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Old 07-29-2008, 12:14 PM
 
51 posts, read 246,920 times
Reputation: 49

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LAKE CITY, Ga. (AP) More than 1,800 people showed up to help ABC's "Extreme Makeover" team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005.
Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis.
After the Harper family used the two-story home as collateral for a $450,000 loan, it's set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls Monday, but told WSB-TV they received the loan for a construction business that failed.



The Associated Press: 'Extreme Makeover' house faces foreclosure (broken link)
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Old 07-29-2008, 12:35 PM
 
Location: Philadelphia PA
260 posts, read 808,461 times
Reputation: 120
I doubt this people will be able to stay in that community...how sad.
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Old 07-29-2008, 12:59 PM
 
947 posts, read 2,782,466 times
Reputation: 721
Well, I'm sure they can't feel anymore foolish than they already do.
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Old 07-29-2008, 01:36 PM
 
Location: Apple Valley Calif
7,475 posts, read 19,565,214 times
Reputation: 5580
Those kind of stupid decisions are most likely got them in trouble the first time. Some people never learn.
You hear all the time about lottery winners blowing through it all and claiming bk....
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Old 07-29-2008, 01:59 PM
 
8,936 posts, read 15,851,020 times
Reputation: 6649
definitely poor thought process on this one - hard to imagine what they needed that big of a loan for ...... cynic in me says maybe move it offshore and foreclose..........

i know that they built one out here in AZ and the family it was for couldn't maintain the property - they put in a carousel and an elaborate garden, movie theater, etc ....... really nice place, but between the effort in everday landscaping and the additional cost of electric, water, etc they couldn't afford to upkeep it
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Old 07-29-2008, 02:07 PM
 
Location: Looking East and hoping!
28,227 posts, read 19,210,597 times
Reputation: 2000000848
There was one also in NJ that is up for tax sale as the property value increased so much they couldn't afford the prop. taxes.
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Old 07-29-2008, 02:29 PM
 
4,542 posts, read 11,544,610 times
Reputation: 3063
That is absolutely PATHETIC!
And people want to blame lenders for the foreclosure problem. These people typify the problem that most of the blame should fall flat on the borrowers laps. You can't even give away a mansion with a chunk of cash and hope the owners don't do something dumber than imaginable to lose the home.

How could people watch this garbage on TV anyway?
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Old 07-29-2008, 05:44 PM
 
25,339 posts, read 37,471,570 times
Reputation: 13261
I had a discussion about that months ago...how do these people who are in financial trouble deal with property taxes, etc...when the year of free living is over. IMO it is great they do so much to help these people who really need help, but 1 or 2 years later when they have to do it on their own, they are getting a hard wake up call and live will be horrible again.
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Old 07-29-2008, 06:16 PM
 
Location: Cary, NC
1,036 posts, read 3,627,489 times
Reputation: 503
Quote:
Originally Posted by bentlebee View Post
I had a discussion about that months ago...how do these people who are in financial trouble deal with property taxes, etc...when the year of free living is over. IMO it is great they do so much to help these people who really need help, but 1 or 2 years later when they have to do it on their own, they are getting a hard wake up call and live will be horrible again.

Well they often pay off the homes, give them a free car, college money, medical care and a house full of everything they could want. In some where the person was in need of a job... they have found them one.

So if someone has free items and no mortgage and can not afford to pay the taxes/insurance on a home... they should be looking to sell it. If they just went and decided that no mortgage and free car meant they could take a HELOC to buy more stuff or start a business, its a risk they took on themselves.
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Old 07-29-2008, 06:23 PM
 
Location: Papillion
2,584 posts, read 9,360,319 times
Reputation: 884
It seems like the show itself has started to be more reasonable... the first few years they did those massive very unique homes that probably never fit the neighborhood... seems this last year the homes have been more of a normal size and not as unique in style from the outside....
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