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Thread: "Extreme Makeover" home faces forclosure

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    God/dess Emily's Avatar
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    Default "Extreme Makeover" home faces forclosure

    This pisses me off. They got a free home, tapped into every penny of the $450,000 equity to start a business, and pissed it away! I guess they thought a free home wasn't enough. They deserved a free business too.

    http://tv.msn.com/tv/article.aspx/?n...ntchk=1&vv=600

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    Default Re: "Extreme Makeover" home faces forclosure

    I'd be pretty pissed if I had helped build that home, but I'm actually surprised it hasn't happened before now. Maybe the family should ask the show to build them another home.
    Quote Originally Posted by Helle View Post
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    Default Re: "Extreme Makeover" home faces forclosure

    I saw that. They should have included money management counseling as part of their new home.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



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    Default Re: "Extreme Makeover" home faces forclosure

    Oh come on girls. Don't you know "homes always go up in value" LOL

    I'm sure they "just knew" that by now that 450K house would be worth 600 maybe 900K.

    Just wait they will be at the front of the line to get "bailed out"

  5. #5
    madmaxine
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    Default Re: "Extreme Makeover" home faces forclosure

    WHO puts their primary residence up as collateral against a huge loan? AAAAAAH!!!

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    Veteran Member XxAmber89xX's Avatar
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    Default Re: "Extreme Makeover" home faces forclosure

    Quote Originally Posted by madmaxine View Post
    WHO puts their primary residence up as collateral against a huge loan? AAAAAAH!!!
    i dunno. perhaps anyone with a mortgage?
    Oh Canada, we stand on cars and freeze...

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    Default Re: "Extreme Makeover" home faces forclosure

    I can't believe people who had nothing had the gall to do something like that. Sometimes my bf and I complain about our apartment or our cars or whatever, but we always remember where we came from. I think the family's problem is that they forgot what a hell-hole they had and the blessing that was basically bestowed upon them.

    And besides, to get on that show, don't you have to have something special, other than being in need? Like a sick kid or a terminal disease or something?

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    Default Re: "Extreme Makeover" home faces forclosure

    They were COMPLETE FRUCKING IDIOTS!!!

    Very few black families get a home, plus $100,000 to pay the property taxes, fully furnished with the best there is to offer for FREE!

    Lawd o lawd, why couldn't I get a free home like that??!!!!

    I'm so pissed at their ungratefulness, I just don't know what to do. I have no sympathy, empathy, understanding, compassion, etc for those nimrods!

    They deserve to live in a shack and I know that they feel soooooo smart now.

    I'm out here struggling and these fools had everything many folks only dream of and they fucked it over. If I saw them on the street, I would laugh at them.

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    Veteran Member StuartL's Avatar
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    Default Re: "Extreme Makeover" home faces forclosure

    Studies show that a surprising percentage of lottery winners are the same. They don't seem to be equipped to deal with sudden wealth and a few years later they are broke once more.

    Financial planning can only do so much!!

    Personally, I think this is a mental issue. They don't see themselves as wealthy, so they squander it and then soon enough, their reality is restored.

    Sad really...

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    Default Re: "Extreme Makeover" home faces forclosure

    They used the house to obtain money to open a construction business during one of the biggest construction booms of the last 50 years.

    Was it really being that bad to try and set themselves up for the next step given the circumstances? Seemed like everyone was making money didn't it?

    Then they get caught up in the house implosion and lose everything.

    If they were driving around in hummers and watching 70 inch TVs that would be bad news for my opinion, but I think we may be a little harsh on them.

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    God/dess Emily's Avatar
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    Default Re: "Extreme Makeover" home faces forclosure

    okay, I understanding the American dream, but tapping every penny out of their house to start it is FOOLISH.

    You don't have to be a financial genius to realize:

    -don't risk the one and only thing you own over a pipe dream
    -the housing/construction market was due for a crash

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    Default Re: "Extreme Makeover" home faces forclosure

    Well, you girls have restored my faith in this forum by not blaming the lenders and people who should not have purchased the home.

    Yes, it was foolish to put the home up as collateral since they didn't 'pay' for the home, but, there are whole bunches of people who do put their home up as collateral in order to start a business. Some succeed, some fail.

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    Default Re: "Extreme Makeover" home faces forclosure

    Extreme home makeover did a home in Farmville Va. Apparently the couple was getting divorced but got back together just to get the house, that way they'd have more $$ to split if they sold it in the divorce. This came from a guy who did work on the house for the show.

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    Default Re: "Extreme Makeover" home faces forclosure

    maybe they should jsut go back to plastic surgery

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    Default Re: "Extreme Makeover" home faces forclosure

    Some Folks Have All The Luck And Dont Even Know

    Success is the sum of small efforts, repeated day in and day out.
    Robert Collier



    www.GlamKloset.com



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    Default Re: "Extreme Makeover" home faces forclosure

    Quote Originally Posted by glambman View Post
    Yes, it was foolish to put the home up as collateral since they didn't 'pay' for the home, but, there are whole bunches of people who do put their home up as collateral in order to start a business. Some succeed, some fail.
    Quote Originally Posted by Cupid213 View Post
    Some Folks Have All The Luck And Dont Even Know
    So what's worse - working for your house and losing everything, or getting given a house and losing everything?
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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    Default Re: "Extreme Makeover" home faces forclosure

    Perhaps if EMHE had built them a more reasonable house instead of a "mini-mansion", complete with a home maintenance fund, they wouldn't have been so tempted to put it up for collateral? I mean, Ty Pennington and his crew of suckers can demolish a house and build and new one, but they can't fix the stupidity mindset regarding finances that gets Extreme Makeover charity cases into the mess they often find themselves in.

    Reason #1 that I hate that damned show and wish that they'd take it off the air.
    Former SCJ now in rehab.

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    Default Re: "Extreme Makeover" home faces forclosure

    Quote Originally Posted by person View Post
    So what's worse - working for your house and losing everything, or getting given a house and losing everything?

    Well, you see, it is not clear cut like you say. Yes, there are genuine people who have lost their homes, and I feel for them, but........

    Let's take all the people who got loans they should not have gotten. The rates go up, and their ARM is now unaffordable. Why did they get it in the first place. Yes, it's unfortunate, but they shouldn't have gotten the loan in the first place. And I do not feel sorry for the banks and those who underwrote the loans, let them fall too.

    And then we have this house. They were given a house. They were dumbasses for leveraging it against a loan. Why should we feel sorry for them.

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    Featured Member minnow's Avatar
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    Default Re: "Extreme Makeover" home faces forclosure

    Quote Originally Posted by madmaxine View Post
    WHO puts their primary residence up as collateral against a huge loan? AAAAAAH!!!
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
    Perhaps Ed McMahon?? According to a recent Yahoo! News, Mr. McMahon defaulted on $4.8M in mortgage loans. Some salient points listed by article include.
    1) Mr. McMahons residence recently listed for $4.6M
    2) Said residence had a peak value of $7M
    3) Mr. McMahon bought the residence in 1990.

    Although I don't know how much he paid for residence in 1990 (I would guess a lot less than $4.6M) or when the value peaked (I'm guessing sometime in the 2004-2006 timeframe), the fact that a highly successful showbiz person like Mr. McMahon could default on loans on a residence that he bought 18 yrs. ago should serve as a cautionary tale against anyone taking too large of a loan against ones residence. Ditto for putting too much stock in the adage that "home prices always go up."

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    Default Re: "Extreme Makeover" home faces forclosure

    He took money on his home because of lifestyle choices (living beyond his means). He also was injured, and unable to work for a period. If he made better lifestyle choices, he would never have taken a loan on the house, and would not be facing foreclosure.

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    Default Re: "Extreme Makeover" home faces forclosure

    I don't feel sorry for McMahon's ass either! His ass is and was rich. There should be no reason for his shit to be in foreclosure, he didn't have to worry about ARMS and stuff like regular working people who just want their piece of the so called american pie. Just like I don't feel sorry for rich ass stars who decide that they have nothing better to do with their lives other than to become drug addicts. Now, I don't mind them becoming little porn stars and such. Hell, I may do that my damn self if I had loot like them but geez, some folks just have it totally made and do not give a damn.

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    Default Re: "Extreme Makeover" home faces forclosure

    I understand what you are saying, but alot of people who people assume are 'rich', are not. McM doesn't have assets to fall back on. Well, except the house, and he 'put it up'.

    Gary Coleman isn't rich ether.

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    God/dess doc-catfish's Avatar
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    Default Re: "Extreme Makeover" home faces forclosure

    What separates Ed McMahon from the rest of the foreclosure victims is that he has Donald Trump helping him out.

    http://news.bbc.co.uk/1/hi/entertainment/7563016.stm
    Former SCJ now in rehab.

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    Default Re: "Extreme Makeover" home faces forclosure

    ^ Well, isn't he losing his home because of medical bills that outlasted his insurance?

    Yet another reason to get a United Healthcare thing going. People should not be losing their homes because of medical bills...but that is another discussion.

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    Default Re: "Extreme Makeover" home faces forclosure

    Another real difference is that EM bought this house to begin with.

    Some third party did not buy it and then give it to him free and clear and then he turned around and took out a loan on it..

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