‘Makeover’ House Faces Foreclosure

21 comments on this post so far. Add yours!

• 

  Charlie on February 17 at 8:35 a.m.

  Yes, be careful for what you wish for, it may become a reality.

• 

  scootermom on February 17 at 8:38 a.m.

  Yes.

  What you need isn’t always what you get.

• 

  idawa on February 17 at 8:46 a.m.

  Yeah, the systems rigged again us.

• 

  Digger on February 17 at 9:25 a.m.

  Yes - the Extreme Team needs to go back to what they used to do - remodel houses not tear them down and start over! This house was way to big and glamorous for what this guy needed to raise his kids. I wonder how often this happens around the country with the “Extreme” makeovers.

• 

  JeanC on February 17 at 9:44 a.m.

  From what I understand many of the families from Extreme Makeover can’t afford the houses afterwards. Property taxes go thru the roof, cost of maintaining the houses are more then they can afford.

  Yes, they should go back to simply fixing up the houses with building any reasonable additions if they need extra rooms instead of building houses that people can’t afford to keep.

• 

  JeanieSpokane on February 17 at 9:50 a.m.

  Sometimes the gift is not appropriate for the recipient. I also wonder about what has happened after the hoopla has died down.

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  Duffer on February 17 at 10:14 a.m.

  That loan amount at 6% for 30 years would require a monthly principal and interest payment of $2,398.20. Add, say $200 per month for taxes and insurance and rounded you’ve got $2,500 a month in house payment. It used to be that the house payment shouldn’t exceed 28% of your gross monthly income. Mr. Hebert would have to earn ~$8,900 a month ($106,800 annual) for this to be a qualifying loan and I seriously doubt that is the case.

  The bigger question is why a bank, in this case Wells Fargo & Co., would lend $400,000 to him? Simply a collateral loan with insufficient means of repayment? This type of irresponsible lending is what is dragging our nation towards a depression.

  Maybe JimmyMac, HBO’s resident loan originator and commenter, can enlighten us!

• 

  Cabbage Boy on February 17 at 10:22 a.m.

  “Yes, they should go back to simply fixing up the houses”

  That wouldn’t sell in hollywood. Gotta be extreme, gotta have the “WOW” factor.

  Someone mentioned putting in an app for our family once. Although it sounds wonderful at first, we decided it wouldn’t be something we wanted if that were to ever happen. Our house is a nice house that we have remodeled over the years. We have some attachment to those amateur level remodels and seeing how our skills have improved over the years.

• 

  Cabbage Boy on February 17 at 10:23 a.m.

  And yes, duffer, Wells Fargo should have some accountability

• 

  Duffer on February 17 at 10:39 a.m.

  “Add, say $200 per month for taxes and insurance and rounded you’ve got $2,500 a month in house payment.”

  My rounding doesn’t work too well! That should be $2,600 per month which would require monthly income of ~$9,300 ($111,000 annual).

  It also leaves unanswered where in three years the $400K was spent? It’s a shame, but Mr. Hebert is not necessarily a victum IMHO.

• 

  marmitetoasty on February 17 at 10:47 a.m.

  Just give me the dam house lol

  x

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