What do you think about the family from Extreme Makeover going into foreclosure?

Question

$450,000 loan. They received so much and seemed to just let it go. It's kind of a slap in the face, isn't it to those who work really hard but still fall behind? I would love to have a beautiful house built and my kids taken care of with scholarships, etc. I would have preserved it. Wouldn't you? How ungrateful and greedy must you be? Do you think that's not the case?

Answer 1

The family is black. They got greedy and blew the whole thing. Usual!!!!

Answer 2

They were so freakin stupid, its beyond words. I hope that family lives in the gutter the rest of their lives, because a homeless shelter is too good for them!

Answer 3

Personally I think it was irresponsible ...........they were in economic peril before getting the makeover & advised to get financial counseling  . I know with privacy issues you can't force someone to get that type of help but it only make sense.

One question that I can't figure out is..........

How did a bank or finance company approve that size of loan? You have to have some means of payment on a loan not just collateral - don't you?

Answer 4

they were made over to much.

Answer 5

WOW i got to say i believe in taking risks, but they took too much of a risk on this one....dang...

Answer 6

I did the math

$450,000 loan and

$250,000 donation to the family for scholarships and repairs the house over time

If they bought each of their three kids an Associates degree at about $40,000 a piece, that's a total of $580,000 over three years this family spent. That's $193,333.33 a year!!!

My only question is what did they blow it on??!!!

Goes to prove that broke thinking yields broke results no matter how much money you've got. They should of gotten some mentor-ship before venturing off into the business world like that.

Yep the truth is often cold, sorry to say. Any other way and we'd all be living a happier life.

Answer 7

Well I do agree with everyone that is a slap in peoples face. But how can we judge people we don't even know? We don't know what happened to all the money(besides what the MEDIA says(THE horrible media who is making this public)? I mean, yeah I agree with you, but I'm not judging them because people make mistakes, it's part of life.

What they did is horrible, I'm not saying it's not.

Answer 8

To be given a gift of that magnitude, and have hundreds and hundreds of people volunteer their time and expertise, it's a crying shame.  And, shame on those people.  

Sometimes, people are extremely greedy and self-centered...

Answer 9

It was not a smart move on their part, first of all the house makeover was a gift and they should have never taken out a loan on the house. In my opinion, the only time you can take out a loan on a house if it's an additional property that you own and not the one that is sheltering you!

Starting your own business is a risky move, sometimes it pays off and sometimes it doesn't. That's why you take out a small loan just to get the business off the ground and once the profits start coming in then you can invest a little bit more.

Answer 10

I think they were unwise. They could have invested the money and had the interest to help with living expenses or gone back to school for better employment or started a business with lower initial overhead but I thought this was really careless. And if someone is low-income enough to have their home done by EMHE then they really should not borrow against the house -- especially not the WHOLE VALUE.

I feel bad they have to give it all up but really with the odds so high against being chosen even if you have the chutzpah to send in your video and then to get such a large cash donation besides (not all families get anything like $250k -- sometimes it is more like $50k and that is simply to have in the bank to help get by.)

They should never have borrowed against the house. Sometimes a home equity loan is okay (and I get that the house was 100% equity since it was free and clear) but honestly I don`t think ANYONE should borrow against the house except for maybe a home equity line of credit to fix it up.

Answer 11

I think that was SO greedy of them.  To take out a loan on the full value of the house...that is just plain stupid.  I would have been so upset if I had donated materials or time and they just squandered it.

Answer 12

kitycat

Answer 13

These people were just greedy. It's their own fault. Theres not much more to say about this really. I feel for what the famly went through prior to their 'Makeover', but I do not feel sorry for them one bit.  I also think that the media should mind their own business and keep this matter quiet. Shame on the homeowners and shame on the media!

Answer 14

I never liked those people anyway. That show was supposed to be about helping the really needy people, not types like them.