doctor are a major wall street banker to pay me back.
Sassy
07-30-2008, 01:19 PM
Sister, life may get worse, but the expense? if so, he is gonna have to be a doctor are a major wall street banker to pay me back.
WORK!!! Haha....there going to be there forever!!! They're not dumb! You pay the bills....feed them....:tease
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