Tuesday, July 29, 2008
'Extreme Makover' home in foreclosure.
I just read the 'Extreme Makeover' house faces foreclosure article where the owners of the home [who had $450K donated to them to build it] SQUANDERED that money in using the equity in the home for a loan for a new business.
It drives me crazy when people act irresponsibly, especially when it is with money that is not theirs. In my opinion, a person whose house was on the 'Extreme Makover' show obviously showed why their lives were so bad and why horrible things happened to them, blah blah blah. So in an act of kindness, money is spent on their behalf to build them the home of their dreams. Then we cry in happiness when the home is revealed, only to see that they STOLE THAT MONEY SPENT ON THE HOUSE (the equity in the home that was there solely as a result of the improvements) for their own benefit?
You might say to me (among other things, such as "have a heart Zoe") that it was admirable that they decided to start a business with the new equity in their home. While I tend to agree, I don't think that it is smart to use the equity in one's home to start a business. In fact, I think it's risky and irresponsible.
Further, that money was DONATED to them. THEY HAD NO RIGHT TO USE IT FOR ANY OTHER PURPOSE THAN FOR THE PURPOSE THE MONEY WAS INTENDED. ABC should sue them to get the money back.
My message to the homeowners / thieves -- "Poo-poo on you for mishandling your finances. You should have known better."