Extreme Foreclosure
by Derek Pierce
I ran across this story this morning about how a family that was part of Extreme Home Makeover is now facing foreclosure. However, I get so sick and tire of people claiming to be the victim of the ‘foreclosure crisis’. This isn’t a victim of the current foreclosure crisis, this is a victim of ‘Exteme Ignorance’.
According to the paper, this couple used the home as collateral to borrow $450,000 for a construction business that failed. This doesn’t even take into consideration that over $250K was also donated to the family and their 3 kids for scholarships.
In most cases, regardless how much you help a homeowner out, how much you risk to bail their ass out of a sling – they’ll end up in the same position within time.
Here’s the story if you’re interested:
http://news.yahoo.com/s/ap/20080728/ap_en_tv/tv_extreme_makeover_foreclosure
[...] Alabama Investor has an interesting article about a family in Georgia who was the recipients of an Extreme Makeover Home Edition back in 2005. Their home was paid off and $250k was raised for their children’s college. Now they have lost their home to foreclosure (including the $250k). How could this happen? It blows my mind. Click here to read the full article. [...]
Hi,
I wanted to read the story but it directed me to the path that the says “The story or page you were trying to access may have expired.”
Hoping to share great ideas with you. Happy posting.:-)