Posted on 07/28/2008 6:11:34 PM PDT by fightinJAG
LAKE CITY, Ga. (AP) -- More than 1,800 people showed up to help ABC's "Extreme Makeover" team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005.
Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis.
(Excerpt) Read more at tv.msn.com ...
Still an AP (banned) story...
IMHO, they were idiots to mortgage a fully paid for house like that. Now they are reaping the reward of that foolishness.
Sigh...
At first I thought maybe, just maybe the result was unavoidable. Perhaps they came upon bad times. It happens.
Then I realized they were as stupid as the rest of the idiots who signed up for loans they couldn’t afford.
No sympathy.
I thought that most of the Extreme Home Makeover projects were to help out families who were in a tight in some way...
So basically, the family took the gift, cashed it out to try a business - and lost.
I really cannot feel sorry at all. Seems a slap in the face of all those who donated time, cash, and materials to do this nice thing for this family.
I have been waiting for these types of stories for a couple of years.
You cannot just hand over a luxury home to folks that have never shown any ability to keep a house and pay the bills on time.
Expect more and the cancellation of the series.
Same story posted and pulled about 2 hours ago..
I’m for helpin’ folks... it’s what we should do.
There’s something to be said for working your way up the food chain, though.
It’s the very select few that can appreciate something they don’t work for. A hand up usually doesn’t mean a hand-out.
That, and many other bumper stickers come to mind. Some I can’t repeat.
Gordon
Like giving a brand new caddy to a homeless man because they have nowhere to sleep
Wait just a cotton-pickin’ minute here. They borrowed against the home for a personal loan to start a business, that failed.
What does this have to do with the mortgage “crisis”? Not a darn thing.
Still, there's something poetically just about Hollywood's boom come-a-tumbling down.
So, has anyone figgered out what the new limits are??
They were probably looking at between 10-15K just on taxes.
Sounds like what happens with a lot of lottery winners - foolishness steps in, while thrift and prudence take vacations. Rich or poor, the results are the same.
I was fixing to nominate you for the 2008's "cliche award" but at least you owned up to it.
Just avoid AP like the plague.
About as much as Ed McMahon’s foreclosure had to do with the mortgage crisis.
About as much as 1% of the mortgages being in foreclosure = a mortgage crisis.
The media are bereft of virtue... ambulance chasin’ morons for the most part.
Would someone tell me how they paid the taxes on this thing? The taxes had to be at least $6,000 or more a year, not to mention what the insurance would cost.
It’s great to give someone a $450,000 house, but how do they pay the income tax on it? The Federal Government isn’t going to let them give them this house without someone paying a gift tax on it. The Federal Monster must be fed at all costs, no matter how altruistic the thought may be.
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