Re: OT - 'Extreme Makeover' house faces foreclosure

I've never watched that show, but couldn't the family just say "no" to
the expensive home? I mean, where were they while it was being built?
Didn't they understand that they would have to pay property taxes,
even if the new house was a gift?

(( If you give people
will little to no financial experience a $450,000 house, why WOULDN'T
they use it as collateral on a loan?))

How hard would it have been for them to consult a financial advisor
about basic items like taxes or starting a new business by using their
home for collateral?

I honestly don't care what they did with the gift. What irritates me
is the taxpayers who try to be responsible with their money will soon
be bailing out those who don't even try.

There was something on the news the other night about a woman who
bought a $550,000 home even though she knew she couldn't afford it
and admitted that to the newsman. She hasn't made a mortgage payment
in a year and is blaming everyone else since the home is going into
foreclosure.

When I was looking to buy my first home back in the 1970's, I told the
realtors exactly how much I could afford. Even back then, they
pressured first-time buyers like I was to look at more expensive
homes, so that hasn't changed. What seems to have changed is people
are more greedy and think they can just ignore their debts. Just look
at how far in debit many are on their multiple credit cards.

This is a pet peeve of mine, and I make no bones about it. A few
family members are like that with homes foreclosed on and thousands of
dollars on their credit cards. Some have even asked me over the years
for loans.

So, this family took their gift and blew it! I wonder who they will
blame?

Judity, (who, you may have noticed, has a problem with people not
taking responsibility for their own actions) - :)

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