DISQUS

Toby · 1 year ago

Using the home as the world's largest ATM. My biggest concern for the future of our country.

We -- as Americans -- need to step back and realize that the American Dream was financed with blood, sweat, tears, and cash. Not credit cards.

Enough of that from me.

Matt Heaton · 1 year ago

Ok, that's one of those stories that just makes you want to bang your head against the wall. I can see why the people that put in the hard work might be a little tick'd

Tina · 1 year ago

Sounds like their brains needed a makeover more than their house. Wonder if they sqandered away the money they received for "home maintenance" and their children's college funds too.

Jim Dolanch, Pittsburgh Real E · 1 year ago

What a shame! The community comes together to help out a family and this is how it turns out. It is no wonder that people are angryy over this story.

Eau Claire Real Estate Guy · 1 year ago

quote: "I can see why the people that put in the hard work might be a little tick’d"

Oh man, yeah, especially if they are neighbors whose homes have been devalued in part because of the foreclosed home they helped build to strengthen their community. How ironic. As a wise man once said: "D'OH!"

MH · 1 year ago

Jay's Note: comment deleted for being nothing but a stupid, asinine racial slur. That kind of crap has no place here. Apologies to anyone who saw it before I could get to it.

Jay - The Phoenix Real Estate · 1 year ago

For those subscribed to comments by email, sorry that you were subjected to someone's racial comment on this post. I've deleted the offending comment.

Some people are just beyond stupid...

Tucson Michael · 1 year ago

This is just again a bad move to take out a loan against a property you were given.....Some people just dont get it and never will .

pross · 1 year ago

I've3 been reading about the EM forclosure. Maybe I'm wrong but I don't feel one bit sorry for these people. For one thing why was their previous house in such bad shape? Probably because they didn't bother to do normal maintenance on it. I'm wondering what shape the EM house is in now. I would imagine they took out the $450,000.00 equity loan plus the $250,000.00 college fund and have been living high on the hog on it for the last 3 years. I guess now they are expecting someone else to come along and give them the money to pay off the mortgage. Sounds like to me that EM should have done a little bit more checking on this family before they built this $450,000 house for them. If they had checked up on them they would have probably found that they never worked and expected everything to be given to them. I just feel bad for all the people that worked on the house thinking they were doing some thing good.

Jay - The Phoenix Real Estate · 1 year ago

@pross - Reading the comments here and on other blog posts tells me you are not alone in your thoughts...

Hosted Property Management Sof · 1 year ago

I wish I could feel sorry for what the family must be going through but I just can't. From what I read the money they pulled out against the house went into a failed business. Even if that's true I can't imagine receiving such a gift then using it as collateral to finance such a risky venture. I feel worse for the people who donated their time, effort and resources.

Andrew. Fredericksburg Attorne · 1 year ago

Why do people continue to insist on using home equity loans? Such a horrible mistake!

Give a man a fish, and he'll lose it.

Cassiano Travarelli · 1 year ago

This article makes me think a lot about people that really can't hold on to there money. This was just a great opportunity thrown away.

Frank · 1 year ago

Any inside info on the EM house in Gilbert being up for sale?

Tom · 11 months ago

The boat is still sinking. Hopefully the little people with nothing can buy into the bottom.

Rhonda@Fort Wayne Cheap Flight · 8 months ago

All I can say is "Holy Moly!"

Did they hang on long enough for another bailout?

<abbr></abbr><abbr>Rhonda´s last blog post..What Does Madonna Really Want These Days?</abbr>

Homeequityloan · 6 months ago

Thank you fot the interesting post