"Extreme Makeover" Foreclosure

[lokiju]

Article

From extreme makeover to extreme foreclosure?

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.

A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.

Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.


Man people sure can be greedy.

They were given a 5,500 sf house AND $100,000 and still thought it was a good idea to take out a $450k home equity loan!! WTF is wrong with some people.

 

[SunnyD]

Originally posted by: lokiju
Article

From extreme makeover to extreme foreclosure?

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.

A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.

Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.


Man people sure can be greedy.

They were given a 5,500 sf house AND $100,000 and still thought it was a good idea to take out a $450k home equity loan!! WTF is wrong with some people.

This.

 

[Aharami]

and these are the type of people congress is voting to bail out! our taxes sure are being used wisely

 

[mugs]

Originally posted by: SunnyD

Originally posted by: lokiju
Article

From extreme makeover to extreme foreclosure?

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.

A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.

Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.


Man people sure can be greedy.

They were given a 5,500 sf house AND $100,000 and still thought it was a good idea to take out a $450k home equity loan!! WTF is wrong with some people.

This.

If they spent $450k in 15 months on a construction business, they must have something to show for it. Like a property somewhere with another house on it.

 

[eits]

i hope their town does a fundraiser or donation drive for them...

some of you cold bastards are probably saying "tough shit" to them, but i believe the lady over the bank.

 

[LS8]

Originally posted by: Aharami
and these are the type of people congress is voting to bail out! our taxes sure are being used wisely

Yup. They should take care of my CC debt while they are at it. Since they are spending money they don't have why not just wipe out everyone's debt.

There should be an IQ test to be a government worker.

 

[SunnyD]

Originally posted by: eits
i hope their town does a fundraiser or donation drive for them...

some of you cold bastards are probably saying "tough shit" to them, but i believe the lady over the bank.

I'm sorry, they've been given their dream home and had it paid off. What they did was take their home which at that point all they had to pay was the property taxes on for the rest of their lives, RE-MORTGAGE it after it was paid off for them by a third party/donations (in the first place), and "invested it" in a construction company.

Um, hello!?! You don't invest something that houses your family in something without 100% guaranteed return on investment!

 

[MikeyIs4Dcats]

Originally posted by: mugs

Originally posted by: SunnyD

Originally posted by: lokiju
Article

From extreme makeover to extreme foreclosure?

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.

A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.

Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.


Man people sure can be greedy.

They were given a 5,500 sf house AND $100,000 and still thought it was a good idea to take out a $450k home equity loan!! WTF is wrong with some people.

This.

If they spent $450k in 15 months on a construction business, they must have something to show for it. Like a property somewhere with another house on it.

$450k wouldn't go very far in capitalizing and starting a construction business.

 

[DisgruntledVirus]

Originally posted by: eits
i hope their town does a fundraiser or donation drive for them...

some of you cold bastards are probably saying "tough shit" to them, but i believe the lady over the bank.

Yes because the extreme makeover home edition giving $100,000 and paying off their mortgage wasn't enough of a lucky thing for one lifetime. 🙂

 

[HardcoreRobot]

some people aren't cut out to be homeowners

 

[MikeyIs4Dcats]

Originally posted by: SunnyD

Originally posted by: eits
i hope their town does a fundraiser or donation drive for them...

some of you cold bastards are probably saying "tough shit" to them, but i believe the lady over the bank.

I'm sorry, they've been given their dream home and had it paid off. What they did was take their home which at that point all they had to pay was the property taxes on for the rest of their lives, RE-MORTGAGE it after it was paid off for them by a third party/donations (in the first place), and "invested it" in a construction company.

Um, hello!?! You don't invest something that houses your family in something without 100% guaranteed return on investment!

homes are commonly used as collateral in small business

 

[AlienCraft]

Originally posted by: HardcoreRobot
some people aren't cut out to be small business owners.

Fixed it for ya!

 

[mugs]

Originally posted by: MikeyIs4Dcats

$450k wouldn't go very far in capitalizing and starting a construction business.

Construction is a pretty broad term, we don't know exactly what they were doing.

 

[Cal166]

Originally posted by: MikeyIs4Dcats

Originally posted by: mugs

Originally posted by: SunnyD

Originally posted by: lokiju
Article

From extreme makeover to extreme foreclosure?

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.

A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.

Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.


Man people sure can be greedy.

They were given a 5,500 sf house AND $100,000 and still thought it was a good idea to take out a $450k home equity loan!! WTF is wrong with some people.

This.

If they spent $450k in 15 months on a construction business, they must have something to show for it. Like a property somewhere with another house on it.

$450k wouldn't go very far in capitalizing and starting a construction business.

More like $550k.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.

 

[MikeyIs4Dcats]

Originally posted by: mugs

Originally posted by: MikeyIs4Dcats

$450k wouldn't go very far in capitalizing and starting a construction business.

Construction is a pretty broad term, we don't know exactly what they were doing.

that is true, but if they indeed started a general contracting business, it wouldn't go far.

 

[AmpedSilence]

Originally posted by: AlienCraft

Originally posted by: HardcoreRobot
some people aren't cut out to be small business owners.

Fixed it for ya!

Exactly. This has nothing to do with the house that Extreme Home Makeover built.

In all honesty, this is one of the few times that I don't think the house owners were idiots. they took an oppurtunity to better their situation by starting a small business. If they had succeeded they would have looked down upon as people who exploited the system, by investing and making millions on donations, with some stupid headline like "Extreme Home Makeover contestants make millions after being given makeover" or something stupid like that. If they failed, they would like idiots who wasted a perfectly good grant (or whatever the hand out of extreme home makeover is considered).

They would have looked bad either way.

edit:grammer/spelling

 

[tw1164]

One a side note, I often wonder if the people getting these home will be able to pay the property taxes after all the lights and cameras are gone.

 

[TechBoyJK]

Originally posted by: MikeyIs4Dcats

Originally posted by: mugs

Originally posted by: SunnyD

Originally posted by: lokiju
Article

From extreme makeover to extreme foreclosure?

A Clayton County family that got the area's first luxury remodeling job from the television show "Extreme Makeover: Home Edition" now faces foreclosure, according to television news reports.

A foreclosure notice on the home in Lake City appeared last Friday, indicating that a $450,000 second mortgage the owners took out less than 15 months ago was in default, WSB-TV reported.

Patricia Harper, the homeowner, told WSB she and her husband had struck a deal with Chase Home Finance to rescue their "extreme" home and that there will be no foreclosure auction. Chase said they couldn't confirm that claim.

Harper told WSB they invested the loan proceeds in a construction business and the business hasn't been good. She didn't say how much of the money is left.

The home at 5489 Ahyoka Dr. has 5,500 square feet after the 2005 makeover, WGCL CBS46 reported.

Lake City mayor Willie Oswalt was among the volunteers who helped build Harper's home 3 1/2 years ago, and Beazer Homes was the main sponsor. The mayor told WSB he is baffled.

"Beazer gave them $100,000 cash, paid their mortgage off and they still can't make it," said Oswalt.


Man people sure can be greedy.

They were given a 5,500 sf house AND $100,000 and still thought it was a good idea to take out a $450k home equity loan!! WTF is wrong with some people.

This.

If they spent $450k in 15 months on a construction business, they must have something to show for it. Like a property somewhere with another house on it.

$450k wouldn't go very far in capitalizing and starting a construction business.

Some of the heavy equipment vehicles (CAT) that my uncle has each cost over $450k.

 

[mugs]

Originally posted by: MikeyIs4Dcats

Originally posted by: mugs

Originally posted by: MikeyIs4Dcats

$450k wouldn't go very far in capitalizing and starting a construction business.

Construction is a pretty broad term, we don't know exactly what they were doing.

that is true, but if they indeed started a general contracting business, it wouldn't go far.

Eh, I know a guy who builds and renovates houses for a living out in the midwest. At any given time he's building one house from scratch and renovating a couple of others; he does much of the work by himself and contracts out the rest. He owns a ton of tools, but no large equipment. He does this with a lot less than $450k. I'm assuming they're a small-scale operation like that, because they really couldn't do much more with $450k like you said.

Or they could be some unspecified type of specialty contractor; roofing, siding, whatever. I worked for a guy who started a custom closet business (like California closets). He ran the business out of his home; paid a small rental fee to an office complex to answer a phone and provide him with a non-residential address. He stored all of his inventory in a couple of self-storage units (and from what I saw, a lot of small contractors do that). He had a box truck and a leased pickup truck. In two years I figure he probably lost $200k, including what he paid his employees but excluding what he would have made at his previous job.

But like I said, whatever they were doing, they must have something to show for it, something they could sell to pay their mortgage.

Originally posted by: TechBoyJK
Some of the heavy equipment vehicles (CAT) that my uncle has each cost over $450k.

And most small contractors rent that stuff.

 

[MaxDepth]

tried to read the link'd post but got a registration page. But I got to the page from the wbesite home page.


Basically they are saying we took the gift from our loving community and hocked it to live some fantasy life of doing something I had no expertise in or business management advice.

Thanks Atlanta! Now, come save my house from my stupidity!

 

[child of wonder]

Disgusting. They should film an episode where Ty (or however his name is spelled) goes back to the house and goes "WTF are you doing?!?!?! We made you this house out of the kindness of our hearts and to help your family and you fucking mortgage it?!?! Bring in the wrecking ball!!!!!"

 

[Slew Foot]

I glad to see my tax dollars are going to be used to bail out idiots like this.

 

[waggy]

Originally posted by: eits
i hope their town does a fundraiser or donation drive for them...

some of you cold bastards are probably saying "tough shit" to them, but i believe the lady over the bank.

wow not sure if you are being sarcastic. i really hope so.


anyway they had the house paid for +100k for taxes (for the rest of there life) and they did something really really fucking stupid. took out a 2nd mortgage.

i really hope t h etown tells them to fuck off.

 

[MisterJackson]

Eh....it's their house to gamble with as they will. But if I were them, and did what they did after getting a house I'd take the consequences and NOT expect a bail out again.

It'd be different if they got money on the house and pissed it away on cars, drugs, clothes, trips, etc.. But who can fault them for trying to invest in something that would help take care of them for the rest of their lives. If anything, it was quite "American" in my opinion for them to try and better themselves and this country by starting a small business.

But what do I know....for all we know they're lying out their ass.

 

[JeffreyLebowski]

Originally posted by: MikeyIs4Dcats

Originally posted by: SunnyD

Originally posted by: eits
i hope their town does a fundraiser or donation drive for them...

some of you cold bastards are probably saying "tough shit" to them, but i believe the lady over the bank.

I'm sorry, they've been given their dream home and had it paid off. What they did was take their home which at that point all they had to pay was the property taxes on for the rest of their lives, RE-MORTGAGE it after it was paid off for them by a third party/donations (in the first place), and "invested it" in a construction company.

Um, hello!?! You don't invest something that houses your family in something without 100% guaranteed return on investment!

homes are commonly used as collateral in small business

A true construction company is not a small business.