One of the homes from the ABC reality television show Extreme Makeover Home Edition is now in foreclosure. The family took out a $450,000 loan against the house. All the materials and the intensive labor it took to build the home were donated.
Reports claim that the family also received 25 years worth of cash to cover the taxes on the large home. Now they are being kicked out of their house as they have defaulted on the loan.
Should these homes be placed into some sort of restrictive trust so future recipients cannot do this?
wow. I am shocked. So much for happy endings! I think some sort of trust is a good idea. I hope this is the one and only example of this.. I find it very disappointing.
why not create a legally binding contract like american idol does, where the homeowner can't get a loan for a certain amount of time, that would make so much more sense, then people couldn't take advantage of such a wonderful program.
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