http://ap.google.com/article/ALeqM5g1hj8hGLeLlanHneLFOwwW1n7HEAD92712Q8Q
The largest one they ever did.
Greed got the owners the boot.
The largest one they ever did.
Greed got the owners the boot.
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Extreme Makeover House In Foreclosure
- Thread starter NC MacGuy
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I used to watch this show. It's a shame they are losing the house.
Also, I was wondering how the other families are doing. I wonder if they had any issues regarding electrical/utilities payments on their bigger homes and also if any had been the target of robberies since the details and locations of high end electronics are broadcast on national television.
It's a great idea in concept, but there may be negative real-life repercussions.
Also, I was wondering how the other families are doing. I wonder if they had any issues regarding electrical/utilities payments on their bigger homes and also if any had been the target of robberies since the details and locations of high end electronics are broadcast on national television.
It's a great idea in concept, but there may be negative real-life repercussions.
I just read this also. Did you read the comments from the people that help build the place... They are not to happy with the way the family has handled their financials.
Never watched the show...
Never watched the show...
I wouldn't be happy either.
They were given a house plus money to help maintain it and scholarships for kids and then leveraged the house for a loan to start a business that went belly-up. A travesty.
I always thought ABC/Disney made certain that stuff like this wouldn't happen? I mean, they include a financial planner, but you think there would be some sort of legal binding contract. Hmmm.
Hope they enjoyed it, and I hope nobody comes in to save them either.
It isn't unexpected and was bound to happen, hope the new owners enjoy their new home.
Edit: Really hated the "real estate expert" on morning tv who was telling people to strip the equity out of their home before the value drops. That advice never really works.
It isn't unexpected and was bound to happen, hope the new owners enjoy their new home.
Edit: Really hated the "real estate expert" on morning tv who was telling people to strip the equity out of their home before the value drops. That advice never really works.
I'm sure they did, they'd be pretty stupid not to. We'll see here in the next few days.
What's that, exactly. Go overboard??
I know, I know, there are no ratings in Habitat For Humanity.
(/sarcasm)
I know, I know, there are no ratings in Habitat For Humanity.
(/sarcasm)
I always wondered how these people were able to afford even the little things, like taxes, maintenance, etc. on these homes. I mean, I can't even imagine the utility bills for a place like this. Granted, coming from the Northeast US, it's probably a lot cheaper in Georgia!
Their deal included taxes for the first 25 years and maintenance on the house. They were also given $200,000 in cash donations to go with the house AND scholarships for the kids for college. They still leveraged for an additional $450,000 and lost it all.
Woof, Woof - Dawg
Wow, that's so sad. To have all that handed to you on a plate and then gamble it all by taking out such massive finance? 
Yea, really. Those people get handed houses that are nicer than any I will probably ever be able to work out honestly.
First, those who are saying poor them or sad that is seriously disgusting. These people had to overcome whatever hardships they faced at the time. A new house free and clear lifts a serious burden off just about anyone. Where these people are in terms of location and based on the value of the property, theyre saving at least $2600+ monthly. Chances are this is more than 50% of their combined household monthly income. What is sad is they duped a community of people who really wanted to make this happen for them. By the way it doesnt take $450k to start a construction business afaik, that is unless youre planning on never taking a job and you intend to employ too many people. Clearly these people havent the first clue how to run their lives let alone a business.
I am sure that sounds harsh but greed usually results in a few harsh words being tossed around.
Now it is understood that these people were set up with a sweet ass house and I dont know the back-story of their issues. Im sure it involves something tragic or life-altering. But to piss it all away so one can start a construction business tells me that regardless of receiving financial advice from a qualified professional the homeowners were wrong.
When the show first aired I recall having a discussion at work about this and the possibility of being able to borrow against the house after all the hard work was done. I doubt these are the only people who have done it but I venture to guess theyre the only ones to max out their equity and then go into default. People struggle through life and seriously work to survive and theyre never handed anything. They probably didnt earn a whole lot before hand and then to simply put yourself into this position after people volunteered to build your lazy ass a new home my goodness that is insulting to the community.
There is a way that the people could have been on title but ABC/Beezer/KB Homes whomever is involved can make it impossible to borrow against the property. You can give the homeowners the American dream and still protect your investment. Im sure the builders, Sears, and ABC arent too pleased either. Hopefully this little stunt pulled by some greedy people who I now question their integrity overall and whether or not they were truly that bad off, will take heed to this and see it as an opportunity to ensure no homeowner can ever borrow against the house unless the builder approves.
I am sure that sounds harsh but greed usually results in a few harsh words being tossed around.
Now it is understood that these people were set up with a sweet ass house and I dont know the back-story of their issues. Im sure it involves something tragic or life-altering. But to piss it all away so one can start a construction business tells me that regardless of receiving financial advice from a qualified professional the homeowners were wrong.
When the show first aired I recall having a discussion at work about this and the possibility of being able to borrow against the house after all the hard work was done. I doubt these are the only people who have done it but I venture to guess theyre the only ones to max out their equity and then go into default. People struggle through life and seriously work to survive and theyre never handed anything. They probably didnt earn a whole lot before hand and then to simply put yourself into this position after people volunteered to build your lazy ass a new home my goodness that is insulting to the community.
There is a way that the people could have been on title but ABC/Beezer/KB Homes whomever is involved can make it impossible to borrow against the property. You can give the homeowners the American dream and still protect your investment. Im sure the builders, Sears, and ABC arent too pleased either. Hopefully this little stunt pulled by some greedy people who I now question their integrity overall and whether or not they were truly that bad off, will take heed to this and see it as an opportunity to ensure no homeowner can ever borrow against the house unless the builder approves.
Exactly what I was thinking. WTF would anyone bet the farm on a start up company? First of all, most start up fail.
Secondly, those that eventually make it takes an average of a year and half turn a profit. What are they going to do for a year and a half while the bills piles up and your business is hemorrhaging cash? It doesn't take a genius to figure out that you'll go belly up faster than a speeding bullet stuck to the rear end of a bat out of hell under those circumstances.I only feel sorry for the kids. Their parents pissed away their college tuition.
That should tell you all you need to know
And I *think* the college scholarships are intact and the parents are unable to leverage them
Woof, Woof - Dawg
This is so sad, but from the end of that article, it sounds as if the family made some mistakes in financial decisions, but you never can be truly sure. This is always my worry with watching these shows, hopefully everything works out in the end for this family.