Well, its all over the news today. An Atlanta couple who were the recipients of a brand new 5500 square foot home in Atlanta area in 2005 are losing their home to foreclosure. The result of a $450,000 home equity loan that was reportedly used for a construction business that has since failed.
www.ajc.com reports that 1800 volunteers helped build what was at the time the largest home for ABC's show and between the show and the builder, Beazer USA, they raised an additional $250,000 in scholarships, furnishings and included $100,000 for a home maintenance fund.
We recently had a similar problem here in Grand Rapids with a Habitat for Humanity recipient in foreclosure. It is very hard for me to justify people who squander such a valuable gift away. ABC claims they advise the recipient to consult with an advisor to work on finances. Shouldn't somebody record a lien or restrictive covenant that wouldn't allow re-financing, cashout helocs, or re-sale within a certain number of years or at all?
Let me know what you think?
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