Another Extreme Home Makeover Family Faces Foreclosure

[tommymac]

Originally Posted by goof2

In order to get on that show the people usually have to be do gooders. He probably works exclusively with destitute retarded orphans so he makes less than a barista at Starbucks. While I think helping the less fortunate is honorable, maybe he should switch his focus to something that will pay enough for him to keep a roof over his own gaggle of shit factories.

Plastic surgeon FTW

[Rider]

See what happens when you GIVE money to people. You have to earn it to respect it.

[Particle Man]

You know, I've always wondered what these new castles does to the property taxes... give a poor family a new house and pay off their debts... cool. But what about maintenence costs and the increase in property taxes once the place is reassessed?

[z06boy]

I always wondered how the people in many of these cases survived after the show was over considering what some of them lived in before it was torn down and rebuilt. Some of them lived in a pigsty so I can only imagine what their place would look like after a matter of time.

I also wondered even if the mortgage was paid off...how would they even afford the utilities since some of them have much bigger places to take care of now.

This doesn't apply to all of them because some of them really are good people that just needed help and I'm glad to see them get it.

I do find it crazy that they are allowed to run out and get a $450k mortgage using their house that was given to them when they couldn't even afford what they had before...doesn't really make much sense.

[goof2]

Originally Posted by Rider

See what happens when you GIVE money to people. You have to earn it to respect it.

I agree. Habitat for Humanity is charity, but the families still end up with a mortgage on their house, even though it is at a low interest rate and with no profit on the house. They are supposed to put in some work building the house and take classes concerning money management and homeownership. The houses are basic as well. Because of what the families have to go through to get the house their foreclosure rate is claimed to be at or below 2%.

[goof2]

Originally Posted by z06boy

I always wondered how the people in many of these cases survived after the show was over considering what some of them lived in before it was torn down and rebuilt. Some of them lived in a pigsty so I can only imagine what their place would look like after a matter of time.

I also wondered even if the mortgage was paid off...how would they even afford the utilities since some of them have much bigger places to take care of now.

This doesn't apply to all of them because some of them really are good people that just needed help and I'm glad to see them get it.

I do find it crazy that they are allowed to run out and get a $450k mortgage using their house that was given to them when they couldn't even afford what they had before...doesn't really make much sense.

What aspect of the mortgage lending industry has made much sense in the last 15 or 20 years? At least the Extreme Makeover people had actual equity in their houses. Compare it to people who bought a house with no down payment, then a year or two later take out an "equity" loan because "the market is up!". It makes the Extreme Makeover people look like safe bets.

[z06boy]

Originally Posted by goof2

What aspect of the mortgage lending industry has made much sense in the last 15 or 20 years? At least the Extreme Makeover people had actual equity in their houses. Compare it to people who bought a house with no down payment, then a year or two later take out an "equity" loan because "the market is up!". It makes the Extreme Makeover people look like safe bets.

Oh I don't disagree with anything you said about the mortgage industry and I wasn't talking about the bank taking a risk since they would have equity...my question was more related to the fact that it should be obvious that they most likely were not going to be able to pay $450k back since they couldn't even afford a decent place to begin with.

I 'assumed' that when the house was given to them it may have been written in the contract restricting this to some degree...that's all.

To me that's more than just appreciating what they've done for you...that's taking advantage of the system imho.

[fasternyou929]

Originally Posted by Rider

See what happens when you GIVE money to people. You have to earn it to respect it.

If only they knew to carry a $10 balance on their credit cards...

[tommymac]

Originally Posted by fasternyou929

If only they knew to carry a $10 balance on their credit cards...

Well done on the thread crossover

Tom

[LeeNetworX]

Originally Posted by fasternyou929

If only they knew to carry a $10 balance on their credit cards...