Extreme Makeover Home Edition house goes into foreclosure

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hell i think the show is pretty fricking stupid, they should give them restrictions on that shite

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You recall that case a couple of years ago where a church in Memphis gave a New Orleans couple, refugees from Katrina, a house free and clear. They promptly sold it and moved back to NO.

Wow, that just goes to show you government regulation can't save stupid or crooked people from themselves.

Why did they need the $450,000 mortgage????

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I hate websites like this.

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Why did they need the $450,000 mortgage????

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They invested in a construction company. Which is now not working out to be such a great investment. Sort of like the people who took out mortgages and seconds to invest in dot coms a few years back.

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Well, HOW they lost their money IS relevant.

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I agree. And I'm not condoning what they did..but if it wasn't blown on casinos and booze; and they were really trying to secure money for their future, I wouldn't judge as harshly.

I would also like to know a little about what happened. Keep in mind they were in the media spotlight...and could have drawn in all kinds of swindlers & con-men to 'help them' manage their windfall.

I am not ready to put them in the same category as those scumbags who flipped that house in Memphis.

..or for that matter those Katrina opportunists who tried to screw over the "Top Gear" people when they GAVE THEM that Camaro. Did anyone else catch that show? Without going too off-topic, here's the summary:

- Top Gear dudes GAVE away a 1991 beat-up Camaro to a Katrina-victim who walked by them in New Orleans.
- 10 minutes after the sale, a woman approached them from the 'church' who accepted the donation and told them it was actually an 89 Camaro and they sold it as a 91. To avoid being sued for misrepresenting the car, the woman asked them to give her $20,000.

Here it is so my off topic comment can come to full closure

LINK

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So, they abandon their plan to sell the cars (“it just wouldn’t be right”) and decide to give them away. They find a non-profit agency and ask for some help finding good candidates to give the cars to. The pickup location is somewhere in the Ninth Ward, I think. Their cars are not exactly the most desirable things you’ve ever seen, even minus the gay pride decorating. It takes some persuading, but eventually two of the cars are indeed given away.

But after the cameras stopped rolling, an attorney shows up. She is there from the agency. She says that the show had promised to give the agency’s client a 1991 piece of crap car, but instead delivered a 1989 piece of crap car instead (the Camaro). So she wanted $20,000 on the spot to make up for the misrepresentation.

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These people are idiots! I really don't care if they leveraged the house for a business venture. The house was given to them, you don't put it up for collateral! Ideally, you should realize how fortunate you are for getting that kind of house when your broke arse couldn't afford one like that to begin with! People want to blame creditors for the problem, I say hell no! You blame the fricknut consumer that doesn't think with his/her head and budget accordingly to what their "actual" expenses are. People leave off debts that they have that don't show on the credit bureau so the ratios are all in line. The guy that lives behind me financed a 299K house Interest only and then took out a heloc to max out the equity. He is a flat tire away from Bankruptcy!