extreme makeover house in foreclosure

[fortheluvofpooh]

http://tv.yahoo.com/extreme-makeove....org:20080728:tv_extreme_makeover_foreclosure

 

[mom2zandjsquared]

Well I think it was poor planning on the part of the homeowners to take out a 450K loan against the house. So many families are deserving of these houses and they were chosen for that reason but there are so many other families out there that deserve houses as well and they may never receive one.

 

[a1tinkfans]

Personally I find it DISGUSTING.
They did not lose this home due to hardship, they lost this home due to stupidity, their OWN.
I mean the home was trashed before (obviously they made SOME poor decisions though I can imagine hardship as PART of this) and then they are given a beautiful new home, more then they could EVER have been able to afford on their own and what do they do????? Use it as collateral for a BUSINESS, in THIS economy, so very sad with SO MANY hardworking deserving people in TRUE hardship positions that would have handled this better, SAD SAD SAD!!!

 

[2poohbears]

I remember reading somewhere that several of the Extreme Makeover homes have been sold by the owners because they eventually couldn't afford the new higher property taxes and insurance on them. I think the show would be more helpful to people if they didn't go so overboard, and really looked at the entire situation, then fit the home to the family's realistic needs/ability to keep up with. That might not get great ratings, though.

It sounds like this particular family made a huge mistake.

LOTS of Americans are not educated enough about dealing with their finances. Schools have taught very little in the way of investing, saving, loans, retirement plans, insurance, etc. It's sad. And, we have to start realizing individually that we must live within our means---sometimes that means you cannot afford a brand new car, or the best house in the neighborhood, etc... It's one of the reasons we are in the financial mess we are in right now in this country.

 

[MusiqChic99]

I remember reading somewhere that several of the Extreme Makeover homes have been sold by the owners because they eventually couldn't afford the new higher property taxes and insurance on them. I think the show would be more helpful to people if they didn't go so overboard, and really looked at the entire situation, then fit the home to the family's realistic needs/ability to keep up with. That might not get great ratings, though.

It sounds like this particular family made a huge mistake.

LOTS of Americans are not educated enough about dealing with their finances. Schools have taught very little in the way of investing, saving, loans, retirement plans, insurance, etc. It's sad. And, we have to start realizing individually that we must live within our means---sometimes that means you cannot afford a brand new car, or the best house in the neighborhood, etc... It's one of the reasons we are in the financial mess we are in right now in this country.

I completely agree. I feel like the way the ecomony is right now it's serving as a HUGE wake up call to Americans. Too many people want and want and want...keep up with the Jones attitude. Now they can't keep that fancy car or house because they've been living for years above their means.

 

[perkinsrose]

I feel sorry for the family.

Like so many people facing foreclosure these days, I don't think anyone deserves it.

They made a poor decision at the wrong time with the housing & construction markets the way they are.

At least those kids' scholarships can't be mortgaged.

 

[DVC Sadie]

I remember reading somewhere that several of the Extreme Makeover homes have been sold by the owners because they eventually couldn't afford the new higher property taxes and insurance on them. I think the show would be more helpful to people if they didn't go so overboard, and really looked at the entire situation, then fit the home to the family's realistic needs/ability to keep up with. That might not get great ratings, though.

I agree.


Several Extreme Makeover homes were sold because of the home owners inability to pay for the huge electric bills, and the basic upkeep of their new homes.

IMO, EM made a huge mistake by building Mc Mansions with pools and putting them in neighborhoods where the house not only stuck out like a sore thumb but where the homeowner would never be able to sell their home for what it worth.

I see the EM show exploiting the people that they were trying to "help" by setting up these families for failure.

This show had an opportunity to help families but instead chose ratings above all else. How sad is that?

 

[perkinsrose]

I agree.


Several Extreme Makeover homes were sold because of the home owners inability to pay for the huge electric bills, and the basic upkeep of their new homes.

IMO, EM made a huge mistake by building Mc Mansions with pools and putting them in neighborhoods where the house not only stuck out like a sore thumb but where the homeowner would never be able to sell their home for what it worth.

I see the EM show exploiting the people that they were trying to "help" by setting up these families for failure.

This show had an opportunity to help families but instead chose ratings above all else. How sad is that?

Please don't read this as flaming or attacking--but my opinion is different.

In many cases, the previous mortgages were paid off. I think these houses are meant to be dream houses to live in always--who would want to sell/move? They often get a chunk of money to use for upkeep/utilities. Kids often get scholarships. Even if a family chose to sell--they'd get at least what their previous mortgage was. No loss--Unless you mortgage the worth of the new home in a business venture that fails like the linked article.

Also ratings (and alot of people like to see the extravagant as much as the giving nature) is what makes it possible for the show to be going into its 5th season. They have done over 100 homes (might be 115-120?). So if 5 homes have been foreclosed or taken due to back taxes, that's less than 5% failure rate. Some people are going to have trouble managing money when such a windfall comes their way no matter what. I don't think the show should stop because of the other 95% families that are doing okay.

 

[Poohbug]

They just finished a home in my area. I am happy for the family but couldn't help but wonder what the mother will do with the huge and extravagant home when her four children leave for collage within the next 5-10 years?? I really hope she can pay taxes and insurance on a teachers salary. This is a bad state for RE taxes.

 

[Trinity524]

They just finished a home in my area. I am happy for the family but couldn't help but wonder what the mother will do with the huge and extravagant home when her four children leave for collage within the next 5-10 years?? I really hope she can pay taxes and insurance on a teachers salary. This is a bad state for RE taxes.

Normally they give them taxes and insurance for the next ten years. If anyone wants to build me a house, I am in San Antonio.

 

[DVC Sadie]

Please don't read this as flaming or attacking--but my opinion is different.

In many cases, the previous mortgages were paid off. I think these houses are meant to be dream houses to live in always--who would want to sell/move? They often get a chunk of money to use for upkeep/utilities. Kids often get scholarships. Even if a family chose to sell--they'd get at least what their previous mortgage was. No loss--Unless you mortgage the worth of the new home in a business venture that fails like the linked article.

Also ratings (and alot of people like to see the extravagant as much as the giving nature) is what makes it possible for the show to be going into its 5th season. They have done over 100 homes (might be 115-120?). So if 5 homes have been foreclosed or taken due to back taxes, that's less than 5% failure rate. Some people are going to have trouble managing money when such a windfall comes their way no matter what. I don't think the show should stop because of the other 95% families that are doing okay.

I do not take other peoples opinions personally and I am a big girl who wears big girl panties so flame away. Actually, giving a honest opinion is not flaming nor is it attacking, so have at it.

The problem is that the family cannot afford the electric, gas, water and property taxes (which go up yearly) even without having a mortgage.

Are you sure that it has only been 5 homes that have gone into foreclosure? I don't think so, I'd be very interested in reading the true numbers. How many families have had to sell before they lost everything?

 

[all4fun]

according to this article here: http://www.zillowblog.com/extreme-makeover-foreclosures/2008/07/
there are actually TWO EHM homes in foreclosure.

Sadly, the second of the show’s homes in foreclosure is the result of a death. In October, the show featured an Oregon woman, Janessa “Boey” Byers, who was fighting cancer. The team demolished the family’s old home and built them a brand-new modern home. (Tour the home here.) Byers lost her fight with cancer in December, and the family is now unable to pay the $250,000 they have left on the mortgage of their old home, plus the high property taxes and utility bills for the new property.

I thought the part in bold (emphasis mine) was interesting. Apparently they don't wipe out the old mortgage debt.

 

[AnnaS]

I've always wondered how those families are doing a few years down the road. Yes some have their mortgage paid off and money for college for their kids but not all of them.

I am sure they must have medical expenses because of their situtation wether it's a disability or helping others but if they could not afford certain things before, how can they afford the upkeep of these mansions now? If they can afford it with the same budget as before, great. The expenses are astronomical as compared to what they were living in before. Landscaping, a/c, heat, new trucks/vans given (insurance) alone can make anyone broke.

I also think the houses should be built around what they can afford - I know they need to do this for ratings but they need to be realistic.

 

[lisajl]

My Dh hates that show for that reason...McMansions.

He really enjoyed the one on the Indian reservation. That home was reasonable. It was one level, tried to keep with their beliefs, nice place.

The one built here in Columbus for the "911 Hero", was opened up for tours.
You had to pay to go through the house.
Yes, they were having problems too.

Lisa

 

[perkinsrose]

I do not take other peoples opinions personally and I am a big girl who wears big girl panties so flame away. Actually, giving a honest opinion is not flaming nor is it attacking, so have at it.
The problem is that the family cannot afford the electric, gas, water and property taxes (which go up yearly) even without having a mortgage.

Are you sure that it has only been 5 homes that have gone into foreclosure? I don't think so, I'd be very interested in reading the true numbers. How many families have had to sell before they lost everything?

I guess I typically pick the "wrong" threads to join--they usually get closed for the heated discussions & personal attacks, etc. I guess alot of people on the Dis on not "big girls & boys" yet!!

 

[christa112]

I completely agree!!! You take a house that was worth $175,000.00 which the family was barely able to pay for and then make it $475,000.00 and expect to be able to pay for it. I think the producers of the show should think about that when doing the show. I mean they definately do great things, but maybe making thing more affordable would be better in the long run.

I remember reading somewhere that several of the Extreme Makeover homes have been sold by the owners because they eventually couldn't afford the new higher property taxes and insurance on them. I think the show would be more helpful to people if they didn't go so overboard, and really looked at the entire situation, then fit the home to the family's realistic needs/ability to keep up with. That might not get great ratings, though.
It sounds like this particular family made a huge mistake.

 

[thegrimdwarf]

I agree.



IMO, EM made a huge mistake by building Mc Mansions with pools and putting them in neighborhoods where the house not only stuck out like a sore thumb but where the homeowner would never be able to sell their home for what it worth.

I see the EM show exploiting the people that they were trying to "help" by setting up these families for failure.

This show had an opportunity to help families but instead chose ratings above all else. How sad is that?

I could not agree with this more. My husband and I refuse to watch the show for this very reason. Oh, and that Ty Pennington makes me want to barf.

 

[emmababy]

If they can't afford the upkeep of the house, how did they get a $450,000 mortgage? They had to qualify for that somehow.

 

[mamaloya]

I think the $450K was a loan they took out AGAINST the house to start a business. The house was the collatoral for the loan. So, the house was worth at least that and they gambled it and lost.

 

[kissthemouse]

Ok - any of those families can say, "Thank you but no thank you." There are PLENTY of people waiting in line behind them...it is not a TV Show's responsibility to make sure they make good decisions for the rest of their lives. At some point, people need to take responsibility for their own actions and choices and be grateful for the helping hand they were given along the way...and if they can't afford it, well, there are realtors all around the country willing to sell houses...PP had it right...we, as a society, need to live within our means, and certainly those people know within a few months if they are going to be able to afford the utility payments and certainly within a year if they are going to be able to afford the taxes...list your house and try to sell it before you let it go in to foreclosure...and don't take out a half million dollar loan against a house you can't afford...you just gotta use common sense...and that's all JMO...