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08-04-2008, 06:16 AM | #1 | |||
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Wisest Elder Ever
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There was an Extreme Makeover Home built here in the metro Atlanta area back in 2005. I remember the episode on TV - it was a beautiful home but sort of out of place in the area it was built in.
Anyway, fast forward to 2008.....seems the recipients of this home took out a $450,000 loan against the house and defaulted on it. Now the home is in foreclosure. It goes on the auction block tomorrow. http://www.wsbtv.com/entertainment/17036972/detail.html
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"Thanks for this!" says: | tamiloo (08-08-2008), Twinkletoes (08-05-2008) |
08-04-2008, 06:48 AM | #2 | |||
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Wise Elder
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What a shame (on them).
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"Thanks for this!" says: | Kitty (08-04-2008), weegot5kiz (08-04-2008) |
08-04-2008, 08:36 AM | #3 | ||
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Yappiest Elder Member
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i saw the report too. sad. there are questions about where the tax money is. 25 yrs worth and the edcuation funds for the kids.
this is going to make people skeptical about helping other families inthe future.
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08-04-2008, 09:17 AM | #4 | |||
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Magnate
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that was on the news here too ... and the 'financial experts' were talking amongst themselves at whose fault it was .. the bank's, the owners, and if they didn't know how to have big loans like that in the past, why were they given ALL of it at one time??
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08-04-2008, 09:26 AM | #5 | |||
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Wisest Elder Ever
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Quote:
I'm sure the house and land was worth more than $450,000. It's a shame 'cos there are so many deserving people who could really benefit from the homes that are being built. This will probably make the companies that volunteer their time and services think twice before offering.
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08-04-2008, 09:29 AM | #6 | ||
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Yappiest Elder Member
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the loan was to set up their own construction company. on the news last night, they said there was no word on what was purchased or what the money went for.
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"Thanks for this!" says: | Kitty (08-04-2008) |
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