Another Extreme Makeover Home in Foreclosure

[cstreu1026]

http://www.wxyz.com/news/local/story/Extreme-Makeover-Family-Facing-Foreclosure/rmDc6vh40UOtwBO1XcT6dg.cspx

[PONYGRL]

I'm totally not surprised.

[Black Horse]

This one is a true indication of the times....

Yes they got a new house, but they still have astronomical Medical bills, higher property taxes (thanks Makeover!), and he has been laid off from Chrysler several times.

Under those terms I think I would have the same if not worse issues. Maybe the community can step up and help these folks out once again. It's not of their doing.

The last one that got foreclosed I think was stupid, borrowing against the house to start a business is the risk they took.

[Mista Bone]

Should have not refinanced, only delayed the same ending, sorta like the bailout the guberment is doing now.

I'll bet they took the money from refinancing and didn't spend it wisely. I myself could have refinanced my house shortly after loosing my job 4 years ago.....but I knew I couldn't save a sinking ship....only slow it down.





Then again when I said a year ago we were in a recession, no one believed me.....guess what?

[MrsAPE]

I remember this show. I hope the community can step up again and help them. This was/is truly out of their hands I think. Gonna add them to my prayers!

[Black Horse]

Should have not refinanced, only delayed the same ending, sorta like the bailout the guberment is doing now.

I'll bet they took the money from refinancing and didn't spend it wisely.


Not a wise bet, the story I saw said they borrowed the money to pay off a FEW of the mountain of medical bills. I think any decent parent would do whatever they had to for the good of a sick child.

[NUTTSGT]

Maybe extreme makeover should be working something out with the local tax appraisers, maybe a 10 year freeze on raising property taxes. ( not a freeze on taxes, just the raising of them with the new value of the home )

[MrsAPE]

Not a wise bet, the story I saw said they borrowed the money to pay off a FEW of the mountain of medical bills. I think any decent parent would do whatever they had to for the good of a sick child. gotta agree with this one!


Maybe extreme makeover should be working something out with the local tax appraisers, maybe a 10 year freeze on raising property taxes. ( not a freeze on taxes, just the raising of them with the new value of the home ) I have always wondered how people who cannot afford to fix their homes etc, can all of a sudden afford the upkeep on a much bigger home?! I know some get their mortgage paid off or given money to pay for upkeep...but not all. Either way, it's got to be an adjustment and it sounds like they don't get much help in the afterwards of learning etc.

[Black92LX]

why do people think that adjustable rate mortgages are a good idea on their primary mortgage?

[bkstang95]

why do people think that adjustable rate mortgages are a good idea on their primary mortgage?

They were designed for people who were not planning on staying in a home long-term. If they planned on living there 3-7 years it was cheaper to go with the ARM. Problem came with the economy changing which caused the house values to drop, which lowered the demand for people to purchase homes (harder for people sell)...etc... If people used them for what they were intended for there wasn't anything wrong with them...

[Black92LX]

They were designed for people who were not planning on staying in a home long-term. If they planned on living there 3-7 years it was cheaper to go with the ARM. Problem came with the economy changing which caused the house values to drop, which lowered the demand for people to purchase homes (harder for people sell)...etc... If people used them for what they were intended for there wasn't anything wrong with them...

Agreed. My question being a primary mortgage.

[Gene]

Not a wise bet, the story I saw said they borrowed the money to pay off a FEW of the mountain of medical bills. I think any decent parent would do whatever they had to for the good of a sick child.

Yeah, but if you have medical bills, why borrow the money using your house as collateral to pay them off? If costs are that staggering, wouldn't it be better to declare bankruptcy, protect the house using your homestead exemption, and figure out a structured payment plan as part of the BK that you can somewhat afford?