Mortgage mess- this counts?

[utvolpj]

'Extreme Makeover' house in foreclosure | AccessAtlanta

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.
A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.

So you get a completely paid off house, $100k and still can't figure out a way to keep your home?

 

[allvol123]

'Extreme Makeover' house in foreclosure | AccessAtlanta





So you get a completely paid off house, $100k and still can't figure out a way to keep your home?

lol:lol:lol:lol:ost-4-1090547912: I love it.

 

[VolByBirth]

'Extreme Makeover' house in foreclosure | AccessAtlanta





So you get a completely paid off house, $100k and still can't figure out a way to keep your home?

I think it's clear that far too many Americans have no ability to handle credit/debt.

 

[Vol Mania 21]

that's really sad and pathetic

 

[myrobbins7]

unreal, just unreal. I wonder if Bush will get blamed for this also?

 

[TennTradition]

What in the world did they do with the 450,000 second mortgage??

 

[UT IE 95]

unreal, just unreal. I wonder if Bush will get blamed for this also?

No, but it sure doesn't help the idea of private retirement accounts.

 

[615 Vol]

I don't feel sorry for people like this. Just ridiculous.

 

[myrobbins7]

What in the world did they do with the 450,000 second mortgage??

Maybe they bought some VIP tix to watch the Pats play this season..

 

[Vol Mania 21]

bought crack

 

[UT IE 95]

bought crack

It clearly states it was for a construction business. But I guess you drew your own conclusion.

 

[allvol123]

What in the world did they do with the 450,000 second mortgage??

Looks like they invested it in a construction business. Don't they know you can't trust homeowners to pay up, poor business decision.

 

[Vol Mania 21]

It clearly states it was for a construction business. But I guess you drew your own conclusion.

yes because i didn't read the story, it was just a joke, don't take it serious and blow up

 

[615 Vol]

What in the world did they do with the 450,000 second mortgage??

They sponsored Dale Jr. and got to put their face on the hood. Under their picture it said, "We're rich..Biatch"

 

[UT IE 95]

They sponsored Dale Jr. and got to put their face on the hood. Under their picture it said, "We're rich..Biatch"

Now that's a good joke. lol:

 

[TennTradition]

Looks like they invested it in a construction business. Don't they know you can't trust homeowners to pay up, poor business decision.

Man...that's rough. They had things tidied up quite nicely....then made more bad decisions and over-reached. Have you ever known people that have to create chaos and trouble in their life if things are going too well?

...and no...i'm not talking about only women

 

[tennaseevol]

So let me get this straight, they used their asset as collateral in a loan to be used to start a business and the unfortunately the business is failing. I fail to see the humor in this. They were chasing their American dream and unfortunately it isn't working out. At least they were trying to do something with their lives instead of just blowing the cash and getting on welfare.

 

[allvol123]

Man...that's rough. They had things tidied up quite nicely....then made more bad decisions and over-reached. Have you ever known people that have to create chaos and trouble in their life if things are going too well?

:yes:

 

[KB5252]

So let me get this straight, they used their asset as collateral in a loan to be used to start a business and the unfortunately the business is failing. I fail to see the humor in this. They were chasing their American dream and unfortunately it isn't working out. At least they were trying to do something with their lives instead of just blowing the cash and getting on welfare.

I think you missed the boat here. They had a home that was completely paid off and $100,000.00 in cash. There should be no need to take out a loan unless you simply got way too over your head and didn't know when to quit.

 

[615 Vol]

So let me get this straight, they used their asset as collateral in a loan to be used to start a business and the unfortunately the business is failing. I fail to see the humor in this. They were chasing their American dream and unfortunately it isn't working out. At least they were trying to do something with their lives instead of just blowing the cash and getting on welfare.

The problem is that they didn't have the cash in the first place. They didn't have a spare 450,000 to spend. Instead, they took a good deed done to them and bet it away by taking this risk.

 

[UT IE 95]

I think you missed the boat here. They had a home that was completely paid off and $100,000.00 in cash. There should be no need to take out a loan unless you simply got way too over your head and didn't know when to quit.

They may have needed more than $100K to start up the construction business, so they took out an equity loan.

 

[KB5252]

They may have needed more than $100K to start up the construction business, so they took out an equity loan.

Even so, risky move! Start small and work your way up. That way any hiccups could be absorbed along the way. Now they have overextended themselves and lost everything.

 

[allvol123]

So let me get this straight, they used their asset as collateral in a loan to be used to start a business and the unfortunately the business is failing. I fail to see the humor in this. They were chasing their American dream and unfortunately it isn't working out. At least they were trying to do something with their lives instead of just blowing the cash and getting on welfare.

Hmmm...I find plenty of humor in it. I thought part of the American Dream was home onwership...seems they already had that one in hand.

 

[tennaseevol]

I think you missed the boat here. They had a home that was completely paid off and $100,000.00 in cash. There should be no need to take out a loan unless you simply got way too over your head and didn't know when to quit.

No boat missed here. They took a chance, made an investment and the investment isn't panning out. Happens all the time. Just saying that I don't particularly find any humor in it.

The problem is that they didn't have the cash in the first place. They didn't have a spare 450,000 to spend. Instead, they took a good deed done to them and bet it away by taking this risk.

How much do you think houses are appreciating in today's market? If the business had been successful then they would not only have a house to pass on to their kids.


Maybe they did get in over their heads business-wise. Who knows? This story has to play out. I assume they still have the business which may be of some value (assets, etc.)

 

[utvolpj]

No boat missed here. They took a chance, made an investment and the investment isn't panning out. Happens all the time. Just saying that I don't particularly find any humor in it.

How much do you think houses are appreciating in today's market? If the business had been successful then they would not only have a house to pass on to their kids.

Maybe they did get in over their heads business-wise. Who knows? This story has to play out. I assume they still have the business which may be of some value (assets, etc.)

Of course they got over their heads if they're getting foreclosed in a little over a year. And they already had a house to pass onto their kids if they had just left it alone. The thing here is that a family that had a fully paid off house and a nice full bank account is now joining the bunches of other people who made terrible financial decisions.

The funny part is that we are all going to end up paying for it! :dance2: