: Y'all ain't gonna believe this. MediaTakeOut.com has just learned that one of the winners of the show Makeover: Home Edition is having their home foreclosed. The home is in the city of Morrow, GA.
We know what your thinking - how can a home that the show paid off the mortgage IN FULL 3 years ago be in foreclosure. Well, it appears that the homeowners took out another $600,000 mortgage on the newly renovated home - and they haven't been able to pay that back.
Oh, and just in case you think the story can't get any worse. MediaTakeOut.com learned that not only did the show pay off the mortgage in full - they gave the family more than $100,000 in cash.
They need to be shamed of themselves.. No not ashamed - SHAMED!!!
I always wondered how those people who had no jobs and very hard situation would maintain thos huge homes.....if its just one person workin there is there way they can maintain those homes and pay the bills and all of tht.....it doesnt make sense to have all of those nice things and not be able to keep them....
I was starting to feel bad because I thought oh they could not afford the utilities and other expenses, but seriously like someone said a consistent part time job could have paid for that.
Who the hell gave them a $600,000 loan?!?! I guess they used their house as collateral because there is no way a smart bank would have done that. The bank probably knew eventually they wouldn't be able to pay it and had their eye on their property. I hope these folks weren't black because if so they got super played by the man all because they were trying to flaunt a lifestyle they couldn't afford. And what happened to the $100,000. Half of that should have immediately gone into some investment security. Negroes need to stop playing games and learn how to *** wealth, not borrow it. Because then this *** happens.
This show needs to give everyone they help out 1 year free mentorship from a personal advisor. Because I'll be damned if I were Ty and waste my money on people that don't appreciate it or don't know how to maintain it.
Wow! If someone pays of your mortgage you only GOTTA WORRY ABOUT the basic extras like car,light,heating or wtv. WHY HELL WOULD SOMEONE TAKE A 2ND MORTGAGE ON THEIR HOUSE WHEN THEY COULDN'T EVEN AFFORD THE FIRST ONE?! WTF..They must think they need to act rich cuz they look rich in that big house they took out that 2nd mortgage to LIVE IT UP NOW THEY AINT GOT ***..*** shame
This is the same black family (I believe from the first year) that had raw sewage in their yard. Makeover Home tore down their old house, fix the problem, re-build a home and gave them an additional 100,000. Plus, paid off their mortage.
You can't feel 100% sorry for them because they did this to themselves.
It IS a shame, BUT, they didn't just eff up the money like you're implying MTO!!!!!!!!!!!!
MHE are selective with the families they decide to renovate homes for, so these aren't shabby people. They took out a loan on the home to start or add to an existing small business, which unfortunately with the current economy, hasn't been successful to them. So as a result of not being able to turn a profit, they couldn't pay back the loan.
I personally wouldn't have used my home. The bank is gonna make a KILLING off of that home, or the new buyers, knowing there's some fame behind the situation.
Very sad....
Yes the family is black. This is all over the news in Georgia. The family claims that part of the money was used to invest in a construction business that failed. Who knows if that's the truth or not. If these families are not able to afford the humble places they had to being with what makes the producers of the show think that they could manage such an over the top mansion?The house was over 5000 square feet!!! Ridiculous.
THEY SOME DUMBASSES, THEY'RE NOT THE FIRST ONES. I HEARD SOME PPL IN JERSEY WHO WAS ON THE SHOW DID THE SAME THING. SEE THEY THOUGHT THEY WERE GOING TO COME UP BUT IF U NOT TAKIN MONEY OUT TO GENERATE MONEY JUST TO SPEND THEN U SHOULD LOSE YO HOME U DUMBASSES. NOW THEY BE IN A APARTMENT WHEN U WAS IN A PLUSH HOME PAID FOR. I WILL BE SICK CUZ HOME MAKEOVER BE PUTTING SOME *** IN THEM HOMES AND BACKYARDS. I WANT MIND DONE AND I HAVE A NICE HOME. HAHAHA
Why would you take out a second mortgage on a brand new house that is paid for? What could you possible need? And they gave $100,000 on top of that? All they had to do was pay taxes & utlities on that house. If the house was too much for them to handle, they could have sold it. That is just ignorant! Well, they can't say somebody didn't try to help them. I would have loved to have had that opportunity.
That's what being greedy would get you. This story is actually pathetic,but I'm not least bit surprised. Gas is high and the economy is bad and u got folks still trying be ballers and flawsing above their means and driving their escalades and rang ro's to impress others when they aint really got ***.
YALL R MAKIN ME REALLY MAD RITE NOW. YALL SAYIN DAT DEY STUPID 4 TAKIN OUT A 2ND MORTGAGE B/C DEY WANNA LIVE BEYOND DER MEANS. YALL DONT EVN KNO Y DEY TOOK OUT DA 2ND MORTGAGE. MAYB DEY REALLY NEEDED DA MONEY. YALL DONT KNO *** BOUT DEM. *** 4 SUMBODY 2 SAY DAT DEY *** OTHA PPL R STUPID 4 HAVIN DER HOUSES TAKIN AWAY IZ AN IGNORANT STATEMENT. DO YALL *** NOT WATCH DA NEWZ? YALL KNO HOW BAD DA ECONOMY IZ. IF A PRODUCER LIKE SCOTT STORCH CAN GET HIS HOME 4CLOSED DEN ANY 1 CAN. *** DA FACT DAT DEY MAY OR MAY NOT B BLACK HAS NUTTIN 2 DO WIT IT. *** U CAN C JUS HOW BIG DAT HOUSE IZ. IM SURE DA UTILITIES ALONE IZ A BYTCH 2 PAY 4. IF DEY HAV MAD KIDS DATS MAD GROCERIES, IF DEY HAV CARS DATS A LOT OF GAS 2 PAY 4, *** SO ON. YALL SO QWIK 2 PUT OUR OWN PPL DOWN. TELL ME HOW MANY OF YALL OWN HOUSES? OR BETTA YET HOW MANY OF YALL PAY UR BILLS ON TYME? YEA DATS WUT I THOUGHT.
It's sad because there are so many other people that probably needed the assistance of MHE and would have truly appreciated it. What made them think they could pay off a $600,000 debt when they were not able to fix up the house from the beginning?!?!?
I'm sure there will be a clause added to the next contract stating their not allowed to sell or take a mortgage out on the newly renovated home for at least 5 years.
*** ON ANOTHA NOTE YALL TALKIN BOUT O DEY SHULD HAV JUS INVESTED DA MONEY. DA PPL ON DAT SHOW R EITHA POOR OR WORKIN CLASS. SO IF DEY GOT 100 G'S DEY PROBLY NEEDED DAT MONEY RITE AWAY 2 PAY BILLS *** OTHA THINGS. SO Y WULD DEY INVEST IT *** WAIT A WHILE WEN DEY NEED DA MONEY ASAP? PLUS A LOT OF PPL (NOT JUS BLACK PPL) DONT KNO ABOUT INVESTIN *** HOW 2 MANAGE LARGE SUMS OF MONEY. ITS NOT 1 OF THOSE THINGS DAT PPL JUS KNO. I SWEAR PPL ON HERE R WAY 2 JUDGMENTAL. IM SURE YALL LIVES R NOT PERFECT AT ALL. UNLESS YALL R RICH YALL CANT SAY ***.
wow, these comments really made me think, which is rare on this site. I never really thought about this before. I guess in a lot of ways, the house functions like any other game show prize where you have to pay the taxes, but maybe it's even worse with a house, than say a free trip to Aruba, because with the house, the tax payments are recurring and number in the thousands. Plus, you have to worry about insurance payments going up, and if you're already poor, you don't suddenly become rich just because your home gets bigger. Plus we don't know what kind of debt load the family had before their house was made over. If they were already in debt, the new house expenses could have put them further in debt.
Think about it. That family probably wouldn't have gotten their 600K loan, if they couldn't put their "free" Mcmansion house up as collateral, which means that they probably weren't the best candidates for a loan that large anyway. So the lenders share some blame as well, or maybe the bank looked at their credit profile and saw that they were risky prospects, purposely loaned them the money, guessing that they would eventually default, so the bank could seize their house and sell it for market value which is well over the 600K that they loaned the family.
I dont give a *** what yall talking bout. If the house is paid for and you have 100g's in your pocket theres no way in hell that house should be taken from them. They were greedy, they could pay the utilities and taxes. Its not like they took out a loan for 50 or even 100 thousand, explain to me what the *** they need 600 thousand fo? If they took out 50 I can agree with some of you saying that they needed it. It was 600 thousand. Its no excuse for these dumb ***, they owe abc and all the builders that came together to help them. These people suck azz
Scott Storch got his house 4closed because he was living ABOVE his means. Storch had multiple cars, a boat and other toys.
The same thing happened with this family. This family (after the show) purchased two new expensive autos. Why would you do that and you know you have to pay your taxes and other bills? Plus, they used some of that money to finance an already struggling business. I feel bad for them, but they were a little too greedy.
I do agree with seraphim on this point...the banks knew exactly what they were doing when they okayed the 450,000 (the second loan). The first loan was for 150,000, which is why they are 600,000 in debt.
KIMPEACH****
Where did you find this info because I am really curious to read about the details of how this happened.
I could understand if they had a mjor medical issue with a family member that was not covered by insurance but outside of something like that, there really is no excuse. That just spells terrible mismanagement of your own personal finances. And as far as the banks go, they are like any other for profit entity....they will try to make a dollar any way they can.
Daily Real Estate News | May 22, 2008 'Extreme Makeover' Winners Want Out
Two houses built for the ABC television show "Extreme Makeover: Home Edition" are up for sale after the owners received them in heart-warming episodes.
Eric Hebert of Sandpoint, Idaho, says maintaining the 3,600-square-foot home he received is too expensive and time-consuming.
The house and its one-acre property are listed for sale for $529,000. Hebert also owns other two acres adjacent to the home and has listed that property for $160,000.
Meanwhile, in Pennsauken, ***. J., a home built for Victor Marrero and his struggling family is for sale for $499,000.
Marrero says the combination of federal and state income taxes, plus property taxes, will cost him more than $60,000 and he can’t pay it. “Extreme Makeover” officials maintain that the company has consulted with tax experts and found a way around most of the tax bills.
Source: Associated Press (05/21/2008)
It's a lot harder to maintain a home than everyone things! The Harper family bought that land all the way from Brooklyn, NY, where they are from (yes, they are black!)It was on a marsh so they would literally have *** floating around in their house. Then they started taking refuge out of their minivan (5 of them)until that was in an accident. When they bought this house the cost was low. When Makeover came in and fixed the land, built that huge house and paid the mortgage, what they didn't realize was that the property value sky rocketed causing the insurance and tax to probably quadruple. Keep in mind that when they build these homes as conservative as they try to be with utilities, electricity for a house that size could be as much as $500 a month and imagine what it costs to heat that bad boy (up to $1000 p/winter month)...Unless you're a home owner in this market you would not understand! Maybe they could have made better decisions, but I wish them the best...they'll probably be better off getting it back and selling it themselves.
@ImRtUrWrg Flag post jblood
Next time you try to make an intelligent post, PLEASE refrain from typing in ebonics. My eyes hurt just by trying to figure out what the hell you were saying! SMDH DO BETTER! ************************************************* I'm co-signing on this....man, I know you have to be grown why must you portray yourself as being so *** ignorant? And doesn't it take a lot more effort to type that *** than to just do it correctly??? Grow up...and on top of all of that foolish typing you ain't even saying nothing worth ***!
@ Deezel44
Where did you get this information from? Your azz? This is all over the internet! When you see the letters AP (Associated Press) next to a story you can pretty much believe it for what it is....Moron
'Extreme Makeover' home in Atlanta in foreclosure Family may lose luxury remodeled home in Clayton County
By STAFF REPORT
accessAtlanta
Published on: 07/25/2008
From extreme makeover to extreme foreclosure? The Lake City home has 5,500 square feet after the 2005 makeover.
A Clayton County family that got the Atlanta 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.
Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.
Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.
The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.
Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.
"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.
Link to story.
http://www.accessatlanta.com/entertainment/content/entertainment/tv/stories/2008/07/25/extreme_makeover_for eclosure.html?cxntlid=homepage_tab_newstab
Deezel44 said: THIS STORY IS NOT TRUE. THE OWNERS KIDS HAVE ALL GROWN UP AND LEFT THE HOUSE AND NOW ITS TOO BIG FOR THEM. THEY ARE DOWN SIZING. THE HOUSE IS NOT IN MORROW, I HAVE TOURED IT.
[SPAM][SPAM]_____________
The story is very true. I read about the story this morning in the Atlanta Journal Constitution. The only part of the Mediatakeout story that is not true is the county the family live in , they live in Clayton County.
Some families still have property taxes to pay and in some areas that is high. An EM family in Camden, NJ was about to lose their home too. It looks wonderful and people cry in the beginning but then they realize they still have utlilities, property taxes, you name it. The show should make it mandatory for these people to attend a finance class so they'll learn how to save their money. Receiving $100,000 will pay property taxes for quite some time but not if you go and blow it on clothes and extravagances.
How can you give something FREE to someone who either doesn't know how to manage their money, has never been taught anything about finances or they don't care?
I can't believe this family took out another mortgage on this house. Taking out a $600,000 mortgage is inexcusable!!! They ought to be shamed. No one should do another free anything for them.
Just like the some of the crooks who took free stuff and were not part of Hurrican Katrina, people will not want to do anything for people too much longer.
@ Jblood, you are a Bufoon... *** the hell up with that ***!
I agree with the poster that said the show should have given them some mentoring or money management counseling, it might have helped these people, they may not have been in the mind set to be able to maintain this gift they were given. But excuse my language...fyuck the dumb ish, when you are given an opportunity like that you do what you have to do to get by, and survive. If that means, turning your thermostats down, using extra blankets as to not use the heater as much or shopping with coupons and checking sales adds, saving, tightening your belt or getting a second job then that is what you have to do. Instead of driving a Benz, drive a Honda, (a paid for Honda). Instead of rocking the Coach or Louie bags, take your *** down to Nine West and call it a day. Shop, spend and save responsibly. You can see when trouble is coming, foreclosure doesn't happen *** sooo if they saw it coming after taking the 1st smaller loan out and were unable to repay it, thats when they should have considered selling the property or *** getting like hispanic folks and renting out a room or two to get that extra $$ coming in, I believe the bank knew what they were doing, lots of companies are under investigation for predatory lending and giving people loans who they knew did not qualify, but that won't help them now...
Bottom line: AS long as I have these two working hands and two working legs, I will do what has to be done to provide stability and maintain it. Where there is a will there is a way...
And before some ignant *** comes at me talking slick... I CAN speak on this because I am that female that busts her ***, went back to school as an adult, provides for my family and managed to scrimp and save in order to buy some property it may not be as lavish as the one in the pictures but I own it.
I don't know the particulars of their situation, but I do know that as long as I have been on my own paying rent and now mortgage, that is the first thing to be paid, EVERY MONTH... If I have to eat ramen noodles and hamburger meat by candle light, then thats what I will do but I will pay for the walls I live in..
@jblood I can't understand what you’re trying to say because it's messing with my eyes. But from what I can make out your saying is: us ignorant people would not understand what happened to them because YOU’RE the only one that owns anything on this site? So unless we own property or anything of value then we would not understand property taxes or making monthly payments on something like gas bills or car notes etc? The truth is they should have sold the house as soon as they got it made over and moved into something they could manage.
I don't know which is worse, this story, or the one below (see attached link) about the church couple who took in an orphaned family in their church. Extreme Makeover Home Edition rebuilt the couples home to accomodate the additional children and paid off the mortgage. Once the home was built, complete with 9 bedrooms (yes, each child got their own room) the couple kicked the orphaned kids out. They are now going to court. Here is the link: http://blogcritics.org/archives/2006/06/29/154502.php
Foreclosures dont just happen. You know its coming.
I cant understand why they would take out a 600,000 loan to finance an already struggling business. Especially if they already got 100,000 from the show. They were having a hard time paying the bills before the loan. Did they think their business was gonna turn around ***?
I promise you they didnt use all that money for their business. Theres probably some brand new TV's in that house. Maybe some new furniture. A few cars.
Let say this. I lived in Atlanta for 6 years. That area is full of people living beyond their means. A bunch of "house broke" niccas walking around. Its suppose to be the black mecca, so everyone is competing with each other. Not everyone there is like that, but many are. I know one of the counties there lead the country in the number of forclosed homes, 2 years ago.
This is a very sad situation. Life is hard on all of us, but without the knowledge of financial management, we are doomed to keep making the same mistakes over and over again. Someone should have sat down with them and help them make a plan because free gifts don't change thought patterns. I pray that wisdom comes to them for their future endeavors and other families dealing with the same unfortunate ***.
LOOK AT WHAT I FOUND : 'Extreme Makeover' house in foreclosure Clayton County family may lose luxury remodeled home in Lake City
By STAFF REPORT accessAtlanta Published on: 07/25/2008
From extreme makeover to extreme foreclosure?
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.
Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.
Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.
The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.
Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.
"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.
STAFF / AJC Patricia and Milton Harper face foreclosure on their 'Extreme Makeover' home.
STAFF / AJC The Lake City home has 5,500 square feet after the 2005 makeover
Once again people we all don't know the facts. I work @ Forest Park High school which is across the street from the house. It's in clayton county and in the city of morrow. they did not go out splurging on cars and everything inside the house was new so no need to buy furniture. What happened was unfortunate (business venture gone bad). these are my people. I teach the kids in this area and they are NOT all of what some of you are trying to make it seem. This does give us a reality check on money management and making sure you have thought about every aspect of a business venture before you make one.
yah they are stupid. poor money management and greed. if they needed the money that *** bad, then they should have SOLD the house and purchased a smaller one that they could afford to maintain (thus turning a profit), hired a business advisor to do a feasibility study on the "construction" business, and they woulda known *** well that that was a bad idea. hello! the housing slump actually started over a year ago and any business advisor with a brain coulda told them that construction was not the way to go. when you want to start a business, it isn't about what YOU want, its about what there is a MARKET for... i agree PRDBLKSIS...IDIOTS IDIOTS
another thing... do these people have a *** job? food, utilities, taxes, etc. aint jack to pay (if they got the smaller house i suggested above). so that is no EXCUSE...
Milton and Patricia Harper of Lake City. The Harpers used the house at 5489 Ahyoka Drive as collateral for a $450,000 loan. The four-bedroom house with decorative rock walls and a three-car garage including scholarships for the three Harper children and a home maintenance fund,tax paid up for 25 years, completely furnished,and a new car. Now *** how can you lose a house that is payed for and no taxes for 25 years. This dumb *** make us once again look bad as black folks. Ni&&a's will Fu(*** up a wet dream. They need to move out of the fu(ken state of georgia dumb Fu(ks!!!!!!! they need to quite smoking that crack
I know this family personally,ive stayed in the home and everything... They are originally from coney island brooklyn and moved down to GA they are a bunch of good people Yes they are a black family! they r not crackheads or whatever else u all are calling them, and they arent moving anywhere.. they r gonna be able to stay in the house, this is exactly why patty said to reporters that her house wouldnt sell.. there will be no forclosure going on..
the inside of that house is banana's might i add.. =] they will be fine th0! GOD IS GOOD
I know that I *** say this, but I hope they get put out. That's the stupidest thing I've ever heard. There are a lot of people out here who could use a helping hand, they got one and wasted it. I'm sure the show never thought about making provisions for this, because who would be so ungrateful and unsatisfied.
They most likely took out an home equity loan, that has less to do with credit and more to do with their home value which was probably out of this world considering the Extreme make over folks hook those homes up. That was a poor poor decision and just greedy and stupid. They should make a rule that the homes can not be refinanced or equity taken out but that would most likely violate the families homeownership rights...
Anyway, let that be a lesson. The family was already needy (all the makeover families have some issue with finances or health or something)
This is disgusting...
@Mom2Girls- good point
It would have been ok, just to take out a bit of equity, but they got crazy and greedy. But at the same time, that's the dilema of the show- legally you can't restrict the rights of the homeowners, because essentially the makeover is gifted.
Its kinda like when you "gift" the guy on the freeway on-ramp (hey, that's where're they're stationed here in detroit!) holding the sign with a couple of dollars. Even though you hope he'll get a decent meal or have bus money to the unemployment agency, you can't regulate what he'll do with it really- all you know is that you just want to help-
greyeyedchyck, this can ONLY be ***.
$600,000 WAS PROBABLY FOR SOME STUPID AZZ RELATIVE THAT CAN'T STAY OUT OF LOCK-UP. AND WHO WAS THE SIMPLETON THAT SUGGESTED "THEY SHOULD HAVE INVESTED THE MONEY WISELY"??? WISELY? YOU GET A MANSION THAT IS PAID FOR, NO MORTGAGE, AT A TIME WHEN PEOPLE LIKE EVANDER HOLYFIELD AND ED MCMANN ARE FORECLOSING AND YOU TAKE OUT A MORGTAGE??
BESIDE THAT YOU WERE GIVEN $100,000???
ONLY OUR PEOPLE ARE CAPABLE OF SUCH TOMFOOLERY. THEY DESERVE TO BE IN THE STREET.
MORONS.
Let that had of been me! Aint no way on GOD'S green earth am I going to take out a $600,000 mortage on a home period, but to take out a mortage on a home that is PAID IN FULL is just plain GREEDY AND STUPID! I hope the stupid husband and wife that have now caused their children more hardship read these posts. Extreme makeover is a show for poor, desperate homeowners who can't afford to move out of or fix up their delapidated home. This family is already poor! God answered their prayers with a brand new home car, extra money, and college education for their children and they MAKE THIS IGNORANT MOVE! Now GOD is going to let this greedy, didn't know a blessing when it hit them in the face, couple crash and burn and start back from square one! If you already poor or close to it ( nowadays some of everybody at that mark) why would you do something like this! Rich folks are losing their houses! Folks with top notch degrees and lots of employment experience under their belts are losing their jobs and having to compete with the average working man for a gig a walmart hotels and fast food places etc.. I bet you that $600,000 was for some stupid. Like a dream vacation, another new car, or money to give to some begging relatives who stupid enough to think that just because you live in a big fancy house that you have money to just GIVE to them! I can't believe this couple could be so stupid! This should be a lesson for everybody! Don't be trying to keep up with the joneses and you can't afford to and stop living outside of your means! I'm still tripping of what they did though! You KNOW *** WELL YOUR *** IS POOR, YOU COULDNT EVEN AFFORD TO MOVE YOUR FAMILY OUT OF YOUR DILAPIDATED HOUSE IN THE FIRST PLACE BECAUSE YOU WERE TO POOR! YOUR HOUSE COULD HAVE CAVED IN ON YOUR FAMILYS HEAD! YOU GET A NEW HOUSE WHERE YOU DON'T HAVE TO WORRY ABOUT TAXES FOR 25 YRS! BUT YOU FOOLISH ENOUGH TO TAKE OUT A MORTAGE ON IT! WOW! I feel sorry for the kids! They now have to suffer all over again for their parents stupidity!
They did what any home owner would do...
Their is maintenance... and expenses.They were responsible for the up keep not the people who gave them the home. Why is it a shame... people some of y'all talking don't own a home... idiots..
We don't know the scope of their situation they weren't wealthy from the begining that is why they got a home for free duh????? I feel bad for them.
And that money they got went back in the home.....
48POWERS... live the method****
Grandmama always told me that "God don't like ugly." These ppl were BLESSED with this beautiful home; free and clear. It doesn't matter that the economy is bad, when you are GIVEN a $600,000 home and $100,000 in cash, there is no way you should have to go and get more. A job or some other source of income are needed to get a loan; if you are given that kind of headstart, why get a loan. $600,000 is 3/5 of a million dollars. What the hell do you need with that kind of money if you know you don't make that kind of money in ten years? The problem is these ppl, whether black or white, saw a way to get some money even though they were in the clear and got greedy. That's the bottom line.
I couldn't help but notice that a handful of you are talking about bills and maintanence of the house. First thing YOU can control some of your monthly amounts on your bills. Turn your lights off, start opening windows, blinds and curtains during the day if you really need some light, get either a house phone or a cell phone , you really don't need both, quit running the dishwasher so much, don't have the tv on all the time, lose the central air and get the ac that sits in the window, invest in some top notch heaters for the winter months, don't run the water so much, time your showers. Get one car for the family paid in full so you won't have a car note, alternate it up one person drive and shuffle the kids around one person takes the train, shop at walmart and target, and the dollar tree! Your business going down the drain, SELL IT AND MOVE ON! If you poor or borderline, your wife doesn't have the luxury of being a stay at home mother ( suprisingly a lot of women do this knowing good and well they can't afford to)! This family could have cut back on A LOT of things. This did not have to happen to this family. All of you on here defending this family saying it was the bills and maintanence! Thats ***! All this family had to do was work and at the end of the year put the amount of the taxes up in a savings account so at the end of the 25 yr mark this husband and wife would have nothing to worry about because they prepared for the future! They probably had relatives staying over like they were a bed a breakfast place. With a yard as big as they had, all they needed was a riding lawn mower! Anything extra I would have let died, let nature run it's course. Everybody who rents or leases a house or apt knows the first rule of thumb is to PAY YOUR RENT FIRST, before the light, gas, cell, cable, internet bill etc... These people didn't even have a mortage to pay once a month! There is no way you can defend these people for doing what they did!
600,000 total home equity loan for a CONSTRUCTION BUSINESS that went [EXPLETIVE] up. This does not sound like the whole story.
I'm with everyone who says that RELATIVES WANTING HANDOUTS is behind this mess. All you got to do is find out the name of the construction business, and the mystery of what really happened to that money is solved. I'm going to choose to believe they were scammed by relatives, instead of living hood rich, until proven otherwise because I want to give them the benefit of the doubt, considering the 'construction business' angle.
liquid isis, paying your rent first depends on what your credit scores are like and your relationship with your landlord.
if you don't give an eff about your credit scores, credit report, then yeah, definitely pay for that roof over your head first.
a lot of people who were approved for too much house because BANKS got greedy can't even do that, though, so they're walking away and saying 'eff it' and using the money for everything except their homes, and moving in with relatives, with friends...... or in their cars.
@ Danae, Maybe I'm the only adult here that thinks like this( one other person has common sense a few post up in regardes to paying your rent and mortage). I was taught to budget and pay my rent first. I don't live above my means. So when I move into an apt I don't have to buddy up with the landlord in hopes he'll go easy one me when I only come to them with half of my rent! Since most folks live above their means, then yeah they have to worry about all the points you stated. A wise woman once told me don't ever get a credit card, and I have stuck by that! I pay for everything in cash! Most folks are ok with just a high school education, a collge degree can help you out in the long run, so you wont have to worry about all the things you stated in your post! So saying you lived in a house, you would really only put "SOMETHING"on your house note? WOW! I love being independent to dang on much and I love not having an EVICTION on my credit score to be playing with my livelyhood like that.
When the roof over your head takes second place to your wants then that tells me you don't care about having a roof over your head. I love having a bed to sleep in at ***.
I work with people who are transcient and could care less. They move their children all the time; no stability at all. This couple has proven to the public the very reason why they needed EM's help in the first place. They're right back where they started!
" "That was a darn smart move. White folks who bought expensive homes, took out hundreds of thousands of dollars in equity and pocketed it before the mortgage crisis hit, and the banks are glad to bail them out with the govt "*** sales" which says that banks will take whatever they can get for the house and that homeowners don't have to pay money back.
They were probably smart enough to know that even with a $100,000 gift, that in 3 or 4 years they wouldn't be able to pay the very high property taxes, and very high insurance, and very high maintenance costs, and knew knew it better to have money than a house they couldn't afford in the long run without a good job. SMART MOVE!"
YOU HAVE SAID IT BEST GIRL!!! Some people are just ignorant to this!
