Weird news; Extreme... foreclosure? (second mortgage, finance, bank, equity)

[70Ford]

'Extreme Makeover' home faced foreclosure - UPI.com


LAKE CITY, Ga., July 25 (UPI) -- A bank moved to foreclose on a Georgia house that got a luxury upgrade three years ago from the TV show "Extreme Makeover: Home Edition."


Patricia Harper of Lake City in Clayton County near Atlanta, told WSB-TV that she and her husband took out a second mortgage 15 months ago to finance a construction business. Unfortunately, their timing was bad with the housing crisis getting started....

[bentlebee]

I don't get it she got $ 100K form the builder and still can't make it....sounds something more is going on.

[gsfan]

I could very well be wrong but these might have been the ones that sucked the equity out of their home and took off, not sure but I'm sure someone will verify.

[sheenie2000]

It seems to me that they had their home free and clear and then decided to open a business that failed with equity from their home. Rather than pulling the equity on a home that's paid off, why can't ppl save money then open a business. I'm sorry but this makes me mad. Why do people do this?