"Extreme Home Makeover" house on courthouse steps . . .AGAIN!

[red92s]

The couple who got a television show-sponsored extreme makeover of their Clayton County home in 2005 is again facing foreclosure on the massive abode.

After receiving the home and $200,000 from the show, the couple borrowed $450,000 with the home as collateral. The couple said last year the money was to start a business that failed.



You read that right . . . they were GIVEN a house free and clear, plus $200k in cash. 3 years later, and their was a $450k note against the house, and no more cash.

This was talked about a good bit in 2008 when the story broke. Apparently JP Morgan put the foreclosure sale on hold to work out a payment plan. Either they defaulted on that as well, or talks fell short, and it is now going to be sold at auction.

This house is a MONSTER in the middle of a neighborhood full of much smaller houses. It sticks out like a sore thumb. The Clayton County school system lost it's accreditation last year. NOT going to be an easy sale!

[whitestripe]

wow! talk about living above your means!

[sweeps]

I wonder about the quality of these EHM houses. They're built by a whole bunch of a people, presumably in a chaotic way, and in a very short timespan. I would be nervous about moving into such a house.

[GoodBuyGirl]

This doesn't really suprise me. They build big fancy houses for people who are broke as a joke.
Big fancy house cost a lot in taxes and utilities not to mention the upkeep. There's no such thing as a free house.

[SnoopyCool]

I predict someone who receives a house from EHM will soon sue the show. How? I don't know but I'm sure it's coming.

[whitestripe]

Originally Posted by SnoopyCool

I predict someone who receives a house from EHM will soon sue the show. How? I don't know but I'm sure it's coming.

emotional stress? people can sue for everything these days can't they???

[GrimJack]

Originally Posted by red92s

The couple who got a television show-sponsored extreme makeover of their Clayton County home in 2005 is again facing foreclosure on the massive abode.

After receiving the home and $200,000 from the show, the couple borrowed $450,000 with the home as collateral. The couple said last year the money was to start a business that failed.



You read that right . . . they were GIVEN a house free and clear, plus $200k in cash. 3 years later, and their was a $450k note against the house, and no more cash.

This was talked about a good bit in 2008 when the story broke. Apparently JP Morgan put the foreclosure sale on hold to work out a payment plan. Either they defaulted on that as well, or talks fell short, and it is now going to be sold at auction.

This house is a MONSTER in the middle of a neighborhood full of much smaller houses. It sticks out like a sore thumb. The Clayton County school system lost it's accreditation last year. NOT going to be an easy sale!

Sounds like everyone was at fault. The house did not fit the neighborhood, the people for whom they built the house could not afford it, and some unscrupulous mortgage financier took advantage. There appears to be plenty of blame to go around - no one put a gun to anyone's head to do any of that.

[Angio333]

If you were in financially bad shape, a free house will not fix things unless you change the behavior which caused the problems in the first place.