Extreme Makeover House In Foreclosure

Discussion in 'Current Events' started by NC MacGuy, Jul 29, 2008.

  1. soberbrain macrumors 65816

    soberbrain

    Joined:
    May 9, 2008
    #2
    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.
     
  2. rhett7660 macrumors G4

    rhett7660

    Joined:
    Jan 9, 2008
    Location:
    Sunny, Southern California
    #3
    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...
     
  3. NC MacGuy thread starter macrumors 603

    NC MacGuy

    Joined:
    Feb 9, 2005
    Location:
    The good side of the grass.
    #4
    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.
     
  4. RainForRent macrumors 6502

    RainForRent

    Joined:
    May 31, 2006
    Location:
    Greenville, SC
    #5
    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.
     
  5. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #6
    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.
     
  6. r.j.s Moderator emeritus

    r.j.s

    Joined:
    Mar 7, 2007
    Location:
    Texas
    #7
    I'm sure they did, they'd be pretty stupid not to. We'll see here in the next few days.
     
  7. scotty96LSC macrumors 65816

    scotty96LSC

    Joined:
    Oct 24, 2007
    Location:
    Charlotte, NC
    #8
    That is really too bad. I don't watch that show, but I do appreciate what they do.
     
  8. iJohnHenry macrumors P6

    iJohnHenry

    Joined:
    Mar 22, 2008
    Location:
    On tenterhooks
    #9
    What's that, exactly. Go overboard??

    I know, I know, there are no ratings in Habitat For Humanity.

    (/sarcasm)
     
  9. mike12806 macrumors 6502

    Joined:
    Sep 30, 2007
    Location:
    Boston, MA
    #10
    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!
     
  10. kymac macrumors 6502a

    kymac

    Joined:
    Nov 4, 2006
    Location:
    portland
    #11
    this happens quite often with the houses they build.. ive heard about three or four families from the show in the same situation over the years..
     
  11. MacDawg macrumors P6

    MacDawg

    Joined:
    Mar 20, 2004
    Location:
    "Between the Hedges"
    #12
    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 [​IMG]
     
  12. miniConvert macrumors 68040

    miniConvert

    Joined:
    Mar 4, 2006
    Location:
    Kent, UK - the 'Garden of England'.
    #13
    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? :(
     
  13. GSMiller macrumors 68000

    GSMiller

    Joined:
    Dec 2, 2006
    Location:
    Kentucky
    #14
    :D Yea, really. Those people get handed houses that are nicer than any I will probably ever be able to work out honestly.
     
  14. PlaceofDis macrumors Core

    Joined:
    Jan 6, 2004
    #15
    sad story. because they were given a huge chance and squandered it. shame really.
     
  15. Artofilm macrumors 6502a

    Artofilm

    Joined:
    Oct 12, 2005
    #16
    Welcome to life.
    Proof that TV can't solve your problems.
     
  16. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #17
    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, they’re 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 doesn’t take $450k to start a construction business afaik, that is unless you’re planning on never taking a job and you intend to employ too many people. Clearly these people haven’t 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 don’t know the back-story of their issues. I’m 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 they’re the only ones to max out their equity and then go into default. People struggle through life and seriously work to survive and they’re never handed anything. They probably didn’t 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. I’m sure the builders, Sears, and ABC aren’t 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.
     
  17. Mousse macrumors 68000

    Mousse

    Joined:
    Apr 7, 2008
    Location:
    Flea Bottom, King's Landing
    #18
    Exactly what I was thinking. WTF would anyone bet the farm on a start up company? First of all, most start up fail.:eek: 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.:mad:
     
  18. MacDawg macrumors P6

    MacDawg

    Joined:
    Mar 20, 2004
    Location:
    "Between the Hedges"
    #19
    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 [​IMG]
     
  19. JML42691 macrumors 68020

    JML42691

    Joined:
    Oct 24, 2007
    #20
    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.
     

Share This Page