Extreme Home Makeover

Mustlovedogs · Jul 29th, 2008, 11:32 AM

http://news.yahoo.com/s/ap/20080728/...er_foreclosure

I was wondering how long it was going to take for THIS to start happening! Call me skeptical, call me wet rag, call me whatever but whenever I watch Extreme Home Makeover I always wonder how long it will be before those recipients will lose those gorgeous new homes they've been gifted!It's a common known fact that wealth is a manifestation of financial intelligence and if someone increases their wealth without increasing their financial intelligence, their wealth is BOUND to come back down to where that intelligence is! So sad.................

SwirlyGirly · Jul 29th, 2008, 01:17 PM

yeah, this was inevitable. I always wonder about that show, especially when they slap a McMansion together in an economically depressed neighborhood.

bonniec · Jul 29th, 2008, 03:48 PM

I agree with you both ^. Sad, but not surprising. It's the classic story of lottery winners blowing all their cash. To think that the entire home was paid for, PLUS a fund was established to manage the property's maintanence fees.

I just feel sorry for the children. Apparently, scholarships were set up for their schooling. I wonder if that money is still there, but it wouldn't suprise me if it has already been squandered.

What a shame.

Purseval · Jul 29th, 2008, 05:21 PM

From the article:

Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis.

That had absolutely nothing to do with the foreclosure crisis and everything to do with people squandering away a gift that was given to them.

calicaliente · Jul 29th, 2008, 06:26 PM

I just looked at pics of this masion they built for that family. As sad as it is that the family is losing their home due to a bad business decision- the show shouldn't be building these ridiculously expensive homes for people who have no business trying to maintain that lifestyle in the first place.

How are you gonna take a 50K house thats busted and falling apart- and then demo it and give the family a 450K new house? Tell me that's not asking for a disaster! Don't they have some type of clause or deal where they cannot mortgage the home? Kinda like the cars from PIMP MY RIDE- where they fix it up- and you can't then turn around a sell it for a certain amount of time?

illinirdhd · Jul 30th, 2008, 06:48 PM

Maybe the show should keep some kind of security interest in the home. That why, they would have to be notified before the home owner could sell it or use it as collateral.

talldrnkofwater · Jul 30th, 2008, 11:10 PM

this is very sad. I dont know why they did it. YOu couldnt afford to fix the old house, what made them think that they could afford a mortgage of that amt?

illinirdhd · Jul 31st, 2008, 12:41 AM

There was no mortgage - the house was a gift. They used the house to secure a $450,000 loan to open a construction company, and the company failed.

Mustlovedogs · Jul 31st, 2008, 01:32 AM

Yes, it's pretty sad. But when I watch that show I wonder how those people will even afford the maintainance on those homes. If anyone owns their own home you know there's always something to fix. Be it, water heaters, sprinkler heads, leaking pipes, air conditioning units, etc and that's just the average every day home. These homes that are built have so many technological gadgets and upgrades, the upkeep could surpass the average American's mortgage each year. I knew they generally paid off the mortgage but had NO IDEA that they give them such lofty funds to take care of the upkeep. Wow, to be given such a gift and blow it.....it's pathetic!

Mustlovedogs · Jul 31st, 2008, 01:36 AM

Quote:

Originally Posted by SwirlyGirly

yeah, this was inevitable. I always wonder about that show, especially when they slap a McMansion together in an economically depressed neighborhood.

Not to mention that one's home is essentially only worth what the comps in their neighborhood are worth. There probably would be none on most of these homes! I would imagine that many of these homes are probably unsellable either way. No one in their right mind would BUY a home that is probably worth 10x what any other house in the neighborhood is worth.

Jul 29th, 2008, 11:32 AM	#1
Mustlovedogs The Cut N Curl Girl Location: Lost Wages......babeeey!	Extreme Home Makeover http://news.yahoo.com/s/ap/20080728/...er_foreclosure I was wondering how long it was going to take for THIS to start happening! Call me skeptical, call me wet rag, call me whatever but whenever I watch Extreme Home Makeover I always wonder how long it will be before those recipients will lose those gorgeous new homes they've been gifted!It's a common known fact that wealth is a manifestation of financial intelligence and if someone increases their wealth without increasing their financial intelligence, their wealth is BOUND to come back down to where that intelligence is! So sad................. __________________ "I lost my virginity, but I still have the box it came in." "Tact is for people who aren't witty enough to be sarcastic!"

Jul 29th, 2008, 01:17 PM	#2
SwirlyGirly Member	yeah, this was inevitable. I always wonder about that show, especially when they slap a McMansion together in an economically depressed neighborhood. __________________ Life is too short to love only one brand. Love All. Collect All.

Jul 30th, 2008, 06:48 PM	#6
illinirdhd Sofa King Hooked Location: Las Vegas, NV	Maybe the show should keep some kind of security interest in the home. That why, they would have to be notified before the home owner could sell it or use it as collateral. __________________

Jul 31st, 2008, 12:41 AM	#8
illinirdhd Sofa King Hooked Location: Las Vegas, NV	There was no mortgage - the house was a gift. They used the house to secure a $450,000 loan to open a construction company, and the company failed. __________________

Jul 31st, 2008, 01:32 AM	#9
Mustlovedogs The Cut N Curl Girl Location: Lost Wages......babeeey!	Yes, it's pretty sad. But when I watch that show I wonder how those people will even afford the maintainance on those homes. If anyone owns their own home you know there's always something to fix. Be it, water heaters, sprinkler heads, leaking pipes, air conditioning units, etc and that's just the average every day home. These homes that are built have so many technological gadgets and upgrades, the upkeep could surpass the average American's mortgage each year. I knew they generally paid off the mortgage but had NO IDEA that they give them such lofty funds to take care of the upkeep. Wow, to be given such a gift and blow it.....it's pathetic! __________________ "I lost my virginity, but I still have the box it came in." "Tact is for people who aren't witty enough to be sarcastic!"

Jul 29th, 2008, 03:48 PM	#3
bonniec Neurotic SAHM by day	I agree with you both ^. Sad, but not surprising. It's the classic story of lottery winners blowing all their cash. To think that the entire home was paid for, PLUS a fund was established to manage the property's maintanence fees. I just feel sorry for the children. Apparently, scholarships were set up for their schooling. I wonder if that money is still there, but it wouldn't suprise me if it has already been squandered. What a shame.

Jul 29th, 2008, 05:21 PM	#4
Purseval Sofa King Banned	From the article: Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis. That had absolutely nothing to do with the foreclosure crisis and everything to do with people squandering away a gift that was given to them.

Jul 29th, 2008, 06:26 PM	#5
calicaliente Member Location: OC	I just looked at pics of this masion they built for that family. As sad as it is that the family is losing their home due to a bad business decision- the show shouldn't be building these ridiculously expensive homes for people who have no business trying to maintain that lifestyle in the first place. How are you gonna take a 50K house thats busted and falling apart- and then demo it and give the family a 450K new house? Tell me that's not asking for a disaster! Don't they have some type of clause or deal where they cannot mortgage the home? Kinda like the cars from PIMP MY RIDE- where they fix it up- and you can't then turn around a sell it for a certain amount of time?

Jul 30th, 2008, 11:10 PM	#7
talldrnkofwater Member Location: Queens, NY	this is very sad. I dont know why they did it. YOu couldnt afford to fix the old house, what made them think that they could afford a mortgage of that amt?