I think this once again goes to show that you can take all the money in the world, divide it up evenly, and within 5-10 years the distribution would end up the same - the rich with all the money and the poor without. http://news.yahoo.com/s/ap/20080728/ap_en_tv/tv_extreme_makeover_foreclosure
Was wondering when something like this was gonna happen. I'm surprised someone just didn't flat out sell it...although they may be contractually unable to. I remember when that one girl sold her "Pimp my Ride" POS and she caught alot of flack for it.
From the article it appears it might be better stated: "the smart with all the money and the dumb without."
That really makes me sad. It's called living beyond your means. Just because someone helps you get a new house that doesn't mean you are entitled to live a life of luxury after that. Why would they have needed a 450,000 loan anyway?
It said in the article they tried to start a construction company. They failed. Bigtime. Effing ridiculous, not entirely surprising though. It's gotta happen eventually.
Kind of surprised this hasn't happened a lot more...all that effort gone to waste...I wonder how much it goes for...My guess, $350K and that's being generous...No way they get all of the $450K
Why can't this show just build more modest homes with some additional nice features for the family's situation? Instead, they build these crazy awesome homes that none of these families could ever afford in reality. It seems like this show could be doing more by doing a little less. There might be more homes to go around. Also, hasn't there been several instances of people unable to afford the cost of living in these homes afterwards? I seem to recall some of these families just couldn't afford the property taxes on these new homes because their home valuation / appraisal skyrocketed. Surely, that can't be good for homes in the neighborhood, either. I understand this is just one incident with one family. But, I would like to see some follow-ups on all these Extreme Makeover homes to see how they faired 5 to 10 years down the road.
The products are donated. The labor is donated. I don't think ABC is working with a construction budget...they plan out a certain number of shows. They're not going to do more than they televise. They're not in that business. They did a follow up show at the end of last season where some people who had been the beneficiaries of the show came to help the last family they were building for...there were updates within that.
The article also says there was a $250K maintenance fund. The only way to avoid this is to forbid a lien on the house, and keep the maintenance fund in trust. But then it's not really 'their' house. Crazy....but i remember reading that lots of lotto winners also end up broke.
That's what i was thinking. I don't think being rich is any evidence that you would be able to GET rich again. If there was any such redistribution most of these "stars" like Paris Hilton would be wandering the streets like vagrants and there would plenty more formerly poor kids in college. That wouldn't be a good idea but that statement by Yonkers was ridiculous.
Fine. I guess I'll have to amend my statement to account for every possible scenario in the multiverse. Sheesh. I'm just saying that most of the rich people (given that most US millionaires are self-made) are smart enough to get back to where they are right now. Because I hear too many people just whine that 'If I had that much money I could make more money.' Well, this just goes to show it's not true. I'm not talking about Paris Hilton or Leona Helmsley's dog.
Someone who's never had that much money in their life is bound to blow it up on trying to help their family (new houses, cars, etc) or buy themselves everything they ever wanted. Their problem is being unable to create a budget and knowing their limits. Just because you have millions doesn't mean you have to be driving all kinds of expensive cars and blowing the money one going out every single night. Some people are just ignorant thinking that much money will never finish.
ABC is to blame. You're not going to get viewers building a Habitat for Humanity home. You have to go over the top.
Thanks I should have read more carefully. I was just picturing the house they got. I've watched Home Makeover since it started so I was trying to remember their circumstances and the house as I was reading. It's even more sad that they blew it that way. You had someone dig you out of debt once, so then instead of working hard and moving your way up you mortgage the one thing that you own that represents stability to do something that is high risk like starting your own business?? Some people just ask to be brought down. Three years... that's all it took.
Trying to start a business doesn't sound stupid to me. It didn't work out in this case, but that doesn't mean it was a horrible decision. Even Bill Gates and Donald Trump have failed businesses. These people probably make close to minimum wage. Then ABC comes along and gives them some balla house, but guess what? they still make minimum wage. Most families would probably just settle down in their crap job and be happy coming home to a balla house. But this family decided to pursue the American Dream and truly elevate their status instead of just elevating their image. We should applaud this bold move.
