http://news.yahoo.com/s/ap/20080728/ap_en_tv/tv_extreme_makeover_foreclosure Being a Lisc real estate appraiser and a mortgage broker many years ago I always had it in the back of my mind if these people could keep their new home if they were already having a hard enough time paying and keeping up with the one that was torn town. Alot of mixed emotioins, frustration I'm sure by ABC, Volunteers, Workers, etc... but were not in their shoes so I will not pass judgement.
hmmmm They used the house as colateral for a 450K loan. They used that money to start a Construction Company that failed. Well yea it failed, they tried to start a Construction business right in the middle of a Construction slump... WOW! I too have always wondered what became of those families that got new Homes for FREE?
I would have used that loan to buy a Viper ACR, then get some racing classes, then become a professional racer and make a living that way. And beer.
