Extreme Make Over Home REPO

[tashasdaddy]

Lake City FL, couple refinanced home, $450,000. loosing it. how did they qualify for a loan that size.

http://www.firstcoastnews.com/life/entertainment/news-article.aspx?storyid=132712&catid=19

 

[KurtG]

Re: Extreme Make Over Home REPO

Stupid. Mortgage your home to finance a business?

 

[lowkee]

Re: Extreme Make Over Home REPO

Heh, "Give a man a fish and you feed him for a day" comes to mind on that one. Now they are wishing they had that sewer-home again. More than they have now.

 

[Bob_VT]

Re: Extreme Make Over Home REPO

This has become very common to the makeover homes and has been happening for years around the country.

Proceedings against this GA home started last June.

 

[Limited-Time]

Re: Extreme Make Over Home REPO

This has become very common to the makeover homes and has been happening for years around the country.

Proceedings against this GA home started last June.

Bingo.................EM lost me when they started going way, way overboard in the homes they produced.

 

[LadyFish]

Re: Extreme Make Over Home REPO

It creates an even worse hardship on these families who are already struggling if they are not going to cover the mortgage for them.

I've seen a couple of builders on EM take care of the mortgage, give the kids college funds, etc. It seems they are moving away from the charity end of it. Sad.

 

[david_r]

Re: Extreme Make Over Home REPO

i dont understand why they build these great big houses.

if the people are having hard enough times.........maintaining a great big house isnt going to help.

isnt that kind of like selling your car for gas?!

 

[JeffsAV]

Re: Extreme Make Over Home REPO

Something not disclosed much is the fact that the new home value increases the property tax so much that these families can't afford to pay taxes on it, even without a mortgage payment. Although well meaning, this TV show is still motivated by getting people to watch, which means doing over-the-top stunts. Giving a mansion to someone who cannot sustain ownership is a perfect example of a stunt.

 

[KurtG]

Re: Extreme Make Over Home REPO

I haven't seen many that couldn't maintain-given that everyone I have seen was given mortgage free. It is that the people get greedy and try to milk the equity too in a refi.

If we had no mortgage, our electric and tax bills could go up 5x each and still not cover our current mortgage. These people must have had some prior rent or mortgage payments to apply to the new costs.

But, yeah, I agree these houses are ALL way overdone for the people they are "helping".

 

[tashasdaddy]

Re: Extreme Make Over Home REPO

yes but these people refinanced to start a business, i don't see how they could have qualified for a $450,000 mortgage, when they could not fix a septic tank.

they built one for a family in Hastings, tiny town just outside St Augustine, the house was surrounded by shacks. these people would have been more than satisfied with a 3 bedroom, 1 bath 1,100 sq ft.

 

[david_r]

Re: Extreme Make Over Home REPO

to me one of the dumbest things about the show is the "specialty" rooms.....................how long is a childs attention span?

how long will it take for the kid to outgrow their new room?

i had never even thought of property taxes.........yeah this show goes waaaaay overboard.................and the sad part is the kids dont even like the elaborate rooms half of the time................you can see it in a lot of their faces-------------that fake kinda half smile for the camera............you know the kids have gotten a good talking to from mom and dad probably something like this-------------------------------------dont embarrass us--if you dont like we will change it later just smile and say thank you-----we dont want to seem ungrateful.

 

[OldePharte]

Re: Extreme Make Over Home REPO

I too USED to watch EHM. Seeing the family given an opportunity to recover from some devastating obstacle, was something I liked. I want to think that the early home owners were also given, but not aired, something like $50,000 to help with the insurance and taxes that were going to go up. It was to be a cushion until, they could get caugh up on their own.

Then, everything got bigger, better, etc. The one family that lost their parents, had their mortgage paid off and money for college for everyone. That started a trend.

I will agree that building these monster homes made me a bit jaded and I stopped watching the program altogether. Too bad that they don't offer financial education to go along with everything else.

Every so often, I'll watch a similar program on the country music network, except they are redoing mobile homes. Unless I am being scammed (wouldn't be the first time), these folks are just as appreciative as those on EHM.

 

[joed]

Re: Extreme Make Over Home REPO

And don't forget everything they are given is taxable income come April. The IRS gets its share.

 

[mphy98]

Re: Extreme Make Over Home REPO

My family was part of the ehm here in Wisconsin, the builder is one of my very good friends. they do get a financial adviser and generally get enough money raised to pay IRS anything due, with a lot left over for years of property taxes. sometimes the entitlement mentality sinks in with these folks as they are told repeatedly that they DESERVE this. this happened up here to these folks, it really ticked us off. they got allot and after all done expected more. Richard was really ticked off and by agreement with the network cannot say anything. But I can! They actually called the week after they moved in and yelled and used profanity about all the construction debris left about. He sent his expediter out with a crew to clean up apologizing all the way. when they got there the people took them back to the far edge of the property by a creek and lo an behold there was a fist size chunk of concrete that was not even part of the build (it was old slag) the Foreman picked it up and threw it in the back of the truck. they were not treated very well as they were doing this major chore either. needless to say they are now on there own for anything else as far as we are concerned.

 

[bucky7680]

Re: Extreme Make Over Home REPO

If you don't earn it you don't respect it.

They buildt a Habitat for Humanity house a few streets down from me. First thing the new owners did was refinance and put in a pool and bought a boat.

 

[ezmobee]

Re: Extreme Make Over Home REPO

I personally think habitat should ONLY rehab old houses instead of building new ones. This helps improve the community in addition to helping a family. I volunteered on a couple rehab projects they did in our city which I thought were great. Then I worked on one that was a new house out in a rural area. That one I thought was kinda silly.

 

[lowkee]

Re: Extreme Make Over Home REPO

If we are being forced to help dimwit home buyers in this latest bailout, ezmobee's idea sounds like a great way to spend the money. Offer to refurb any house a low income family buys. That way run down houses will get a lift (as will the surrounding property values) and the needy people get a nice house for a low-budget price.

 

[tashasdaddy]

Re: Extreme Make Over Home REPO

habitat is building on vacant lots on older communities here. or where the wreck was torn down. improving the neighborhoods.