"Extreme Makeover" Foreclosure

[JeffreyLebowski]

Originally posted by: 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.

Well, when you aren't paying a mortgage anymore, you have a lot more money left over every month to use towards paying taxes.

I hope the lady loses the house.

 

[sactoking]

$450m or $550m is PLENTY of money for a contractor, even someone doing underground, boring, or excavation. And the vast majority of TRUE construction companies ARE small businesses. Not everyone is qualified to do a $800mm bridge deal, you know. Many contractors do well with $2-5mm of annual revenue working contracts of $500m or less.

 

[OutHouse]

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 tough shit. they had a dream home build for them for free, givin 100,000cash and their home is paid off. and they morons take out a 450K mortage that is now in default? yes tough shit not sympathy from me at all.

 

[jonnyGURU]

Originally posted by: Cal166

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

LOL! If I didn't have to pay a mortgage payment every month for the next 360 months, I would be so pimping it. 😀

 

[Demon-Xanth]

Originally posted by: JeffreyLebowski

Originally posted by: 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.

Well, when you aren't paying a mortgage anymore, you have a lot more money left over every month to use towards paying taxes.

I hope the lady loses the house.

California has Prop 13, which basically states that if they put a solid tower of gold on my yard, my property value will not increase. And they get around the taxes by leasing the house for the week they do the renovations.

 

[CPA]

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.

Have you donated yet?

 

[waggy]

Originally posted by: sactoking
$450m or $550m is PLENTY of money for a contractor, even someone doing underground, boring, or excavation. And the vast majority of TRUE construction companies ARE small businesses. Not everyone is qualified to do a $800mm bridge deal, you know. Many contractors do well with $2-5mm of annual revenue working contracts of $500m or less.

godo thinkg we are talking about $450 THOUSAND not MILLION

 

[compman25]

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.

They were constructing a $450k debt. 😀

 

[Wheezer]

evict their worthless asses then put someone in there who can appreciate it.

fuck them, they deserve nothing.

 

[spidey07]

It's amazing just how stupid people are with money. Completely moronically stupid.

But when you constantly get checks in the mail for $450,000, you are pre-qualified for this check! Please call us!! Stupid people follow it.

 

[slag]

Originally posted by: 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.

I guess the goal here is to go bankrupt and get "rescued". Where the hell is personal responsibility here? I feel the same way with fannie mae/freddy mac. They got themselves in this position, why do they get govt help? If their collapse hurts the economy, so what. They should have planned on this contingency.

 

[goog40]

Originally posted by: AlienCraft

Originally posted by: HardcoreRobot
some people aren't cut out to handle money.

Fixed it for ya!

Fixed some more.

These are probably the same type of people that win millions of dollars in the lottery and end up bankrupt a few years later. Even if they'd been given a million bucks on top of the free house, they would probably have ended up in the same boat.

Here's their house on zillow.com

Their house is worth several times of that of their neighbors, and they still couldn't be happy with that?

 

[mugs]

Originally posted by: waggy

Originally posted by: sactoking
$450m or $550m is PLENTY of money for a contractor, even someone doing underground, boring, or excavation. And the vast majority of TRUE construction companies ARE small businesses. Not everyone is qualified to do a $800mm bridge deal, you know. Many contractors do well with $2-5mm of annual revenue working contracts of $500m or less.

godo thinkg we are talking about $450 THOUSAND not MILLION

He's using mm = million and m = thousand. I've seen mm = million before, but not m = thousand; I figure he's either not from the US, or maybe I've just been living under a rock.

 

[waggy]

Originally posted by: mugs

Originally posted by: waggy

Originally posted by: sactoking
$450m or $550m is PLENTY of money for a contractor, even someone doing underground, boring, or excavation. And the vast majority of TRUE construction companies ARE small businesses. Not everyone is qualified to do a $800mm bridge deal, you know. Many contractors do well with $2-5mm of annual revenue working contracts of $500m or less.

godo thinkg we are talking about $450 THOUSAND not MILLION

He's using mm = million and m = thousand. I've seen mm = million before, but not m = thousand; I figure he's either not from the US, or maybe I've just been living under a rock.

ok gotcha. just havent seen that before.

 

[sactoking]

Sorry about that. The construction bond industry changed over from m = million and k = thousand to m = thousand and mm = million and I have trouble remembering that pretty much noone else uses that nomenclature.

 

[compman25]

Originally posted by: sactoking
Sorry about that. The construction bond industry changed over from m = million and k = thousand to m = thousand and mm = million and I have trouble remembering that pretty much noone else uses that nomenclature.

Are you still in the insurance industry?

 

[sactoking]

Well, bonds (surety) is regulated by the Division of Insurance in most (or all) states. So, technically yes, though it really is two separate worlds, traditional property/casualty insurance and surety.

 

[compman25]

Originally posted by: sactoking
Well, bonds (surety) is regulated by the Division of Insurance in most (or all) states. So, technically yes, though it really is two separate worlds, traditional property/casualty insurance and surety.

Well, for some it is. We do both.

 

[LegendKiller]

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.

Yeah, sure. They got a free ride and blew it because they had a stupid idea. I give them no credit at all.

 

[LegendKiller]

Originally posted by: goog40

Originally posted by: AlienCraft

Originally posted by: HardcoreRobot
some people aren't cut out to handle money.

Fixed it for ya!

Fixed some more.

These are probably the same type of people that win millions of dollars in the lottery and end up bankrupt a few years later. Even if they'd been given a million bucks on top of the free house, they would probably have ended up in the same boat.

Here's their house on zillow.com

Their house is worth several times of that of their neighbors, and they still couldn't be happy with that?

This is really one huge problem with that show. They put massive uber-houses in neighborhoods with lower priced houses. You never want to be the most expensive house on the block investment wise, because you never get your value out.

That and I don't trust any house that's built that quickly.

 

[Nitemare]

You can give a guy a fish and he can eat for a day

You can give a guy a house and he can lose it in a year...

Once again, no good deed goes unpunished

 

[moks78]

:sun:

 

[waggy]

Originally posted by: LegendKiller

Originally posted by: goog40

Originally posted by: AlienCraft

Originally posted by: HardcoreRobot
some people aren't cut out to handle money.

Fixed it for ya!

Fixed some more.

These are probably the same type of people that win millions of dollars in the lottery and end up bankrupt a few years later. Even if they'd been given a million bucks on top of the free house, they would probably have ended up in the same boat.

Here's their house on zillow.com

Their house is worth several times of that of their neighbors, and they still couldn't be happy with that?

This is really one huge problem with that show. They put massive uber-houses in neighborhoods with lower priced houses. You never want to be the most expensive house on the block investment wise, because you never get your value out.

That and I don't trust any house that's built that quickly.

yeah they seem to put those houses up pretty damn quick. i always wonder what corners they are cutting when tehyu do that.

 

[roguerower]

Wow...450 grand lost. I wish they'd given it to my company, we coulda used it to buy all the concrete that we just laid down for a 4,000 CY parking pad. It would have been smarter than wasting a massive gift.

 

[rudder]

Originally posted by: Wheezer
evict their worthless asses then put someone in there who can appreciate it.

fuck them, they deserve nothing.

The bank that gave them the loan is screwed. The house is probably not in a neighborhood where it is surrounded by other $450,000 homes. More likely it is surrounded by $80-100,000 homes. The bank might was well tear it down and sell it as scrap parts.