Vardon Family to lose Extreme Makeover House

Byrdie714 said:
Who would buy a million dollar house in Michigan? I wouldn't. (No offense to those that live in Michigan--I'm not a Wolverine fan. :lol: )



Good post Mrs. Bucket!



With high unemployment as well!
Click to expand...


Yes. Michigan and Rhodes Island have the highest unemployment rate in the U.S.

Local Area Unemployment Statistics Home Page

Check the right side frame.
 
imo, i don't think it's necessary to have a million dollar house for the safety of their autistic son, lance. while it's important for lance to have familiarity and comfort in his surroundings, it isn't necessary to have such a large house to accomplish this. lance can adjust just as well (if not better) in a smaller home. speaking for myself, i'd love to live in a million dollar home, but in terms of becoming used to my environment as a totally deafblind person, i'd feel more comfortable in a small home where i'm able to move about easier.
 
Hear Again said:
imo, i don't think it's necessary to have a million dollar house for the safety of their autistic son, lance. while it's important for lance to have familiarity and comfort in his surroundings, it isn't necessary to have such a large house to accomplish this. lance can adjust just as well (if not better) in a smaller home. speaking for myself, i'd love to live in a million dollar home, but in terms of becoming used to my environment as a totally deafblind person, i'd feel more comfortable in a small home where i'm able to move about easier.
Click to expand...

:gpost:
 
they don't have BIG house like million dollar house they have small house sheesh but inside is wide open so they can see each other easy but in michigan as royale and hear again says is VERY bad and we had hard time manging money.
 
moonflower said:
they don't have BIG house like million dollar house they have small house sheesh but inside is wide open so they can see each other easy but in michigan as royale and hear again says is VERY bad and we had hard time manging money.
Click to expand...

the vardon's home *is* big. no one needs a home that large -- especially a family of 4 with a teenager who will be leaving for college soon.

yes, the economy in michigan is very poor, sad to say. :(
 
Byrdie714 said:
What's even more appalling is that the mortgage company/lender would not provide a sign language interpreter due to "confidentiality reasons."

Now that's absurd!
Click to expand...

You have mentioned a surface issue regard of interpreter to be provided by lender. I am dealing with that issue as well.

Thanks for bringing this thread to my attention. I am shocked and had a myth thinking all home extreme makeover had their house paid off.

But what bothered me... why did mortgage go up 11%. That appears fishy. Why would home extreme makeover allowed that type of financing. If i remember correctly, this show was about 1-2 years old during the sub prime market was falling.

I am catching up all posts right now with this article.
 
Byrdie714 said:
Maybe they should meet with AD member DeafMortgage ?????
Click to expand...

They could contact me if they need to. Its up to them... I am very curious what is the truth behind this situation. But its not my business to be nosy at all. If they contact me, that will be great because its a motto "helping one family at a time."
 
Deaf Mortgage said:
You have mentioned a surface issue regard of interpreter to be provided by lender. I am dealing with that issue as well.

Thanks for bringing this thread to my attention. I am shocked and had a myth thinking all home extreme makeover had their house paid off.

But what bothered me... why did mortgage go up 11%. That appears fishy. Why would home extreme makeover allowed that type of financing. If i remember correctly, this show was about 1-2 years old during the sub prime market was falling.

I am catching up all posts right now with this article.
Click to expand...

I would think they had nothing to do with financing. I think the family already had the loan since they already had the house. If that is the case, it is not Extreme Home Makeover's fault.
 
IslandBreeze07 said:
Don't you think these families should have read the fine print on their mortgages? Alot of people are in trouble because of the re-sets on their ARMs. Losing jobs, etc. but that's not the government's fault. Sometimes there are things they could do better with BUT not to put the blame on them.

Take the Big Three--They're facing bankruptcy because they knew but chose not to retool years ago when they had the oppty. If the gov't says NO to diesel powered cars in fron Europe, then I might say okay fault the government but I don't know the full story on that aspect. I had a diesel BMW in top condition and it was perfect for what was to come BUT she was totaled in a car accident.

What about unloading things that cost $$$--like the family and their house? So many people get upside down in their homes and cars---and losing a lot of 401k.

Bottom line---you have choices and make them the best you can. But don't blame the government for your choices. I don't think they should be totally to blame for what people do everyday in life.

I thought about doing a 401K but 9-11 happened that month and I backed away. Never contributed a cent toward my retirement with the company 401K even though it would have been neat to get matching contributions. Just something about 401ks during that time made me back away slowly.

I was approved for a nice mortgage four years ago on my credit alone. Something inside me said no--don't go for it. Turns out the townhouse was in need of repairs. I could go on and on but the idea is to read everything, ask questions and know what you are doing. Get help if you don't know what you should know. I know you shouldn't blame others for your actions if they turn out to be bad choices.

My .02
Click to expand...

Powerful wording... remember only 3% people will understand how to do the way you mentioned while 97% people are stuck with cycle because they are afraid. Investment into a 401k is a child fantasy as hoping it will go up by the time we retire.

Its a dumb luck if stocks increase and we downsize our spending to retire.

Only handful people will understand what you are talking about.

Its a billion dollar worth posting... not 2 cent.
 
Jiro said:
I asked my hearing friend to summarize it for me. Apparently they were 3 months behind in mortgage and their mortgage rate went up 11%... $2400/month.

They were sobbing, crying about Lance (their autistic kid) -
"lance would be confused- he wouldnt know where he's at"
"there's no security"
"we wouldnt know where he was at- where's the safety for lance? its important to stay here"

His opinion was that "it sounds to me like a bit of exaggeration of their difficulties" because they were doing fine before they had a new house. He got pissed off that they were basically asking for handouts. Why??? They had 2 handouts - a house from Extreme Makeover and a big fat check! And now they want more??

They should just sell the house!
Click to expand...


I am still scratching my head on this... still curious.
 
Secretblend said:
I would think they had nothing to do with financing. I think the family already had the loan since they already had the house. If that is the case, it is not Extreme Home Makeover's fault.
Click to expand...

Got a point there.....I think, after that extreme make-over, the property taxes probably went up. Still and all, I think it is a personal responsibility issue with that family; either that, or complete naivete as to handling finances.
 
Tousi said:
Got a point there.....I think, after that extreme make-over, the property taxes probably went up. Still and all, I think it is a personal responsibility issue with that family; either that, or complete naivete as to handling finances.
Click to expand...

Unfortunately there is quite a few deaf people that are naieve when it comes to that!
 
Let me tell you something since I'm from Michigan.

There's over 300,000 houses are on selling or foreclosed in Michigan right now, no one would buy a house in Michigan at all unless if it's under of 10,000 dollars then they would buy it. Trust me, I see too many the signs on their front yard that is selling right now, where I liv ein right now and I saw over 250 houses are selling right now and no one buy since I moved back in my parents' house. It's very diffcult for them to getting money from sell the house OR can't afford motrage monthly because of job, gas and food prices. Since, right now we have a high risk to lose our house to the bank due to my mom have chance to getting laid off from job, she only have between one to two years left to become retire. Everybody says that Michigan are horrible for jobs and everything right now that's why people lose their houses even Vardon Family too. *shrug* Suck eh?
 
Interesting...when u win something, and they force u to pay for it.

Seems like the family was perhas tricked? Honestly it seems that these days when u win a prize, and these prizes arent even completely free. You would have to pay some taxes for it anyway.

The Encomony is in really bad shape. I've seen alot of houses on sale in alot of places as well and not many can really afford these houses like WhisperHorse mentioned since everything cost too much now and money has become tigher and tigher its hard to keep up.
 
Steel X said:
Interesting...when u win something, and they force u to pay for it.

Seems like the family was perhas tricked? Honestly it seems that these days when u win a prize, and these prizes arent even completely free. You would have to pay some taxes for it anyway.

The Encomony is in really bad shape. I've seen alot of houses on sale in alot of places as well and not many can really afford these houses like WhisperHorse mentioned since everything cost too much now and money has become tigher and tigher its hard to keep up.
Click to expand...

the vardon's weren't tricked. when they agreed to be on home extreme makeover, they agreed to all of the terms of the show -- including the mortgage payments. who knows? perhaps they failed to read all of the fine print. in any case, home extreme makeover isn't to blame. if people can't afford the homes they buy, they shouldn't be living in them in the first place.
 
Deaf Mortgage - Has the President-Elect Obama suspend the forclosures now? Or is that in the near future?
 
Buffalo said:
Deaf Mortgage - Has the President-Elect Obama suspend the forclosures now? Or is that in the near future?
Click to expand...

The way you wording as "suspend" the foreclosure is political incorrect. I am not sure how to explain it. Bank are suffering the loss. If suspend the foreclosure, bank will be suspend, then means we will fall into great depression all over again when Franklin Roosevelt did the same thing.

What Obama is promising, that he will send more help to the family that are falling into foreclosure. How to do that, that what I am interested with. Modify the loan, extend the deadline, extend the length of the loan, there are many ways to literally change the agreement on loan. My question is... will Obama force bank/lenders to cap the sub prime and suspend the rising interest rate on reset of ARM. For now, we know that Fed rate cut is not enough to control ARM or solve the problem. Refinance is the answer. But the problem is 0% down payment programs. Those borrowers that are facing foreclosure are the one that are considered high risk borrowers with 0% down payment. Now their loan is higher than their house is really worth. No asset to pay the difference. I have came across many application where the client have loan that is higher than the house worth. The worse I have seen is 100k difference as 400k loan with 300k house value. No way to refinance and forced to foreclosure or dare to do SHORT SALE procedure.

Back to the point, how will Obama and his cabinets fix the problem... I cannot give direct answer on this. But its something to think about. There are FHA Secure... that program will allow refinance their loan from ARM into FIXED. But the catch is... very very very high interest and high private mortgage insurance. But its fixed as it will never go up again. Of course it will be lower slightly than current ARM Reset. My question for this program, will it solve over spending on mortgage monthly payment?

There are tooooooo many factors to think about and how it will have domino effect upon us. There one good article in other thread that I posted about clinton bubble... one of the post had a good link to article about who really at fault of market. Read it and it will list about 10-15 factors.
 
WhisperHorse said:
Let me tell you something since I'm from Michigan.

There's over 300,000 houses are on selling or foreclosed in Michigan right now, no one would buy a house in Michigan at all unless if it's under of 10,000 dollars then they would buy it. Trust me, I see too many the signs on their front yard that is selling right now, where I liv ein right now and I saw over 250 houses are selling right now and no one buy since I moved back in my parents' house. It's very diffcult for them to getting money from sell the house OR can't afford motrage monthly because of job, gas and food prices. Since, right now we have a high risk to lose our house to the bank due to my mom have chance to getting laid off from job, she only have between one to two years left to become retire. Everybody says that Michigan are horrible for jobs and everything right now that's why people lose their houses even Vardon Family too. *shrug* Suck eh?
Click to expand...

300,000? What source do you have on that. I find that number off the chart of what they are telling on the news.
 
Back
Top