How very sad. I just heard today about a home from Extreme Home Makeover (ABC) that is going into foreclosure. The family took out a $450,000 loan with the house as collateral in order to start a construction business, they said. It failed. And now the house is going on the auction block. 1800 people donated time, materials, and funds for the house and the family, including a scholarship fund for the kids and about $200,000 to pay for property taxes and home expenses. (You can read more about it here. ) I bet those people feel like their work was in vain. What are your thoughts on the matter? Should the family be criticized for losing the house on a business venture? Or should they feel free to try to improve their lives with the house as collateral?
16 comments:
That's sad. I don't know what I think. You can't blame them for wanting to start their own business. But because the house was basically donated, I hate that they took a risk with it. Hmmm...
I'm curious what other people think.
They should be allowed just like anyone is to do something risky like that. That said, it was a rather dumb thing to do.
the economy right now is so suckity-suck suck that i feel bad for them. we just had dear friends close a business here in town that had been really successful for 5 years. they have been holding on for the past 10 months by fingernails and couldn't do it anymore.
i wish the mortgage company would work with them.
I can't imagine losing a house like that - and if I was one of the volunteers, I'd be pretty upset about it. I think it was pretty stupid as well.
They weren't under any obligation to ABC, but they still made a stupid move. I'd be pissed if I had helped out with the house or raising money for them.
Yes, it was their own gamble, but wow, how greedy. I know it's great to try and improve yourself, but seriously, they had no payments, a scholarship fund for their kids, what more could they want. G-R-EEDY!
I think they should be allowed to do it. But I think it's completely retarded that anyone would put their home on the line for a business venture.
I don't feel bad for ABC at all. They make money off the show so it's not like it was a charity donation (although I guess the local volunteers and businesses are a different story.)
OOO, mixed feelings! I hope you do a follow up post on all the opinions on this one.
I don't think that was their risk to take! like you said...that was in essence the communities home with all the time and donations that went into it!
interesting one!
In answer to somebody's comment, I don't think it was GREED that made them want to start a business. After all, the parents still had to feed themselves and their family, pay the electricity, heat, and other housekeeping expenses. And decent people DO WANT to work. It gives them self respect and a sense of achievement. Could they ever have tried to start a business with NO money or collateral? Were they to flip hamburgers for a living? It was hugely unfortunate, but was it really greed? Or even pure stupidity. Every year hundreds of thousands of businesses go belly-up in spite of the best work of the owners. Perhaps they DID view the house as a gift GIVEN by the love of their neighbors. I'll bet they are sick to their very souls at such a catastrophe to themselves and what must look like betrayal of all those who helped them. We must all weep for everybody!
I feel no one should put up their home for collateral. Ever.
I know it happens all the time.
and it's sad when it doesn't work out.
I'm with Becky, too. Don't think it was their risk to take!
Hmm, choice and acountability,but a hard one. and forgive me if I spelled that wrong, I am Tireeed...
choice and acountability- but a hard one I think.
I am saying it again, choice and accountability, but it does suck..
It kind of bothers me that they took a risk with the house that was donated to them from the generosity of time and money of others. But that being said it was their house and they had the legal right to use it for what ever they wanted. I guess I have really mixed feelings on it because when we donate our time or our money we aren't supposed to look for gain or reward or blessings but we are all human, so I can see some of the volunteers being a bit bothered that they lost the house.
$450,000 seems like an AWFUL lot of money to start a construction company. I think it's fishy --
Devri, I have my comments set to require moderation from me before they are published. so if you don't see your comment right away, that means I haven't had a chance to log on and post the comments. Some people have theirs set to post right away, I just don't. Control freak, I guess! Anyway, hang tight when you don't see your comment and I should pushlish them within a day. :)
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