Super Bowl Madness

[jhd815]

From the Washington Post -

Kevin P. O'Donoghue is going to the Super Bowl. When he gets back, he'll worry about the house he mortgaged to watch his beloved Eagles.

After the Eagles advanced to their first Super Bowl in 24 years, O'Donoghue told his wife, "I don't care if we have to mortgage our house, I'm going."

She replied, "Wait a minute, maybe that's a good idea."

So O'Donoghue sunk $4,000 into a Super Bowl package that includes round-trip airfare, a four-night hotel stay and one ticket to Sunday's game. To pay for it, he applied for a home equity line of credit, a way of borrowing money that required him to put up his house as collateral.

"Sometimes the cards are maxed out and you gotta do what you gotta do," said O'Donoghue, an account executive from Glen Mills, Pa.

Mortgage bankers in Philadelphia and southern New Jersey say that Eagles fans have been inquiring about refinancing mortgages, or taking out home equity loans or home equity credit lines, to pay for what O'Donoghue calls "the chance of a lifetime."

Eric Reeber, a mortgage banker in Mount Laurel, N.J., said his office has gotten at least a dozen calls from Eagles fans looking for some quick cash. He said two couples have already been approved and were scheduled to close on their loans. (He said they were too embarrassed to talk publicly about their borrowing.)

"Some people don't care if it costs them $100 more a month," said Reeber, of Northern States Funding Group. "But I'll stand by it, if they want it."

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Can you believe this? Two things really bother me about this: 1) he alludes to the fact that the credit cards are maxed out (sign #1 of not being able to handle credit responsibly) and 2) Putting up the possible largest asset they have, their house, as collateral for the "chance of a lifetime"?

I hope this story has a happy ending for this family ... but wow, that's risky!

[2moretrees]

Crazy. What are they thinking? I guess there are a reason that there are so many bankruptcies in this country.

[Tree0164]

It is nutty. Im in New England and we have many friends going down to Jacksonville. I just do not get it. I will enjoy the game on tv.

[SeeAPenny]

Ye gads. I guess that's why the word 'fan' is short for 'fanatic', eh...?

[jhd815]

Oh don't misunderstand me, I'm not upset with anyone being a fanatic, heck I'm a bit of a fanatic when it comes to my beloved Chicago Blackhawks (they're a local NHL hockey team, not playing right now due to a labor dispute but that's another story for another time).

I just don't understand how someone/anyone would risk (probably) their largest asset, their house on something like the Super Bowl, especially when he admits that his credit cards are maxed out.

I'm also glad that this guy isn't my account executive ... doesn't seem like he's making very responsible decisions (but I guess fantacism can cloud a person's mind).

[terry1156]

You can be fanatical without going into debt. Nobody would blink an eye if he made the same purchase with savings he had saved for just such an opportunity. He doesn't know much about personal finances and will likely pay dearly for his decision. I wouldn't be surprised if they end up filing for bankruptcy with that type of spending attitude.

[amomof4]

I'm not interested in the game. Seems like I am mostly the only one.

[terry1156]

I bet he's not happy he mortgaged the house now

[akaivyleaf]

He's definitely a poor money manager. If I was his wife - I'd be an Ex. Its ok to have a hobby but when that hobby costs me more than it saves or doesn't bring in a return, it needs to be re-evaluated. I hope they enjoyed their loss and I hope the Eagles loss doesn't equate to their home loss.

[dealsaver]

Football. A bunch of big, sweaty, beefy guys grappling with each other. Not very interesting IMHO. The Super Bowl is just the height of this waste of time.