[Prince]

They (the TV show) probably had restrictions against selling the home for an immediate profit. After all, it kills the storyline if everyone was to cash out after their free upgrade - why not give the families straight cash?

However, they could certainly have rented the home out and made some cash in the meantime.

They also had a $450,000 equity loan to start a failed construction business venture. Giving them cash wouldn't have solved anything.

[emersonbiggins]

Here's a blank for you more creative types out there...

[AlexdeLarge]

The house was free and clear. They were also given money to pay the property taxes into the future plus given money for their kids college educations. They could have worked at McDonalds and been o.k.

Bottom line................you can't fix stupid.

[Ludi]

Bottom line................you can't fix stupid.

Boy, howdy! Unbelievable!

[Prince]

In addition to the sign, it's quite obvious the the people in the picture were also Photoshopped. There's no way that a black family would go deadbeat on their pay their bills and scam free money and time from volunteers! I'm shocked! Where's the real family portrait?

[Ludi]

Doesn't look like they "went deadbeat" it looks like they made a truly horrible business decision.

[WildRose]

I can see this happening with so many people in Alberta in the future. Here, $350,000 or so will buy you a small bungalow. However, you can get a considerably nicer home for $500,000. It's just hard for me to understand why it has to be so difficult for a person or persons to get into a small home. Imagine, even if you manage to save $30,000 for a downpayment, you're still mortgaging $320,000. It's just crazy. What's going to happen when the jobs aren't here anymore?

[Twilight]

That's because most people don't understand the concept of maintenance costs.

If I recall correctly, there is an Indian proverb which states that the way to impoverish a man is to give him an elephant.

[kpeavey]

If all money and things of value were divided equally among all the people in the world, within a couple of years, most of it would be right where it is now. Stupid people are broke and homeless because they make the decisions that keep them that way.

[mercurygirl]

Why don't they ever build a nice little modest energy efficient home? Why always a ridiculous mansion? It really bugs me.

Me too, no, it infuriates me. Give me that money and I'd be thrilled with a cute little cottage with a big garden and a cellar. My God, they had life pretty much paid for!

Whoever singled those people out as "deserving" must have got suckered bigtime, because from the tone of a couple articles, they sound like total asshats. I believe the woman is maintaining "harassment" on the part of the bank. Well, duh.
Who in the world could possibly think that a massive loan for a construction business would be a good idea now? "Business wasn't good, it's not our fault." Christ in a sidecar.

Sorry to say it, but they deserve to live in a van.

[strider3700]

They used the house as collateral on a $450,000 loan. Whatever they spent that money on looks like it was a total failure and now they're back to screwed. I wonder what the business was that lost them so much so quickly.

[Ache]

More foreclosure gloom

As foreclosures continue to soar, 220,000 homes were lost to bank repossessions in the second quarter, according to a housing market report Friday issued by RealtyTrac.

That's nearly triple the number from the same period in 2007.

A total of 739,714 foreclosure filings were recorded during that three-month period, up 14% from the first quarter, and 121% from the same period in 2007. That means that one of every 171 U.S. households received a filing, which include notices of default, auction sale notices and bank repossessions.

.....

"We've been saying foreclosures will total 1.9 million to 2 million this year," he said. "But midway through the year, we're already at 1.4 million so we're going to be raising our projections."

......

"I don't think that's a surprise if you look at the general conditions out there," said Brian Bethune, chief financial economist for Global Insight. "There have been six straight moves of weaker employment this year. The ongoing problems in the housing market are compounded by a generally weaker economy. Foreclosures won't go down until we start to see employment move up again."

[Eli]

I would bet it was a bad restaurant. 450.000 sounds like a lot of money before you do the build.

I bet it was one of those places that you walk in that has a sign that says now open . You order, and wait way too long in a place with a terrible atmosphere and decor on your terrible meal.

One of those places where you know that even though they have only been open for a couple of weeks they will be closed in 6 months.

[mercurygirl]

Jeez, don't you guys read?

It was a friggin' construction business in the worst housing market in years. Most likely, poorly conceived and managed. The second worst investment after a bad restaurant. How much more ignorant does it get, especially if you don't need to make a lot of money? Delusions of grandeur, I suppose.

[Arsenal]

If all money and things of value were divided equally among all the people in the world, within a couple of years, most of it would be right where it is now. Stupid people are broke and homeless because they make the decisions that keep them that way.

Very true. Start a business with the money you save by not having to pay for a house. Start small and then work your way up. They risked everything for a bigger business without knowing whether or not it would float. Stupid..

Arsenal

[some_guy282]

This definitely means we've hit bottom. Now is the perfect time to buy a home!

[Cashmere]

We sold a house a few years back. Asking price is now 150k less than what they paid us for it. Ouch.

[emersonbiggins]

"construction business" = dice game gone bad

[Fiddlerdave]

Peak foreclosure?

Or peak ability of lenders to process foreclosures? Why hire extra help to foreclose on a house that won't sell anyway.

[threadbear]

Anything donated to individuals, families, who have a track record of poor judgement, should be placed in a trust, in their names, but administered by someone else. They pretty much deserve it if they end up on the street. What did they do, snort the $450,000.?