Did the mortgage crisis effect them or are they just stupid?
October 22nd, 2009
5 comments
Simply_Cynical asked:
An Atlanta family that was featured on “Extreme Makeover Home Edition” is getting their mini mansion, built by the show, foreclosed Aug. 5. This family not only got a home built, but they construction company employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple’s three children and a home maintenance fund.
An Atlanta family that was featured on “Extreme Makeover Home Edition” is getting their mini mansion, built by the show, foreclosed Aug. 5. This family not only got a home built, but they construction company employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple’s three children and a home maintenance fund.
The family took out a $450,000 mortgage to start a construction business that failed.
I don’t understand what possessed them to do this. I just can’t comprehend why. There are small business loans, government backed loans, all sorts of stuff to start a business. Are these people really just that ignorant to lose a home that was donated to them, worry free!
What do you feel about this?