Extreme Makeover: Foreclosure Edition

[D.Sanchez]

No doubt these knuckleheads will receive some bailout money.

http://www.wsbtv.com/news/16980412/detail.html


Lake City mayor Willie Oswalt was among the 1,800 volunteers helping "Extreme Makeover: Home Edition" build the Harper’s new home 3 ½ years ago. Beazer Homes of Atlanta was the main sponsor. The mayor said he is baffled.

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

 

[poindexter]

lol - lets just make sure we get this right:

*They are given a free home and a hundred grand

*They take out a $450k loan - and waste it

*They now won't pay: “What’s going to happen is instead of keep paying my mortgage, I’m going to take my money and not pay my mortgage because I’m being harassed,” said Harper.

*and, as you said, they will get some sort of bailout



This describes America 2008 in a nutshell.

 

[Ace]

lol - lets just make sure we get this right:

*They are given a free home and a hundred grand

*They take out a $450k loan - and waste it

*They now won't pay: “What’s going to happen is instead of keep paying my mortgage, I’m going to take my money and not pay my mortgage because I’m being harassed,” said Harper.

*and, as you said, they will get some sort of bailout



This describes America 2008 in a nutshell.

Not true. No one has built me a home.

 

[D-Backs Hack]

How are they going to get a bailout, exactly?

I'm not aware of such a program for a second mortgage.

 

[poindexter]

How are they going to get a bailout, exactly?

I'm not aware of such a program for a second mortgage.

Its only July. The election isn't until November.

 

[mustangj17]

What Morons! The house is paid off, and they have $100,000 grand. Go buy some mid-sized cars, get some normal jobs that can bring in some money and use the rest of your bankroll for food, utilities, and other living expenses. It can't be that hard.

 

[Inky_Wretch]

Why was the loan taken out? To buy new furniture? To pay the gift and property taxes on the upgraded house?

 

[Pastor]

Why was the loan taken out? To buy new furniture? To pay the gift and property taxes on the upgraded house?

To start a failed business.

 

[Ashy Larry]

lol - lets just make sure we get this right:

*They are given a free home and a hundred grand

*They take out a $450k loan - and waste it

*They now won't pay: “What’s going to happen is instead of keep paying my mortgage, I’m going to take my money and not pay my mortgage because I’m being harassed,” said Harper.

*and, as you said, they will get some sort of bailout



This describes America 2008 in a nutshell.

I'm the idiot that bought a house I could afford.

 

[Football_Bat]

Property taxes on a house like this are probably no more than $5,000 a year = about $400 a month.

That's less than the balloon note I assumed from my folks on a trailer house they owned 15 years ago.

 

[93Devil]

These ****ing idiots should be thrown in jail or made to do menial jobs for all the people that showed up to build their house.

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/28/AR2008072802587.html?hpid%3Dtopnews&sub=AR

I knew there was a reason why is didn't watch this show.

At least Warrick Dunn didn't waste his time with these morons.

 

[Ace]

At least when folks pitch in to build a habitat for humanity home, the folks who will live there are helping out, not vacationing at disney world.

And they almost never fail to keep up the payments. 'Course they don't build them freakin' castles, either.

 

[kokane_muthashed]

ArnoldBabar just shed a tear and he doesn't know why.

 

[93Devil]

http://realitytv.about.com/od/extrememakeoverhome/ss/HarperMakeover.htm

Here are the pictures and a story from when the home was first built.

It sucks hard that they had to go through what they went through, but **** ABC, it's obvious they had no experience caring for a home that size. Why not be sure you keep an adviser with them for a year?

And **** the mortgage agent who sold them that second mortgage.

 

[Inky_Wretch]

At least when folks pitch in to build a habitat for humanity home, the folks who will live there are helping out, not vacationing at disney world.

Well, to be fair, the family doesn't have a choice.

 

[Ace]

At least when folks pitch in to build a habitat for humanity home, the folks who will live there are helping out, not vacationing at disney world.

Well, to be fair, the family doesn't have a choice.

I'd demand Universal Studios, dammit!

 

[KYSportsWriter]

And **** the mortgage agent who sold them that second mortgage.

It is Chase, after all...

 

[Calvin Hobbes]

I can top that.

My best friend's brother-in-law and his wife received a six-figure inheritance upon the death of some relative in the wife's family. They promptly paid off their modest little home, filled it with new furniture, stereo equipment and such, and blew a bunch more money on hubby's bad habits.

They later took out a second mortgage, blew all of that money on some of the same stuff, and found themselves - shocking! - in foreclosure.

One day, the phone rings at my friend's house. It's his father-in-law, asking my buddy and his wife to go to a sheriff's sale, buy the deadbeats' house and rent it to them.

My friend, of course, said "Um, no." And a few other choice adjectives. The deadbeats never found anyone dumb enough to buy their house back for them, thank God.

My friend is no longer married to that woman, but since they had two kids, he is still alternately entertained and annoyed by his ex and former in-laws.

That was the first time I've ever heard of anyone losing a house they'd already paid off once.

Dumbasses.

 

[KYSportsWriter]

You can lose a house you've already paid off?

I have so much to learn before I look into this market in the next 5-10 years.

 

[bydesign77]

You can lose a house you've already paid off?

I have so much to learn before I look into this market in the next 5-10 years.

You can when you take out a loan (read: mortgage) on it.

They used the house and property as collateral. When they don't pay, the bank gets to keep the collateral.

Now, if they didn't take the loan out, they would have to be sued and lose to lose the house.