‘Extreme Makeover’ Home Could Be Foreclosed

TO MR WHATEVER

Even though you are partially right for the reasons that the mortgage rate went up but he is not whining.If your mortgage payment doubles all of a sudden, can you still aford it? Who knows maybe you are a millionaire with all your money under your mattress. Stop being a Whiner yourself because you or your party lost the election. It seems very obvious to me that the GOP was or is still in power during this Financial Meltdown. Own up to your party's economic screw-ups,it happens under your party's watch or while in power. So Own up to it, thats the way it works. As far as Obama being a liberal, it must scare you to death because he is not even in office yet and listen to you. But I can tell you one thing, Obama cannot possibly do worse than the GOP even he tries really hard for the next 4 years. Dont worry he will clean the mess that the GOP left behind. P.S. Most of the people who lost their jobs did not do so voluntarily, just a reminder.

FRANK PASSE @ Dec 17, 2008 12:27:39 PM

Where are the facts?

I've watched the show and often the home is given to the owners free of any mortgage. There was another Extreme Makeover family who borrowed against their mortgage-free house and went into foreclosure. It's unfortunate that these MI folks fell onto hard times (i.e. unemployed and medical bills) but so have 1M other Americans. What is missing here are the facts. How did they get to the point of foreclosure? It is because they took out a mortgage that they could not afford. Home equity is an option but a loan is not a handout, it has to be repaid. If you don't have the money to pay your bills then how will you pay the mortgage? I'd prefer to have a house and pay the medical bills when I can and change my standard of living (yes, I've been there, unemployed and living on dwindling savings during the height of the housing boom so I could have easily taken equity out of my house and get into a low adjustable rate but I didn't because keeping the house and not getting deeper in debt was more important and I survived and still have the house).

The mortgage problem today is not entirely the lenders' fault but also the borrowers who used their homes as piggy banks, whether legitimately like this MI family or to fund a free spending lifestyle. Interest rates don't go up each time the loan is sold. Interest goes up if you refi at a higher rate (which gets higher as your credit risk goes higher) or its an adjustable rate or teaser rate loan.

GK of WA @ Dec 15, 2008 15:49:31 PM

Its about helping our own.

You know Ty Pennington has got a lot of bad talk about this? How was it his fault in anyway? I would really like to know that. All the labor was free, volunteer, that saved a lot of money!!!! A house mortgage has been so high in the last few years, and now is going to hit rock bottom 'hopefully'. Bankers and loaners are greedy and its about time that the times turned on them instead of the people who are already hurting. Time for the rich to be shown we really all do have our hurts, bumps and scrapes in life.

Time for a break.

We need to start looking after our own also. So much focus on helping other countries but what about the people who are hurting in our own countries? Close to home or right at home? Those people count too. Maybe what these people need is their country to come together with donations and funds and pay off their house for them?

Thats what real help is, and if you watch this show and so like it, LEARN from what Ty Pennington does. GIVE from yourself! If you cant, talk to people you know who can!

@ Dec 15, 2008 02:44:15 AM

Extreme Makeover’ Home Could Be Foreclosed

There has been lots of discussion regarding free gifts, free home improvements, etc. If the mortgage is paid by whomever, there is a gift tax. If the valuation of the home was greatly increased, most people of who are living one day at a time cannot pay this gift tax. The vacation would be hit by a gift tax. If the family keeps their original mortgage, then the valuation of the property would be greatly increased as well as the property insurance. If their taxes and insurance are even increased by a few hundred dollars, they may not be able to afford them. Think about it there is a home, new furniture, a car or truck (increased personal property tax and higher insurance), landscaping, groceries for a year (some shows) and if there is a dog; the dog house would probably be taxed. So with the new tax valuation of the property and all of the "free" gifts, Uncle Sam wants his part and that means unless the receivers have a nest egg, they are looking at selling their property. I am sure none of the recipients have a net egg.

I wonder when the new owners sign the contract at the very beginning when they are selected do they have any idea what they are getting in to? I read of a family in Kansas that actually turned down a new home offered by Extreme Make Over. I’m sure they read all of the fine print plus consulted with an attorney and made a very wise decision. Good for them. Of course the reason given in the news article was that the family felt there were more deserving out there.

When I first watched this show, all I could think of was the taxes involved. Plus, all of the volunteers (lost wages or used their vacation time). The vendors that donated the building supplies, the electricians, the plumbers, the food vendors that donate tons of food possibly all hoping for a 1 second shot of their company name on prime time. Do the vendors receive tax credit for "gift giving"? I would hope so. I knew of of plumbers and electricians that said they could not afford to volunteer because they need to make a living and make their own house calls. The show is a money making machine and thousands of people with a good heart give all they have. I'm afraid the new homeowner looses out in the end and the shows ratings keep going up. I have yet to read any positive article about this show. The only way to get this show off the air is to have no more volunteers or companies donating the supplies. Sears Company helps thousands of people in a good and positive way. I think that the network has just gotten carried away just to get ratings.

If it's too good to be true, then it is. of KS @ Dec 14, 2008 20:23:46 PM

And this is why we need to health insurance reform in MI for people with Autism

Michigan House bills 5527 and 5529 would mandate that health insurance providers would no longer be able to exclude coverage for people with Autism. This is definitely a contributing factor in this story, which needs more coverage. The legislation will be reintroduced in 2009, and I resent the above comment about "bleeding heart liberals" voting for Obama. Health insurance providers are excluding people with Autism. It is deplorable. Many states have recently passed legislation which prohibits this discrimination, but the legislation has yet to pass in our state. It is sad that we have to take action on a state-by-state basis. I know a few families who have relocated out-of-state specifically because their insurance provider covers their loved one's needs in a different state, but is not required to in Michigan. We purchase our health coverage for $1350/month, and still my daughter's needs are not covered. My hope for 2009 is that Obama will make it possible to purchase the same coverage as the U.S. Represenatives and Senators get. Then, if the provider still refuses to provide necessary coverage for my daughter, who has Autism, our voices will be heard on a national platform. Thus far, our voices have been drowned out by special interest groups in Michigan, including the UAW and the Catholic Church, among others.

Laura Abramson of MI @ Dec 13, 2008 16:18:31 PM

something wonderful for my family

Hi,I know you get the same kind of things all the time, But my husband P aul is a wonderful man I dont show him as much as i should but are house is falling apartwe have everyon e that we love stay with us and we need a makeover for are home. Paul has tried as hard as he can and i dont want to see him along out here trying to do all this because he desevers the.m My husband will do anything for anyone. I know if he would tell mo people that he hhe wasnt able to help we could have are home done.My brother and his wife have beeen with us for over 1yr and 3mon this year and we just dont have the money to fix it. i am scared that the wireing is bab and i just dont know i do know that my husband Paul deserversto be happy and stop worrying Please help him and make this wish come true if anyone desevers it i know it is paul and he want let you dowm. Thank You So Much SHERRY BROWN. 2402 STANDRIDGE RD. ANDERSON SCX .

PAUL BROWN/ SHERRY BROWN of SC @ Dec 12, 2008 23:34:20 PM

WHAT!

I thought this Extreme Makeover home was given to the families. I was not aware that they had to make mortgage payments on the homes. How shocking to know that.

bucket of TX @ Dec 12, 2008 15:38:31 PM

I think if they are goinig to do this to help a family then they should make sure that nothing like this ever happens to the family I think that they would rather live in a house that's falling down then have no where's else to go that would make liveing in a house that is falling down worth living in. I think it's about time either they take the show off they air or fix the bugs in their system

Samantha Morris of KY @ Dec 12, 2008 13:46:34 PM