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post #1 of 59 (permalink) Old 07-29-2008, 10:20 AM Thread Starter
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Extreme Foreclosure

http://www.thestar.com/entertainment/article/468654



Quote:
THE ASSOCIATED PRESS

LAKE CITY, GA. – More than 1,800 people showed up to help ABC's Extreme Makeover team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005.

Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis.

After the Harper family used the two-storey home as collateral for a $450,000 loan (dollar figures U.S.), it's set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls Monday, but told WSB-TV they received the loan for a construction business that failed.
http://www.thestar.com/entertainment/article/468654

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post #2 of 59 (permalink) Old 07-29-2008, 10:22 AM
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post #3 of 59 (permalink) Old 07-29-2008, 10:24 AM
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lol, take something that is paid for and going good and put a lien against it.. Very smart.
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post #4 of 59 (permalink) Old 07-29-2008, 10:25 AM
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Generally poor people are poor for a reason. Thats the cold hard facts of the situation.

I'm just amazed that they are broke as shit and then decide they are going to start a construction business.
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post #5 of 59 (permalink) Old 07-29-2008, 10:27 AM
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I have always wondered about this. Sometimes they will say the home is paid for and I can't help but wonder if there's any clause written in to prevent them from using it as collateral, or even if they can support making the payments if it's not paid in full.

EDIT: and X2 on AL P's statement that poor people are usually poor for a reason.

Oh and LOL at Beazer Homes being the company that did the home.
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post #6 of 59 (permalink) Old 07-29-2008, 10:30 AM
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They'll get some section 8 housing and be happy as a fat pig in a mudhole.

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post #7 of 59 (permalink) Old 07-29-2008, 10:31 AM
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Has anyone ever done a follow-up of all these Habitat for Humanity homes Mr. Carter is building? I bet the number of abandoned and delapidated homes from this prgram is staggering. I would also like to see how many have had drug SW's served at them by the local SWAT team.

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post #8 of 59 (permalink) Old 07-29-2008, 10:33 AM
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Quote:
Originally Posted by AL P
Generally poor people are poor for a reason. Thats the cold hard facts of the situation.

I'm just amazed that they are broke as shit and then decide they are going to start a construction business.
Apparently they used the same approach to their construction business as they did to get themselves into the delapidated house that needed a makeover. LOL

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post #9 of 59 (permalink) Old 07-29-2008, 10:35 AM
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Was the family black?
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post #10 of 59 (permalink) Old 07-29-2008, 10:42 AM
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Not only did they lose the house,they blew the $250,000 the community raised for them. They managed to piss away $700,000 in 2 years! The parents deserve to live in a dump for the rest of their lives. Like Alp said,poor people are poor for a reason. They have no home but I'll bet you they have a blinged out Caddy to park in front of their section 8 apartment.

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post #11 of 59 (permalink) Old 07-29-2008, 10:45 AM
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That is nothing more than a gaggle of assholes. I don't understand how some people can be so financially irresponsible, coming from someone that used to have a buy now-pay later attitude.

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post #12 of 59 (permalink) Old 07-29-2008, 10:48 AM
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this doesn't suprise me a bit and i'm sure that there will be several more.
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post #13 of 59 (permalink) Old 07-29-2008, 10:52 AM
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Quote:
Originally Posted by Mr Majestyk
Was the family black?
This is an ABC Family show, you know there's no black folk on there!
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post #14 of 59 (permalink) Old 07-29-2008, 10:55 AM
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I don't see why people act suprised when they read stories like this. Our society always rewards fuck ups. I'm sure the family will play on the heart strings of some other sorry bastard and in no time they will have another free house to live in.

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post #15 of 59 (permalink) Old 07-29-2008, 11:02 AM
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Why do all of you assume it was a fuckup?

They get put in a situation where they have to do something or lose the house. They ttry and leverage it in an attempt to keep it. Business fails. Bank forecloses on the collateral, doesn't lose anything. Family at least took a shot at life. It didn't cost anyone anything, the network budgeted it as an expense for their advertising stream.

damn you guys are quick to jump. I see nothing wrong here. If the show only targeted people who could afford to build these houses then would anyone have watched?
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post #16 of 59 (permalink) Old 07-29-2008, 11:25 AM
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Quote:
Originally Posted by Casper
Why do all of you assume it was a fuckup?

They get put in a situation where they have to do something or lose the house. They ttry and leverage it in an attempt to keep it. Business fails. Bank forecloses on the collateral, doesn't lose anything. Family at least took a shot at life. It didn't cost anyone anything, the network budgeted it as an expense for their advertising stream.

damn you guys are quick to jump. I see nothing wrong here. If the show only targeted people who could afford to build these houses then would anyone have watched?

they squandered a gift and lost it all.

a bird in the hand


oh and you dont see anything wrong with pissing through a quarter mill of their friends and families money that was supposed to keep them in the house they didnt deserve in the first place?
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post #17 of 59 (permalink) Old 07-29-2008, 11:28 AM
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Quote:
Originally Posted by Casper
Why do all of you assume it was a fuckup?

They get put in a situation where they have to do something or lose the house. They ttry and leverage it in an attempt to keep it. Business fails. Bank forecloses on the collateral, doesn't lose anything. Family at least took a shot at life. It didn't cost anyone anything, the network budgeted it as an expense for their advertising stream.

damn you guys are quick to jump. I see nothing wrong here. If the show only targeted people who could afford to build these houses then would anyone have watched?
Wasn't the house paid for? and they even had a "maintenance fund" to keep it up. I presume that they had to cover taxes, insurance, and utilities, which for a house that size would be a large tab. Still, it should have been doable with a decent paying job since there was no mortgage payment.

Like others have said, poor people are poor for a reason. Obviously these people could not handle the situation and could have used some financial counseling.
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post #18 of 59 (permalink) Old 07-29-2008, 11:54 AM
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Well hell, why not? It is theirs. Everyone is getting butt hurt because they took a hell of a risk with something they owned.
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post #19 of 59 (permalink) Old 07-29-2008, 12:02 PM
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I would be pissed if I helped build that house... Oh well Im fat and lazy and wouldnt vol my time...lol

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post #20 of 59 (permalink) Old 07-29-2008, 12:08 PM
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Originally Posted by Casper
Well hell, why not? It is theirs. Everyone is getting butt hurt because they took a hell of a risk with something they owned.

owned?? the only ownership they had was to the people that put sweat equity into that house. they owed it to them to not be fuck ups.

this is why i dont do charity work for the poor, now only for diseases.

the last time i helped build a house for a poor family. we got all done and unveiled it, the first thing they said, instead of thank you. was " what? furniture doesnt come with it?"

fuck em they dont deserve help.
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post #21 of 59 (permalink) Old 07-29-2008, 12:14 PM
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Originally Posted by AL P
Generally poor people are poor for a reason. Thats the cold hard facts of the situation.
Oh but we can CHANGE that, lets vote Obama.
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post #22 of 59 (permalink) Old 07-29-2008, 12:16 PM
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Originally Posted by sc281_99-0135
owned?? the only ownership they had was to the people that put sweat equity into that house. they owed it to them to not be fuck ups.

this is why i dont do charity work for the poor, now only for diseases.

the last time i helped build a house for a poor family. we got all done and unveiled it, the first thing they said, instead of thank you. was " what? furniture doesnt come with it?"

fuck em they dont deserve help.
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Was the family black?
.......
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post #23 of 59 (permalink) Old 07-29-2008, 12:18 PM
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What do all of you think of this FHA bail-out bullshit? It's the same shit...giving people something who deserve nothing, and will be in the same shape in a year or two.

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post #24 of 59 (permalink) Old 07-29-2008, 12:24 PM
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post #25 of 59 (permalink) Old 07-29-2008, 12:32 PM
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Proves that people with no vested interest will not care.



http://realitytv.about.com/od/extrem...erMakeover.htm
Ok, so they bought a home and didn't have in inspected carefully which turned out to be a big POS. Fuck 'em, lesson learned, why should they be given something for free only to proce that they have no clue how to live.
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post #26 of 59 (permalink) Old 07-29-2008, 12:42 PM Thread Starter
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Quote:
Originally Posted by sc281_99-0135
owned?? the only ownership they had was to the people that put sweat equity into that house. they owed it to them to not be fuck ups.

this is why i dont do charity work for the poor, now only for diseases.

the last time i helped build a house for a poor family. we got all done and unveiled it, the first thing they said, instead of thank you. was " what? furniture doesnt come with it?"

fuck em they dont deserve help.
They're not all like that. I've built a few for Habitat and they have always been thankful. Two of them I still keep in contact with.

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post #27 of 59 (permalink) Old 07-29-2008, 12:43 PM
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Quote:
Originally Posted by Casper
Why do all of you assume it was a fuckup?

They get put in a situation where they have to do something or lose the house. They ttry and leverage it in an attempt to keep it. Business fails. Bank forecloses on the collateral, doesn't lose anything. Family at least took a shot at life. It didn't cost anyone anything, the network budgeted it as an expense for their advertising stream.

damn you guys are quick to jump. I see nothing wrong here. If the show only targeted people who could afford to build these houses then would anyone have watched?
sort of what I was thinking...it takes money and risk to start a business and some ambition to try and succeed....maybe they were just bad at that? Don't know all the details but if I had $700k in cash essentially doing nothing for earning me money, I would find a way to make it work in another way. Don't know I would leverage ALL of it out to start a business, but maybe some of it for sure. Otherwise, it's just a stagnant asset doing jack shit for me....



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post #28 of 59 (permalink) Old 07-29-2008, 12:48 PM
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Originally Posted by 01WhiteCobra
They're not all like that. I've built a few for Habitat and they have always been thankful. Two of them I still keep in contact with.
I haven't done any follow-up on the houses my church builds for Habitat, but I bet there is at least a few of them that have gone abandoned or had drug SW served there.

It is like the 16 year old who is given a brand new Mustang and has no respect for it, they just tear it up since they did nothing to earn or deserve it.

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post #29 of 59 (permalink) Old 07-29-2008, 12:49 PM Thread Starter
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Quote:
Originally Posted by Casper
Why do all of you assume it was a fuckup?

They get put in a situation where they have to do something or lose the house. They ttry and leverage it in an attempt to keep it. Business fails. Bank forecloses on the collateral, doesn't lose anything. Family at least took a shot at life. It didn't cost anyone anything, the network budgeted it as an expense for their advertising stream.

damn you guys are quick to jump. I see nothing wrong here. If the show only targeted people who could afford to build these houses then would anyone have watched?
Well... leveraging your home to start up bidness is pretty stupid.

The house was paid for. They needed up keep and taxes. I assume if they were starting a construction company they most certainly could have made a wage to keep it going without having to deal with P&I.

Quote:
Originally Posted by aggie97
sort of what I was thinking...it takes money and risk to start a business and some ambition to try and succeed....maybe they were just bad at that? Don't know all the details but if I had $700k in cash essentially doing nothing for earning me money, I would find a way to make it work in another way. Don't know I would leverage ALL of it out to start a business, but maybe some of it for sure. Otherwise, it's just a stagnant asset doing jack shit for me....
It takes business smarts to start a business. I have quite a few friends with contracting companies across the trade that never leveraged a dime to get started.

One that just recently told me... "I'm sort of stressed now, I'm starting a new business and my bank balance is getting close to a million. I hate it when my bank balance falls to a million."

In his 40s, started his contracting company about 10 years ago... without leveraging his home.

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post #30 of 59 (permalink) Old 07-29-2008, 12:51 PM
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post #31 of 59 (permalink) Old 07-29-2008, 12:51 PM
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I'm wondering why in the hell someone would build someone else a "mini mansion" when they clearly could not afford to even live in it to begin with . I am sure the property taxes alone were more than they could afford not to mention property insurance and other cost associated with owning a home that large .
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post #32 of 59 (permalink) Old 07-29-2008, 01:03 PM
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I'm wondering why in the hell someone would build someone else a "mini mansion" when they clearly could not afford to even live in it to begin with . I am sure the property taxes alone were more than they could afford not to mention property insurance and other cost associated with owning a home that large .

That is why the show raises money most of the time so the families dont have to worry so much about taxes and things associated with the house.

Not just blow the money on what they want. They still would have needed jobs to support their own needs. Starting a business was a stupid approach by them.
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post #33 of 59 (permalink) Old 07-29-2008, 01:04 PM
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I'm wondering why in the hell someone would build someone else a "mini mansion" when they clearly could not afford to even live in it to begin with . I am sure the property taxes alone were more than they could afford not to mention property insurance and other cost associated with owning a home that large .
I believe they started putting money for those expenses in escrow accounts, too. They determined early on that it could be a financial burden for the homeowners.

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post #34 of 59 (permalink) Old 07-29-2008, 01:58 PM
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Between the property taxes , insurance , utilities and general misc crap I would think the monthly cost to live in a house like that not including the actual payment on the house since it was free would be somewhere in the neighborhood of $1500-2000 alone .

With the economy in as bad of shape as it is , I would think trying to start up a construction business would be a terrible idea . If they were doing it to get ahead , start off by selling the house and down sizing into something you can afford to live in while giving yourself some padding with the profits you made . This way if the business fails , your cost of living is not super high and you can afford to get a regular job . I have had to do this for the past several years as I have been self employed since 1999 . At times it sucks because everyone around you is living in nice ass houses and driving expensive ass cars but when the shit hits the fan and times get hard , its a lot nicer to have those smaller payments .
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post #35 of 59 (permalink) Old 07-29-2008, 02:55 PM
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Between the property taxes , insurance , utilities and general misc crap I would think the monthly cost to live in a house like that not including the actual payment on the house since it was free would be somewhere in the neighborhood of $1500-2000 alone .

With the economy in as bad of shape as it is , I would think trying to start up a construction business would be a terrible idea . If they were doing it to get ahead , start off by selling the house and down sizing into something you can afford to live in while giving yourself some padding with the profits you made . This way if the business fails , your cost of living is not super high and you can afford to get a regular job . I have had to do this for the past several years as I have been self employed since 1999 . At times it sucks because everyone around you is living in nice ass houses and driving expensive ass cars but when the shit hits the fan and times get hard , its a lot nicer to have those smaller payments .
Yup! This is why my husband and I drive older cars that are paid for and haven't moved into a larger, more expensive house... he is self employed. The economy is SHIT.

But really... I'm surprised this doesn't happen more often with the Extreme Makeover homes... people get greedy.

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post #36 of 59 (permalink) Old 07-29-2008, 03:14 PM
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Generally poor people are poor for a reason. Thats the cold hard facts of the situation.

I'm just amazed that they are broke as shit and then decide they are going to start a construction business.
Man you are dead on right.

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post #37 of 59 (permalink) Old 07-29-2008, 03:19 PM
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Originally Posted by sc281_99-0135
owned?? the only ownership they had was to the people that put sweat equity into that house. they owed it to them to not be fuck ups.
No they didn't. In fact they repaid those people by showing them that what they contributed was no longer theirs. Give a bum a benjamin and you have no one to blame when he blows it on crack.
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post #38 of 59 (permalink) Old 07-29-2008, 03:44 PM
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Just another reason why we don't need a SMF'R as President. They will figure out some way to get the damn White House foreclosed on.
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post #39 of 59 (permalink) Old 07-29-2008, 03:48 PM
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Quote:
Originally Posted by thesource
Between the property taxes , insurance , utilities and general misc crap I would think the monthly cost to live in a house like that not including the actual payment on the house since it was free would be somewhere in the neighborhood of $1500-2000 alone .

With the economy in as bad of shape as it is , I would think trying to start up a construction business would be a terrible idea . If they were doing it to get ahead , start off by selling the house and down sizing into something you can afford to live in while giving yourself some padding with the profits you made . This way if the business fails , your cost of living is not super high and you can afford to get a regular job . I have had to do this for the past several years as I have been self employed since 1999 . At times it sucks because everyone around you is living in nice ass houses and driving expensive ass cars but when the shit hits the fan and times get hard , its a lot nicer to have those smaller payments .
I bet the construction business is just a lie that came out of those oversized lips of theirs. I want to see what kind of car they are driving and what kind of possessions they have. Also, why can't they sell some of the construction equipment they purchased with the $450k? Where's the money from their "Home Maintenance Fund" going?
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post #40 of 59 (permalink) Old 07-29-2008, 03:55 PM
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Well... leveraging your home to start up bidness is pretty stupid.
Depends on what you get out of it

Nothing is said about them going broke, just that they took a loan out and defaulted on it.
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post #41 of 59 (permalink) Old 07-29-2008, 04:18 PM
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The family failed to realize the risk that mortgaging the house entailed. If my house was paid off, I would not borrow all the equity and put my family at risk of being homeless to start a business.
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post #42 of 59 (permalink) Old 07-29-2008, 04:42 PM
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post #43 of 59 (permalink) Old 07-29-2008, 04:54 PM
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The family failed to realize the risk that mortgaging the house entailed. If my house was paid off, I would not borrow all the equity and put my family at risk of being homeless to start a business.
Then again you would probably do something crazy like get a home inspected for potential issues before moving from NY to GA so you wouldn't put yourself in the position in the first place.
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post #44 of 59 (permalink) Old 07-29-2008, 04:58 PM Thread Starter
No Cerveza... No Trabajo
 
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Location: Where's my beer?
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Quote:
Originally Posted by Casper
Depends on what you get out of it

Nothing is said about them going broke, just that they took a loan out and defaulted on it.
I've raised almost $7MM over the years for different ventures. Not once did I decide to leverage my house for it.

My 401K is now a 400K (was 301K)
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post #45 of 59 (permalink) Old 07-29-2008, 05:01 PM
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Quote:
Originally Posted by TexasDevilDog
The family failed to realize the risk that mortgaging the house entailed. If my house was paid off, I would not borrow all the equity and put my family at risk of being homeless to start a business.
I think it was more of a case of "easy come, easy go". They got a $450k "gift", and said "piss on it, I'm rolling the dice". At least that's my take...

CHL holder and Conservative...AKA "Domestic Terrorist"
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post #46 of 59 (permalink) Old 07-29-2008, 05:04 PM Thread Starter
No Cerveza... No Trabajo
 
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Location: Where's my beer?
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Quote:
Originally Posted by Vertnut
I think it was more of a case of "easy come, easy go". They got a $450k "gift", and said "piss on it, I'm rolling the dice". At least that's my take...
Exactly.

My 401K is now a 400K (was 301K)
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post #47 of 59 (permalink) Old 07-29-2008, 05:07 PM
Lifer
 
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Location: Fort worth, tx
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Quote:
Originally Posted by Vertnut
I think it was more of a case of "easy come, easy go". They got a $450k "gift", and said "piss on it, I'm rolling the dice". At least that's my take...
I wonder who handled their capital gains tax with that "gift"?

i've always said if i won the lottery i'd blow that shit in less than a year, hell i'm doing fine without it. lol

real cobras don't have fog lights
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post #48 of 59 (permalink) Old 07-29-2008, 05:07 PM
Worship me
 
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Posts: 34,345
Quote:
Originally Posted by 01WhiteCobra
Exactly.
That's right. If someone handed me $2 million right now I would have no problem putting it into CSHD and we all know where that thing is headed, nowhere but up!!!
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post #49 of 59 (permalink) Old 07-29-2008, 05:22 PM
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Join Date: Aug 2002
Location: texas
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Quote:
Originally Posted by AL P
That's right. If someone handed me $2 million right now I would have no problem putting it into CSHD and we all know where that thing is headed, nowhere but up!!!

Lmao, you have to set aside at least $200 for night at the strip club and a trip to whataburger with a certain board member.

TRAIN TRASH it's like WHITE TRASH but with money.

My other vehicle is a Locomotive.

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post #50 of 59 (permalink) Old 07-29-2008, 05:29 PM
Lost in suburbia HELLLLLL
 
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Location: Mckinney, TX
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What is even more fucked up is besides that fact they took out a half million dollar loan on the home, beazer and abc build a 250k fund for them for home maintaince and scholarships for their three kids. Just typical trash, they are beyond ungrateful to go from a home that was falling down and damn near condemned to trying to live high on the hog without any work being done. Those people deserve to be homeless and have their kids taken from them so they don't learn this me me me me me behavior. He obviously doesn't know shit about construction or his OWN house wouldn't have been falling down.....

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