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You know that they will blame it on someone......it couldn't have been their falt. A once in a lifetime, means just that.
 

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I read about it this morning. It goes to show you that some people deserve to be in the situation they are in.

I don't see why the volunteers are pissed about it. It's their faults for not being able to see that these people weren't worthy of help. Take it as a lesson learned that some people deserve to have nothing.
 

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I'm amazed this doesn't happen more often. They're giving people a mortgage free, house worth hundreds of thousands of dollars. They can stroll into any bank and get an equity loan on signature to do whatever they want with.
 

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Discussion Starter #6
I'm amazed this doesn't happen more often. They're giving people a mortgage free, house worth hundreds of thousands of dollars. They can stroll into any bank and get an equity loan on signature to do whatever they want with.
I personally would have thought that ABC would have contracts in place to prevent that.

Insane.....
 

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It looks like he used the loan to start a construction business and in most any normal time period that may have been a very solid investment (pending that he had experiance to back it up). However, he seemed to choose the time to start this when the economy was shifting and the home prices (and building) were plummetting. Could be a total cluster... or it could have been very bad timing. Someone out there will end up with a very nice home though.
 

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You can't fix stupid.
I wouldn't exactly call it "stupid". It was not smart trying to start a construction business during a horrible housing downturn.

At least they were trying to start a business.

Stupid would have been to mortgage the house and go buy a boat, or some cars, or gamble it away.


.
 

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...Stupid would have been to mortgage the house and go buy a boat, or some cars, or gamble it away.


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This is what i meant when I said I'm surprised it doesn't happen more often. It's a testament to how well they screen/ research the deservedness of these family's that this is not a common occurance.
 

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idiots r everywhere:panic:
 

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I'm amazed this doesn't happen more often. They're giving people a mortgage free, house worth hundreds of thousands of dollars. They can stroll into any bank and get an equity loan on signature to do whatever they want with.
I personally would have thought that ABC would have contracts in place to prevent that.

Insane.....
ABC said in a statement that it advises each family to consult a financial planner after they get their new home. "Ultimately, financial matters are personal, and we work to respect the privacy of the families," the network said.
Seems reasonable to me...people have to make decisions and live with the consequences.

This seems to be the same as someone winning the lottery to me and we all know how a large number of those work out:tadts:
:shift:
 

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Not me, but...

You can't fix stupid.
I can't fix stupid, but Darwin can! rotfl


Seriously though, sometimes these people get taken advantage of by banks. Stupid is easy to manipulate...

I know someone who signed on for an interest only mortgage and line of credit so they could do a renovation on their house. They where convinced by the bank that they could afford the renovation and the new mortgage because their payments would be SO LOW with this "new" interest only concept.

The people who signed the mortgage didn't even understand that they would NEVER EVER pay their mortgage down and would just keep paying their mortgage's interest until they died. PLUS, the bank totally screwed up their tax escrow and miscalculated it by thousands. Now that the bank realized their error, they have adjusted the monthly payment and they will almost definitely lose the house because they can't afford the new higher payments...

They NEVER would have done the renovation if they knew this fancy new mortgage was never going to be paid off AND that they can't really afford it.

The bank got their closing fees plus 18 months worth of interest on the mortgage and now they are going to a real bank for a 30 year fixed mortgage and see if maybe they can aford to keep their house. :eek:

Yes, they where stupid and didn't understand what was going on. But they went to a professional that they trusted to guide them in the right direction and they where taken for a ride like they went to Six Flags...

I feel horrible for them!!!

Of course, they have some other spending issues as well... But certainly nothing they deserve to lose their house over.

-Matt
 

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"A fool and his money are soon parted" Thomas Tusser (1524-1580). English poet and farmer.
 

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I wouldn't exactly call it "stupid". It was not smart trying to start a construction business during a horrible housing downturn.

At least they were trying to start a business.

Stupid would have been to mortgage the house and go buy a boat, or some cars, or gamble it away.


.
Call it what you want. The end results were the same.
 

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"A fool and his money are soon parted" Thomas Tusser (1524-1580). English poet and farmer.

"Life is hard, but its hardest when you're dumb." - Austin Lounge Lizards
 

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I always see this show on when flipping through the channels and wonder when the family will blow it all again. I'm actually pretty surprised that something like this is happening to a family from the show 3 years after the house was built and not sooner.
 
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