Thread: Extreme Makeover Home in Foreclosure
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Old 08-07-2008, 12:51 PM
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Kitty Kitty is offline
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Join Date: Jan 2008
Location: Deep South
Posts: 21,576
15 yr Member
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Quote:
Originally Posted by MelodyL View Post
I have a stupid question. I've never owned a home so that's why I don't understand these things.

If they took a loan out on their house, and they were given $450,000 for a construction company (or something like that), why is the home in foreclosure??

If the house was paid for in the beginning, and they took out a loan using the house as collateral, I'm assuming they knew there would be monthly payments on that $450,000 loan right?

Are these people out of their minds?? They were given a gift. Their children were given a college in their future.

Again, I ask the question,. ARE THESE PEOPLE OUT OF THEIR MINDS??

And you better believe it, anyone who helps anyone out like this in the future, well they are going to think twice, three times AND MORE.

I know I would.

Good grief!!!
They didn't repay the loan per the terms of the agreement. They used the house as collateral. So.....the bank gets the house if they don't pay back the money.

There was a news story that they have an additional 30 days to work out a repayment plan with the lender. I don't know if they'll be able to work something out...let's hope so. Lots of people put alot of sweat equity into that house.
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