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Family Loses 'Extreme Makeover' Home To Foreclosure For STUPIDITY

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Old 07-30-2008, 08:24 AM
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Family Loses 'Extreme Makeover' Home To Foreclosure For STUPIDITY

'Extreme Makeover' Home in Foreclosure - The Home Front (usnews.com)

Quote:
'Extreme Makeover' Home in Foreclosure
July 29, 2008 11:40 AM ET | Luke Mullins | Permanent Link


You know that show Extreme Makeover: Home Edition, where needy families get luxurious new homes from ABC's enthusiastic team of do-gooders?

Turns out things don't always end up happily ever after...
Quote:
The Harpers used the house at 5489 Ahyoka Drive as collateral for a $450,000 loan, Clayton County mortgage records show. Records at the law firm handling foreclosures for the lender, JPMorgan Chase Bank, say it is in foreclosure. The four-bedroom house with decorative rock walls and a three-car garage is scheduled for auction on the Clayton County Courthouse steps Aug. 5.

The Harpers, who declined interview requests when reporters knocked on their door Friday, told WSB-TV they got the loan for a construction business that failed.
I remember seeing this episode, actually. Not just the TV show's crew, but a massive amount of volunteers, including the city's mayor, helped build the home for this family in 6 days, after they demolished their old home and faulty septic system.

I can't believe these idiots had the audacity to take something like this gift given to them for free, and mortgage all that money against it.

Editec, this is just one shining example of fiscal stupidity in this country. $450,000???? Are you ****ing kidding me??

****ing MORONS.

Hey, let's bail them out for the SECOND time, what do you think? I volunteer my tax dollars. Anyone else with me?
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Old 07-30-2008, 08:28 AM
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What was the market price of the house estimated at?
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Quote: Originally Posted by Liability View Post
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Old 07-30-2008, 08:36 AM
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i was making fun of these people yesterday. they made an extremely stupid decision and are paying the price for it (losing their house). but it is being made out to be a tragedy. ughh
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Old 07-30-2008, 10:32 AM
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I cant fault em for trying to make a better life... maybe next time they'll put a little more thought into it...
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Old 07-30-2008, 10:40 AM
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Anyone know which ethnic group this guy represents?


Just curious, that's all.
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Old 07-30-2008, 10:41 AM
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I cant fault em for trying to make a better life... maybe next time they'll put a little more thought into it...
Right? I'm not sure why the great Libertarian Pauli is slamming them all over the place.
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Quote: Originally Posted by Liability View Post
I have a bet with autoZone.
Is Zona still permitted here?
Anyway, the bet was simple enough. Bottom line, even if it's now just a one-sided thing:
If the President gets re-elected (I maintained that he'd lose his bid for re-election), I must depart the sacred halls of Gitchee-USMB.
I am content with that.
If Zona is no longer around to hold me to that, I post that "bet" here so that others can remind me to get the **** out if I lose the bet.
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Old 07-30-2008, 11:06 AM
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Right? I'm not sure why the great Libertarian Pauli is slamming them all over the place.
You've got to be kidding. These people were given a brand new house for free, with the sweat of many volunteers from the community helping out graciously, to get the project done in 6 days.

They turn around and mortgage the property to take a business risk for $450,000. Not $10,000, not $50,000 even, but somewhere in the neighborhood of the house's entire value.

That's not only disrespectful to the people who busted their ass for that family, it's also fiscally ignorant and STUPID.

In a time when people are losing their homes when they are actually TRYING to keep afloat, these people squander something GIVEN to them, that so many people are having trouble even holding on to.

I'm not sure what that's got to do with me being a libertarian, either.

Trying to make a better life? Tell that to the people who are being put out on the streets right now, or to the people who would just like to be able to even OWN a home to begin with. Ask THEM what a "better life" would be.
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Old 07-30-2008, 11:09 AM
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People very often squander what they are given and seldom what they earn. Isn't that the philosophical basis for opposition to welfare, and socialism in general?

Last edited by manifold; 07-30-2008 at 11:11 AM.
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Old 07-30-2008, 11:20 AM
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You've got to be kidding. These people were given a brand new house for free, with the sweat of many volunteers from the community helping out graciously, to get the project done in 6 days.

They turn around and mortgage the property to take a business risk for $450,000. Not $10,000, not $50,000 even, but somewhere in the neighborhood of the house's entire value.

That's not only disrespectful to the people who busted their ass for that family, it's also fiscally ignorant and STUPID.

In a time when people are losing their homes when they are actually TRYING to keep afloat, these people squander something GIVEN to them, that so many people are having trouble even holding on to.

I'm not sure what that's got to do with me being a libertarian, either.

Trying to make a better life? Tell that to the people who are being put out on the streets right now, or to the people who would just like to be able to even OWN a home to begin with. Ask THEM what a "better life" would be.
Is it the entire value? I'm not sure. It could easily be worth a million. Couple of years ago the market value of my house was way the hell up there and it looks like a shack compared to the picture I saw of theirs.

They tried to start a business and they failed. Not a sob story or a reason to demonize them.
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Quote: Originally Posted by Liability View Post
I have a bet with autoZone.
Is Zona still permitted here?
Anyway, the bet was simple enough. Bottom line, even if it's now just a one-sided thing:
If the President gets re-elected (I maintained that he'd lose his bid for re-election), I must depart the sacred halls of Gitchee-USMB.
I am content with that.
If Zona is no longer around to hold me to that, I post that "bet" here so that others can remind me to get the **** out if I lose the bet.
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Old 07-30-2008, 11:26 AM
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People very often squander what they are given and seldom what they earn. Isn't that the philosophical basis for opposition to welfare, and socialism in general?
True, and why you should never given the needy too much, right?

Funny thing is, if these people had started a successful business they would have been great American heroes. Guests cannot see images in the messages. Please register to forum by clicking here to see images.
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Quote: Originally Posted by Liability View Post
I have a bet with autoZone.
Is Zona still permitted here?
Anyway, the bet was simple enough. Bottom line, even if it's now just a one-sided thing:
If the President gets re-elected (I maintained that he'd lose his bid for re-election), I must depart the sacred halls of Gitchee-USMB.
I am content with that.
If Zona is no longer around to hold me to that, I post that "bet" here so that others can remind me to get the **** out if I lose the bet.
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Old 07-30-2008, 11:34 AM
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Is it the entire value? I'm not sure. It could easily be worth a million. Couple of years ago the market value of my house was way the hell up there and it looks like a shack compared to the picture I saw of theirs.

They tried to start a business and they failed. Not a sob story or a reason to demonize them.
I could have sworn I read another article about it elsewhere, and it said the house was valued at that amount. I'm not positive though, and it may have been the cost of construction, not the house's value.

Either way, it is a LOT of money to be mortgaging your future for, to take such a risk. Sure, they are free to do so and I would never challenge that, but I'm going to hold them to account for it, especially with today's housing problems.

If they could mortgage $450,000 for a business risk, they very well could have taken an equity line of credit for a LOT LESS, to fix up what they had. Now, they are left with NOTHING, and they made a fool of all those people who volunteered their time for them.

It's pathetic, and it should never have happened if the family had any ****ing sense at all. I wouldn't down them for taking out a nominal amount of money, but why do you need $450,000 do start a construction business? You can start one for $50,000. A truck, the tools, the licenses, and the insurance. ****, even if it was $100,000, which would DEFINITELY get you going nicely, they probably wouldn't have lose everything. They'd be stuck with a mortage payment of under $1,000 (for 15yrs) for a beautiful home.

Bottom line, it was grossly irresponsible, and just another example of the financial stupidity so rampant in this country.
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Old 07-30-2008, 11:38 AM
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Quote:
Funny thing is, if these people had started a successful business they would have been great American heroes. Guests cannot see images in the messages. Please register to forum by clicking here to see images.
I was waiting for someone to say that. I'd still be just as critical about it. What would the chances be of even knowing about it, though? You think the media would cover it, had it been a successful venture? Probably not, that's GOOD news, right?

It's a lot to risk in the first place, but when so many people were so gracious to lend their time and hard work, it is like spitting in their faces and showing absolutely no appreciation whatsoever.
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Old 07-30-2008, 11:40 AM
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I was waiting for someone to say that. I'd still be just as critical about it. What would the chances be of even knowing about it, though? You think the media would cover it, had it been a successful venture? Probably not, that's GOOD news, right?

It's a lot to risk in the first place, but when so many people were so gracious to lend their time and hard work, it is like spitting in their faces and showing absolutely no appreciation whatsoever.
Could be, but didn't these people get their 15 minutes of fame on TV? Who knows what motivated them.
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Quote: Originally Posted by Liability View Post
I have a bet with autoZone.
Is Zona still permitted here?
Anyway, the bet was simple enough. Bottom line, even if it's now just a one-sided thing:
If the President gets re-elected (I maintained that he'd lose his bid for re-election), I must depart the sacred halls of Gitchee-USMB.
I am content with that.
If Zona is no longer around to hold me to that, I post that "bet" here so that others can remind me to get the **** out if I lose the bet.
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Old 07-30-2008, 11:42 AM
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Jeepers spends too much time on USMB Jeepers spends too much time on USMB Jeepers spends too much time on USMB Jeepers spends too much time on USMB Jeepers spends too much time on USMB Jeepers spends too much time on USMB
People very often squander what they are given and seldom what they earn. Isn't that the philosophical basis for opposition to welfare, and socialism in general?
Nope... youre making unrelated assumptions... give 1000 to an minimum wage worker and 1000 to a financial planner... What will happen to that money... who would most likely squander that.. why?
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Old 07-30-2008, 11:45 AM
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Nope... youre making unrelated assumptions...?
I'd first need to understand the assumptions I'm allegedly making before I can respond in earnest.
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